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.
Revealed: village charm for £950,000 -- a seamless mix of historical and modern
Dozens of tenants evicted from their homes in Mansfield and Ashfield
Olde-worlde grandeur at this bungalow in sought-after area of Mansfield
These are the 10 best pubs in Mansfield - according to our readers
10 of the best rated Mansfield hair salons, according to Google reviews
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.”
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.
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.
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.