Nottinghamshire house prices dropped slightly in January

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.2 per cent annual decline.

The average Nottingham house price in January was £192,016, Land Registry figures show – a 0.9 per cent decrease on December.

Over the month, the picture was similar to that across the East Midlands, where prices decreased 1.4 per cent, but Nottingham was lower than the 0.5 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Nottingham fell by £6,300 – putting the area 25th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in North West Leicestershire, where property prices increased on average by 5.2 per cent, to £270,000. At the other end of the scale, properties in North East Derbyshire lost 10.9 per cent of their value, giving an average price of £219,000.

First steps on the property ladder

First-time buyers in Nottingham spent an average of £177,100 on their property – £6,200 less than a year ago, but £44,200 more than in January 2019.

By comparison, former owner-occupiers paid £211,300 on average in January – 19.3 per cent more than first-time buyers.

Owners of terraced houses saw the biggest fall in property prices in Nottingham in January – they dropped 1.1 per cent in price, to £164,991 on average. Over the last year, prices dropped by 4.1 per cent.

Among other types of property detached was down 0.6 per cent monthly; down 2.1 per cent annually and £324,281 average; semi-detached was down 0.9 per cent monthly; down 2.9 per cent annually and £213,404 average and flats were down 0.7 per cent monthly; down 2.5 per cent annually and £141,452 average.

Buyers paid 20.1 per cent less than the average price in the East Midlands (£240,000) in January for a property in Nottingham.

Across the East Midlands, property prices are lower than those across the UK, where the average cost is £282,000.