Latest figures show slight fall in Ashfield house prices
House prices in Ashfield dropped slightly in March, new figures show.
Figures from the Office for National Statistics show the average Ashfield house price in the year to March was £184,735 – a 0.4 per cent decrease on February.
The picture was different to that across the East Midlands, where prices increased by 0.7 per cent.
The drop in Ashfield does not reverse the longer-term trend in the area, which has seen property prices in the area grow by 3.2 per cent over the last year.
It means the area ranked 28th among the East Midlands’s 35 local authorities for annual growth, with the average price in Ashfield rising by £5,800 over the past year.
The highest annual growth in the East Midlands was in north east Derbyshire, where property prices increased on average by 16.9 per cent.
At the other end of the scale, properties in Blaby lost 0.5 per cent of their value.
Across the UK, average house prices have jumped 6.4 per cent over the past year, as the ending of a stamp duty holiday in England and Northern Ireland from April onwards sparked a stampede of homebuyers in the run-up.
The figures were released as statistics showed UK inflation surged to its highest level (3.5 per cent) for more than a year last month.
Chancellor Rachel Reeves said the rise was ‘disappointing’ but added that April's minimum wage rise and the decision to freeze fuel duty would help people with cost of living pressures.
But Andrew Montlake, chief executive at Coreco mortgage brokers, said: "With inflation edging up sharply and mortgage rates likely to follow as expectations of further base rate cuts reduce, this could see average values start to retreat again.
"If prices do start to ease, they will only go so far as there is a fundamental lack of supply."
Jonathan Handford, managing director at estate agent group Fine & Country, said: "In the months ahead, inflation and still-elevated borrowing costs are likely to weigh on demand, particularly as affordability remains stretched across much of the country.
"That said, a period of softer or stabilising house prices may offer a welcome opportunity for first-time buyers who have been priced out in some areas of the country."