Mansfield and Ashfield house prices on the up

House prices increased by 3.6 per cent – more than the average for the East Midlands – in Ashfield in May, new figures show, alongside a 0.3 per cent rise in Mansfield.

By Katie Williams
Sunday, 24th July 2022, 10:42 am
Updated Sunday, 24th July 2022, 10:42 am

The rise contributes to the longer-term trend, which has seen property prices in Ashfield grow by 16.5 per cent over the last year, with those in Mansfield rising 12.1 per cent over the last year.

The average Ashfield house price in May was £188,207, Land Registry figures show, a 3.6 per cent increase on April, while in Mansfield it was £173,460, up 0.3 per cent.

Over the month, the picture was different to that across the East Midlands, where prices increased 1.9 per cent, while the UK average was 1.2 per cent.

House prices increased slightly, by 0.3 per cent, in Mansfield in May, new figures show.

Over the last year, the average sale price of property in Ashfield rose by £27,000, putting the area fifth among the East Midlands’s 35 local authorities with price data for annual growth. Mansfield was 22nd with a £19,000 increase.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said: “The average house price hit another record high in May, and rose faster than any time since the peak in June last year.

“However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August.”

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First steps on the property ladder

First-time buyers in Mansfield spent an average of £153,000 on their property – £16,000 more than a year ago, and £43,000 more than in May 2017. By comparison, former owner-occupiers paid £207,000 on average in May – 23.4 per cent more than first-time buyers.

First-time buyers in Ashfield spent an average of £167,000 on their property – £24,000 more than a year ago, and £50,000 more than in May 2017. Former owner-occupiers paid £190,000, 24.4 per cent more than first-time buyers.

Property types

Ashfield detached: up 3.2 per cent monthly; up 17 per cent annually; £268,158 average; Ashfield flats: up 3.3 per cent monthly; up 11.9 per cent annually; £95,971 average; Ashfield semi-detached: up 3.6 per cent monthly; up 16.6 per cent annually; £173,489 average; Ashfield terrace: up 4 per cent monthly; up 16.3 per cent annually; £142,192 average; Mansfield flats: down 0.1 per cent monthly; up 7.4 per cent annually; £91,394 average; Mansfield detached: up 0 per cent monthly; up 13.2 per cent annually; £249,937 average; Mansfield semi-detached: up 0.4 per cent monthly; up 12.1 per cent annually; £162,198 average; Mansfield terrace: up 0.8 per cent monthly; up 11.3 per cent; £126,431 average.

How do property prices in compare?

Buyers paid 28.9 per cent less than the average East Midlands price of £244,000 in May for a property in Mansfield and 22.9 per cent less in Ashfield. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £283,000.

Factfile

Average property price in May

Ashfield: £188,207; Mansfield: £173,460; East Midlands: £244,060; UK: £283,496.

Annual growth to May

Ashfield: 16.5 per cent; Mansfield: 12.1 per cent; The East Midlands: 15.2 per cent; UK: 12.8 per cent.