House prices in Mansfield and Ashfield predicted to rise by 15.9 per cent

House prices in the East Midlands are expected to rise by 15.9 per cent over the next five years.

New figures from estate agents Savills, who have a base in Nottingham, show the average cost of a home in the region is predicted to rise to £293,160 by 2026, compared to the current average of £252,943. There will be an increase of four per cent in 2022 alone.

In Mansfield, the average price at the moment, according to the latest data, is £160,378, which already represents an increase of 15 per cent on last year when the market was plagued by the coronavirus pandemic.

In Ashfield, the average price is currently £167,914, which is up 19 per cent on last year.

James Abbott, head of residential sales in the East Midlands for estate agents Savills.

If the Savills research is correct, the five-year rise in Mansfield will be about £25,500, while in Ashfield it will be about £26,700.

James Abbott, head of residential sales at Savills in the East Midlands, said there was likely to be less urgency in the market next year, but demand for property in popular towns and villages looked set to continue.

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He commented: “The growth forecast for the region is a very positive sign.

"While many parts of the country have seen significant growth over the last decade, the East Midlands hasn’t benefited to the same extent, so we have real scope for growth.

"The increases we are predicting remain greater than those forecast for properties in London.

"A shortage of available properties on the market also means that homes in the most popular towns and villages will continue to be in high demand.

"Setting a realistic asking price from the start will be key to maintaining momentum as we move into the new year.”

The forecasts relate to the second-hand or resale market. The new-build market may perform differently.

Broken down per year, Savills forecasts for the East Midlands’ mainstream market say there will be a four per cent rise next year, followed by 3.5 per cent in 2023, three per cent in 2024, 2.5 per cent in 2025 and two per cent in 2026.

All are higher than those for the UK as a whole, where the overall predicted five-year increase is 13.1 per cent.

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