House prices up in Broxtowe

House prices are up in Broxtowe
House prices are up in Broxtowe

House prices increased more than average for the East Midlands in Broxtowe in June, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 2.8 per cent annual growth .

The average Broxtowe house price in June was £187,254, Land Registry figures show – a 1.8 per cent increase on May.

Over the month, the picture was similar to that across the East Midlands, where prices increased 1.6 per cent and Broxtowe outperformed the 0.7 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Broxtowe rose by £5,100 – putting the area 21st among the East Midlands’ 40 local authorities for annual growth.

The best annual growth in the region was in Derbyshire Dales, where properties increased on average by 8.8 per cent, to £279,000.

At the other end of the scale, properties in south Northamptonshire dropped 5.6 per cent in value, giving an average price of £303,000.

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Owners of detached houses saw the biggest improvement in property prices in Broxtowe in June – they increased 1.9 per cent, to £261,239 on average.

Over the last year, prices rose by three per cent.

Terraced properties were up 1.8 per cent monthly and 2.7 per cent annually to £139,043 on average, while flat prices were up 0.8 per cent monthly but down 0.2 per cent annually to £102,768 on average

First-time buyers in Broxtowe spent an average of £ 162,700 on their property – £4,100 more than a year ago, and £37,700 more than in June 2014.

By comparison, former owner-occupiers paid £ 205,400 on average in June – 26.2 per cent more than first-time buyers.

Buyers paid 4.1 per cent less than the average price in the East Midlands (£195,000) in June for a property in Broxtowe.