Broxtowe house prices increased in September, new figures show

The rise contributes to the longer-term trend, which has seen property prices in Broxtowe grow by 16.3 per cent over the last year.

The average Broxtowe house price in September was £248,030, Land Registry figures show, a 1 per cent increase on August.

Over the month, the picture was different to that across the East Midlands, where prices remained static, and Broxtowe was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Broxtowe rose by £35,000, putting the area 10th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in South Kesteven, where property prices increased on average by 20 per cent, to £284,000.

At the other end of the scale, properties in Chesterfield gained 8.4 per cent in value, giving an average price of £199,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen, said the data is further evidence of “a turning tide for house prices”.

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent Fine and Country, said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes.”

First steps on the property ladder

First-time buyers in Broxtowe spent an average of £215,000 on their property – £30,000 more than a year ago, and £63,000 more than in September 2017..

By comparison, former owner-occupiers paid £273,000 on average in September – 26.6 per cent more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Broxtowe in September – they increased 1.1 per cent, to £235,536 on average. Over the last year, prices rose by 17.2 per cent.

Among other types of property:

Detached: up 0.9 per cent monthly; up 15.9 per cent annually; £346,761 average;

Terrace: up 0.9 per cent monthly; up 16.4 per cent annually; £184,265 average;

Flats: up 0.4 per cent monthly; up 12.1 per cent annually; £126,811 average

How do property prices in Broxtowe compare?

Buyers paid 2 per cent less than the average price in the East Midlands of £253,000 in September for a property in Broxtowe. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £295,000.

The most expensive properties in the East Midlands were in Rutland – £391,000 on average, and 1.6 times more than in Broxtowe. Rutland properties cost 2.2 times as much as homes in Bolsover, £175,000 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 September

Broxtowe: £248,030;

East Midlands:£252,982;

UK: £294,559.

Annual growth to September

Broxtowe: 16.3 per cent;

East Midlands: 11.3 per cent;

UK: 9.5 per cent.