Latest figures show Broxtowe house prices are on the rise
House prices in Broxtowe increased in May, new figures show.
Figures from the Office for National Statistics (ONS) show the average Broxtowe house price in the year to May was £253,323 – a 1.4 per cent increase on April.
The picture was different to that across the East Midlands, where prices increased by 1.9 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 5.7 per cent over the last year.
It means the area ranked 20th 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 Bassetlaw, where property prices increased on average by 12.6 per cent.
At the other end of the scale, properties in East Lindsey lost one per cent of their value.
Across the UK, average house prices increased 3.9 per cent over the past year, reaching £269,000 typically.
Experts welcomed this return to a confident housing market following months of volatility brought by changes in stamp duty.
Meanwhile, separate ONS figures show Consumer Prices Index inflation rose to 3.6 per cent in June – up from 3.4 per cent in May, and the highest since January 2024.
The increase was unexpected, with many economists forecasting inflation to remain unchanged at 3.4 per cent.
Andrew Montlake, chief executive at mortgage brokers Coreco said: "During the first half of 2025, the property market was definitely skewed by the stamp duty changes, with a lot of activity brought forward to secure the savings on offer.
"Now, things are getting back on track.
"Even though inflation ticked up slightly this month, making the Bank of England’s tightrope walk between curbing inflation and promoting growth that little bit harder, it’s still likely that we will see at least one rate cut this year, if not two.
"The economy is stalling and desperately needs an injection of life, which will boost sentiment in bricks and mortar and see increased buyer activity.
“The second half of the year could be busy if the Bank of England delivers a rate cut in August."