New figures show Broxtowe house prices are rising

Figures from the Office for National Statistics show the average Broxtowe house price in the year to July was £259,789 – a four per cent increase on June.

The picture was different to that across the East Midlands, where prices decreased by 0.2 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 8.1 per cent over the last year.

It means the area ranked second among the East Midlands’s 35 local authorities for annual growth, with the average price in Broxtowe rising by £20,000 over the past year.

Richard Donnell, executive director at Zoopla, said: "Rents and house prices are slowing across the UK as housing demand cools and affordability pressures bite on what people can pay for rent and mortgages.

"This has big implications for home building where weaker demand is holding back investment in growing supply."

David Hollingworth, associate director at L&C Mortgages said: "Mortgage borrowers may well be steeling themselves for another helping of cautious tone and the message that base rate won’t fall until a sustainable path for inflation is clear.

"It’s anticipated that inflation could nudge higher before it eases, so borrowers will have to wait for signs of improvement before they can hope for another interest rate cut.

"Mortgage rates have edged up in recent weeks, as the rate outlook of ‘higher for longer’ has taken its toll on lenders’ funding.

"Although that hasn’t sent rates sky high, it’s certainly forcing borrowers to make quicker decisions and act quickly to secure a deal."