Eastwood and Kimberley 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 9.7 per cent over the last year.

The average house price in Broxtowe borough in March was £246,899, Land Registry figures show – a 3.8 per cent decrease on February.

Over the month, the picture was different to that across the East Midlands, where prices decreased 1.2 per cent, and Broxtowe 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 Broxtowe rose by £22,000, putting the area eighth 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 Broxtowe spent an average of £214,000 on their property – £19,000 more than a year ago, and £54,000 more than in March 2018.

By comparison, former owner-occupiers paid £271,000 on average in March – 26.8 per cent more than first-time buyers.

Property types

Owners of terrace houses saw the biggest fall in property prices in Broxtowe in March – they dropped 4.4 per cent in price, to £181,540 on average. But over the last year, prices rose by 9.7 per cent.

Among other types of property:

• Detached: down 3.4 per cent monthly; up 9.7 per cent annually; £348,478 average;
• Semi-detached: down 3.8 per cent monthly; up 9.9 per cent annually; £233,577 average;
• Flats: down 4.1 per cent monthly; up 8.6 per cent annually; £126,929 average.

How do property prices in Broxtowe compare?

Buyers paid roughly the same as the average price in the East Midlands of £246,000 in March for a property in Broxtowe. Across the East Midlands, property prices are roughly the same as 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 1.5 times as much as in Broxtowe. 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:

Broxtowe: £246,899;

East Midlands: £246,092;

UK: £285,009.

Annual growth to March:

Broxtowe: 9.7 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.