Broxtowe house prices on the rise according to latest Government figures

Numbers from the Office for National Statistics (ONS) show the average Broxtowe house price in the year to October was £260,227 – a 1.4 per cent increase on September.

The picture was different to that across the East Midlands, where prices decreased by 0.1 per cent.

The rise in Broxtowe contributes to the longer-term trend in the area, which has seen property prices in the area grow by 5.6 per cent over the last year.

It means the area ranked eighth among the East Midlands’s 35 local authorities for annual growth, with the average price in Broxtowe rising by £14,000 over the past year.

The highest annual growth in the East Midlands was in North East Derbyshire, where property prices increased on average by 10.5 per cent.

At the other end of the scale, properties in Rutland lost 7.7 per cent of their value.

Across the UK, the average house price in October was £270,000, the ONS said.

The figures were released as the rate of Consumer Prices Index (CPI) inflation slowed to 3.2 per cent in November, from 3.6 per cent in October.

It is the lowest CPI rate since March and a bigger slowdown in inflation than many economists had been expecting.

Amy Reynolds, head of sales at London-based estate agency Antony Roberts, said: "In London, where affordability and sentiment are highly rate-sensitive, even small shifts in expectations can have an outsized impact on activity."

Sarah Coles, head of personal finance at Hargreaves Lansdown, said: "When house prices fall it affects wannabe downsizers who are relying on the equity in the home to supplement their retirement income.

"It also dents the confidence of homeowners, who feel less well off, and may hold back on spending as a result.

"Given how sluggish economic growth is right now, this could spell more bad news for the economy.

"The only people likely to be celebrating are those moving up the property ladder and first-time buyers."