Mansfield and Ashfield house prices increased more than East Midlands average in July

The boost contributes to the longer-term trend, which has seen property prices in Ashfield and Mansfield achieve 14.9 per cent and 13.9 per cent annual growth respectively.

The average Mansfield house price in July was £180,405, Land Registry figures show, a 1.7 per cent increase on June, while in Ashfield it was £187,673, a 1.1 per cent rise in the previous month.

Over the month, the picture was better than that across the East Midlands, where prices increased 0.6 per cent, but both districts underperformed compared with the 2 per cent rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5 per cent in the year to July, marking the biggest increase in 19 years.

However, the increase in annual inflation was mainly because of ‘a base effect’ from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Ashfield rose by £24,000, putting the area 10th among the East Midlands’s 35 local authorities with price data for annual growth – Mansfield was 15th with a £22,000 rise.

The best annual growth in the region was in East Lindsey, where property prices increased on average by 18.4 per cent, to £235,000. At the other end of the scale, properties in Lincoln gained just 6.3 per cent in value, giving an average price of £179,000.

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Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Ashfield and Mansfield in July. In Mansfield, they increased 2 per cent, to £132,118 on average, giving an annual rise of 13.2 per cent, while in Ashfield they rose 1,4 per cent to an average of £142,320, a yearly increase of 14.8 per cent.

Among other types of property:

Ashfield detached: up 0.6 per cent monthly; up 15.2 per cent annually; £265,958 average;

Mansfield detached: up 1.4 per cent monthly; up 14.7 per cent annually; £258,397 average;

Ashfield flats: up 1.1 per cent monthly; up 10.2 per cent annually; £95,280 average;

Mansfield flats: up 1.7 per cent monthly; up 9.5 per cent annually; £94,643 average;

Ashfield semi-detached: up 1.3 per cent monthly; up 15.2 per cent annually; £173,513 average;

Mansfield semi-detached: up 1.9 per cent monthly; up 14.2 per cent annually; £169,377 average.

First steps on the property ladder

First-time buyers in Mansfield spent an average of £159,000 on their property – £20,000 more than a year ago, and £46,000 more than in July 2017.

By comparison, former owner-occupiers paid £198,000 on average in July – 24 per cent more than first-time buyers.

In Ashfield, first-time buyers spent an average of £167,000 on their property, £22,000 more than a year ago, and £50,000 more than in July 2017, while former owner-occupiers paid an average of £206,000 in July, 23.1 per cent more than first-time buyers.

How do property prices compare?

In Mansfield, buyers paid 27.2 per cent less than the average price in the East Midlands of £248,000 – in Ashfield it was 24.2 per cent less. Across the East Midlands, property prices are low compared with those across the UK, where the average cost £292,000.

The most expensive properties in the East Midlands were in Rutland – £375,000 on average, 2.1 times as much as in Mansfield and twice as expensive as in Ashfield. Rutland properties cost 2.2 times as much as homes in Bolsover, with an average of £172,000, at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in July:

Ashfield: £187,673;

Mansfield: £180,405;

East Midlands: £247,740;

UK: £292,118.

Annual growth to July:

Ashfield: 14.9 per cent;

Mansfield: 13.9 per cent;

The East Midlands: +16.8 per cent;

UK: 15.5 per cent.

Best and worst annual growth in the East Midlands:

East Lindsey: 18.4 per cent;

Lincoln: 6.3 per cent.