Mansfield house prices increased in December

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 0.2 per cent over the last year.

The average Mansfield house price in December was £184,714, Land Registry figures show – a 1.6 per cent increase on November.

Over the month, the picture was similar to that across the East Midlands, where prices increased 1.6 per cent, and Mansfield was above the 0.1 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Mansfield rose by £290 – putting the area 11th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Broxtowe, where property prices increased on average by 5.4 per cent, to £261,000. At the other end of the scale, properties in Lincoln lost 7.7 per cent of their value, giving an average price of £174,000.

First-time buyers in Mansfield spent an average of £162,400 on their property – £140 less than a year ago, but £43,680 more than in December 2018.

By comparison, former owner-occupiers paid £203,070 on average in December – 25 per cent more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices in Mansfield in December – they increased 2.1 per cent, to £268,306 on average. Over the last year, prices rose by 1.6 per cent.

Among other types of property semi-detached were up 1.7 per cent monthly; up 0.4 per cent annually; £173,816 average, terraced were up 0.8 per cent monthly; down 2.2 per cent annually; £132,319 average and flats were up 1.3 per cent monthly; down 1.8 per cent annually; £95,510 average.

Buyers paid 25.4 per cent less than the average price in the East Midlands (£248,000) in December for a property in Ashfield. 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 – £397,000 on average, and 2.1 times the price as in Ashfield.