House prices on the up in Mansfield but falling in Ashfield

Mansfield house prices increased more than the average for the East Midlands over the summer, according to the latest figures.

Monday, 26th October 2020, 11:01 am

But it was a different story in Ashfield where prices have fallen.

However, the longer-term trend for both areas has seen property prices in the area ​achieve 3.3 per cent annual growth in Mansfield and 3.2 per cent annual growth in Ashfield.

Land Registry figures show the average Mansfield house price in August was £143,251​ – a 0.7 per cent increase on July.

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House prices are rising in Mansfield but falling in Ashfield. Photo: Daniel Berehulak/Getty Images

Over the month, the picture was ​similar to that across the East Midlands, where prices ​increased 0.6 per cent​.

Over the last year, the average sale price of property in Mansfield ​​rose by £4,600 – putting the ​area 23rd among the East Midlands’s 40 local authorities for annual growth.

The average Ashfield house price in August was £149,365​ – a 1.2 per cent decrease on July.

Over the last year, however, the average sale price of property in the area rose by £4,700 – putting it 24th among the East Midlands’s 40 local authorities for annual growth.

The best annual growth in the region was in Derbyshire Dales, where properties increased on average by 11.9 per cent, to £288,000.

At the other end of the scale, properties in South Kesteven dropped 0.9 per cent in value, giving an average price of £219,000.

Owners of semi-detached houses saw the biggest improvement in property prices in Mansfield in August – they increased 0.8 per cent, to £135,141 on average – while detached properties and flats both rose by 0.7 per cent and terraced housed by 0.6 per cent.

By contrast, owners of flats fared worst in Ashfield as they dropped 2.3 per cent in value to £80,242 on average​, while terraced houses dropped by 1.3 per cent, detached by 1.2 per cent and semi-detached by 1.1 per cent.

First-time buyers in Mansfield spent an average of £​126,400 on their property – ​£23,600 more than in August 2015.

By comparison, former owner-occupiers paid £​156,900 on average in August​ – 24.1 per cent more than first-time buyers.

First-time buyers in Ashfield spent an average of £​133,000 on their property – ​£27,000 more than in August 2015, while former owner-occupiers paid £163,600 on average in August​ – 23 per cent more than first-time buyers.