House prices in Mansfield are on the up new figures show - but falling in Ashfield

The latest UK house price index shows home prices increased by an average of 2.5 per cent in Mansfield in June – but dropped 1.1 per cent in Ashfield at the same time.

The boost in Mansfield contributes to the longer-term trend, which has seen property prices in the area achieve 15.5 per cent annual growth, while Ashfield has seen a 9 per cent annual growth.

The average Mansfield house price in June was £161,804, Land Registry figures show, while in Ashfield it was £159,280.

Over the month, the picture was less good than that across the East Midlands, where prices increased 5.1 per cent.

Lewis Shaw, founder of Mansfield Business Centre-based mortgage broker Shaw Financial Services, said: “This summer saw property prices driven up by both the stamp duty holiday and the working-from-home phenomenon.

“The data we have shows that, at the top end of the market, prices have softened a little, but that the rest of the market is still very buoyant.

“The rest of the year is likely to be business as usual given the shortage of stock, so anyone expecting to pick up a bargain or waiting for prices to crash is going to be sorely disappointed.”

Over the last year, the average sale price of property in Mansfield rose by £22,000 – putting the area eighth among the East Midlands’s 45 local authorities for annual growth. Ashfield was 35th, with an average sale price rise of £13,000.

The best annual growth in the region was in Derbyshire Dales, where property prices increased on average by 24.7 per cent, to £319,000.

At the other end of the scale, properties in South Kesteven, Lincolnshire, gained 4.2 per cent in value, giving an average price of £230,000.

Terrace homes on the up

Owners of terrace houses fared best. They saw the biggest improvement in property prices in Mansfield in June – they increased 2.7 per cent, to £118,519 on average – and the smallest fall in Ashfield, down 0.9 per cent to an average of £120,951.

Owners of semi-detached houses fared worst in Ashfield in June – they dropped 1.4 per cent, to £146,024 on average. In Mansfield they rose 2.3 per cent to an average of £150,723.