Ashfield house prices dropped more than East Midlands average in March

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 3.6 per cent over the last year.

The average Ashfield house price in March was £186,769, Land Registry figures show – a 2.4 per cent decrease on February.

Over the month, the picture was similar to that across the East Midlands, where prices decreased 1.2 per cent, and Ashfield was lower than the 1.2 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Ashfield rose by £6,400, putting the area 31st among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Melton, where property prices increased on average by 13.7 per cent, to £316,000. At the other end of the scale, properties in West Lindsey gained 0.4 per cent in value, giving an average price of £209,000.

Banking giant Halifax said the UK housing market continues to show resilience following the sharp downturn at the end of 2022, with average property prices rising again in March.

Kim Kinnaird, Halifax Mortgages director, said: “The principal factor behind this improved picture has been an easing of mortgage rates. The sudden spike in borrowing costs that we saw in November and December has now been largely reversed.”

First steps on the property ladder

First-time buyers in Ashfield spent an average of £165,500 on their property – £5,400 more than a year ago, and £43,400 more than in March 2018.

By comparison, former owner-occupiers paid £205,700 on average in March – 24.3 per cent more than first-time buyers.

Property types

Owners of terrace houses saw the biggest fall in property prices in Ashfield in March – they dropped 3.1 per cent in price, to £139,550 on average. But over the last year, prices rose by 3.3 per cent.

Among other types of property:

• Detached: down 1.9 per cent monthly; up 4 per cent annually; £268,239 average;
• Semi-detached: down 2.4 per cent monthly; up 3.4 per cent annually; £172,381 average;
• Flats: down 2.7 per cent monthly; up 1.3 per cent annually; £94,272 average.

How do property prices in Ashfield compare?

Buyers paid 24.1 per cent less than the average price in the East Midlands of £246,000 in March for a property in Ashfield. Across the East Midlands, property prices are low compared with those across the UK, where the average cost £285,000.

The most expensive properties in the East Midlands were in Rutland – £373,000 on average, and twice as much as in Ashfield. Rutland properties cost 2.1 times as much as homes in Bolsover – £179,000 average – at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in March:

Ashfield: £186,769;

East Midlands: £246,092;

UK: £285,009.

Annual growth to March:

Ashfield: 3.6 per cent;

East Midlands: 4.9 per cent;

UK: 4.1 per cent.

Highest and lowest annual growth in the East Midlands:

Melton: 13.7 per cent;

West Lindsey: 0.4 per cent.