Eastwood and Kimberley house prices dropped in May

But the drop does not reverse the longer-term trend, which has seen property prices across Broxtowe borough grow by 4.8 per cent over the last year.

The average Broxtowe house price in May was £242,170, Land Registry figures show – a 1.8 per cent decrease on April.

Over the month, the picture was different to that across the East Midlands, where prices increased 0.3 per cent, and Broxtowe was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Broxtowe rose by £11,000 – putting the area 15th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Amber Valley, where property prices increased on average by 9.7 per cent, to £234,000.

First steps on the property ladder

First-time buyers in Broxtowe spent an average of £209,800 on their property – £9,900 more than a year ago, and £53,100 more than in May 2018.

By comparison, former owner-occupiers paid £266,300 on average in May – 26.9 per cent more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Broxtowe in May – they dropped 1.9 per cent in price, to £341,597 on average. But over the last year, prices rose by 4.9 per cent.

Among other types of property:

• Semi-detached: down 1.8 per cent monthly; up 5 per cent annually; £229,218 average;
• Terrace: down 1.7 per cent monthly; up 4.3 per cent annually; £177,950 average;
• Flats: down 1.5 per cent monthly; up 4.9 per cent annually; £124,794 average.

How do property prices in Broxtowe compare?

Buyers paid 2.1 per cent less than the average price in the East Midlands of £247,000 in May for a property in Broxtowe. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £286,000.

The most expensive properties in the East Midlands were in Rutland – £394,000 on average, and 1.6 times the price as in Broxtowe. Rutland properties cost 2.2 times the price as homes in Bolsover, £177,000 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 May

• Broxtowe: £242,170;

• East Midlands: £247,242;
• UK: £285,861.

Annual change to May

• Broxtowe: 4.8 per cent;
• East Midlands: 3.4 per cent;
• UK: 1.9 per cent.

Highest and lowest annual growth in the East Midlands

• Amber Valley: 9.7 per cent;
• West Lindsey: -3 per cent.