Broxtowe house prices increased in November

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.4 per cent over the last year.

The average Broxtowe house price in November was £251,219, Land Registry figures show – a 1.6 per cent increase on October.

Over the month, the picture was different to that across the East Midlands, where prices decreased 0.8 per cent, and Broxtowe was above the 0.8 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Broxtowe rose by £5,800 – putting the area seventh among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in North East Derbyshire, where property prices increased on average by eight per cent, to £257,000. At the other end of the scale, properties in Ashfield lost 7.5 per cent of their value, giving an average price of £182,000.

First-time buyers in Broxtowe spent an average of £217,500 on their property – £4,900 more than a year ago, and £59,000 more than in November 2018.

By comparison, former owner-occupiers paid £276,300 on average in November – 27 per cent more than first-time buyers.

Owners of flats saw the biggest rise in property prices in Broxtowe in November – they increased 2.2 per cent, to £126,862 on average. Over the last year, prices rose by 1.1 per cent.

Among other types of property detached are up two per cent monthly and 2.9 per cent annually to £354,739 on average, semi-detached are up 1.6 per cent monthly and 2.8 per cent annually to £238,529 on average and terraced are up 1.1 per cent monthly and one per cent annually to £184,122 on average.

Buyers paid 3.1 per cent more than the average price in the East Midlands (£244,000) in November for a property in Broxtowe. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

The most expensive properties in the East Midlands were in Rutland – £403,000 on average, and 1.6 times the price as in Broxtowe.