'I have never seen it like this' - property market booming in Mansfield

And the boom has tempted the boss of one estate agency in town to declare he has never seen anything like it.

The latest statistics from the Land Registry show property prices in Mansfield rose by 0.2 per cent in July.

Although this was a small increase, it bucked national and regional trends, because prices dropped by 3.7 per cent across the UK as a whole and by 5.5 per cent in the East Midlands.

The average price of a house in Mansfield in July was £160,855, a rise of £18,000, or 12.8 per cent, over the past year.

Jordan Mariner, director of Newton Fallowell estate agents, of Market Place, Mansfield, said: “In 20 years of being in the industry, I have never seen it like this before.

“The property market locally has been booming – and still is. We can sell a house within days, or even hours.”

Mr Mariner did offer a word of caution too, however.

He said: “Fewer houses are coming to the market. Undoubtedly, the market will slow down and correct itself, but at the moment, Mansfield is in a good place.”

Growth

The latest figures show Mansfield is the tenth best of the East Midlands’ 45 local authorities for annual growth.

Owners of semi-detached houses have seen the biggest improvement over the last year, with prices shooting up by 11.9 per cent to an average of £150,113.

Detached properties went up by 13.6 per cent to an average of £230,327, while terraced properties rose by 13.3 per cent to £117,924 and flats by 10.9 per cent to £89,217.

First-time buyers in Mansfield spent an average of £142,000 on their property in July, which was £16,000 more than a year ago and £35,000 more than five years ago.

By comparison, former owner-occupiers paid £177,000 on average in July, which was 24.7 per cent more than first-time buyers.

Mansfield buyers are still paying much less for a home than most of the rest of the country. The average price of a property in the UK as a whole is currently £255,535 and in the East Midlands as a whole £214,169.

Support your Chad by becoming a digital subscriber. You will see 70 per cent fewer ads on stories, meaning faster load times and an overall enhanced user-experience. Click here to subscribe.

,