Broxtowe house prices dropped more than East Midlands average in September

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.4 per cent annual decline.

The average Broxtowe house price in September was £248,082, Land Registry figures show – a 2.2 per cent decrease on August.

Over the month, the picture was different to that across the East Midlands, where prices decreased 0.6 per cent, and Broxtowe was lower than the 0.5 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Broxtowe fell by £1,000 – putting the area 26th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in north east Derbyshire, where property prices increased on average by 7.4 per cent, to £257,000.

At the other end of the scale, properties in North Kesteven lost 4.3 per cent of their value, giving an average price of £260,000.

First-time buyers in Broxtowe spent an average of £215,230 on their property – £690 less than a year ago, but £52,700 more than in September 2018.

By comparison, former owner-occupiers paid £272,450 on average in September – 26.6 per cent more than first-time buyers.

Owners of flats saw the biggest fall in property prices in Broxtowe in September – they dropped 2.9 per cent in price, to £125,801 on average.

Over the last year, prices dropped by 1.3 per cent.

Detached property prices were down 2.1 per cent monthly but up 0.3 per cent annually to £349,414 on average.

Semi-detached property prives fell 2.2 per cent monthl and 0.4 per cent annually to £235,115.

Terraced properties were down 2.3 per cent monthly and1.4 per cent annually to an average of £182,999.

Buyers paid 1.2 per cent lessfor a property in Broxtowe in September than the average price in the East Midlands of £251,000.

Across the East Midlands, property prices are lower than those across the UK, where the average cost is £291,000.

The most expensive property prices in the East Midlands were in Rutland – £403,000 on average – while the cheapest were in Bolsover at £175,000 on average.