Broxtowe house prices fall more than East Midlands average
House prices in Broxtowe dropped in September, falling more than the average across the East Midlands, new figures show.
Figures from the Office for National Statistics (ONS) show the average Broxtowe house price in the year to September was £257,962 – a 2.1 per cent decrease on August.
It was below the average across the East Midlands, where prices decreased by 0.6 per cent.
The drop in Broxtowe does not reverse the longer-term trend in the area, which has seen property prices in the area grow by 6.7 per cent over the last year.
It means the area ranked sixth among the East Midlands’s 35 local authorities for annual growth, with the average price in Broxtowe rising by £16,000 over the past year.
The average UK house prices increased by 2.6 per cent in the 12 months to September, slowing from 3.1 per cent growth in the year to August.
Aimee North, ONS head of housing market indices, said: "UK annual house price inflation slowed in September with the average UK house price now around £272,000.
The house and rental price figures were released as the ONS also said that Consumer Prices Index inflation slowed to 3.6 per cent in October, from 3.8 per cent in September.
Some commentators suggested this could pave the way for a Bank of England base rate cut soon, easing costs for some mortgage borrowers.
Sarah Coles, head of personal finance, Hargreaves Lansdown, said the below-CPI inflation increase in house price rises is ‘difficult news for homeowners, especially those who plan to downsize and cash in on as much property equity as possible’.
She added: "However, it’s a real positive for first-time buyers.
"If they have a competitive savings account, it will be outstripping house price inflation, making it easier for them to build a deposit."
David Hollingworth, associate director at L&C Mortgages, said: "These figures are unlikely to dampen hopes of a base rate cut in December, despite remaining well above the Bank of England’s inflation target.
"The growing belief of a cut coming sooner than previously anticipated has already seen mortgage rates improving.
"Mortgage lenders have been quick to pass on the improved cost of funds and there’s been successive rounds of fixed rate cuts by most major lenders."