Mansfield house prices dropped in April to lowest average in East Midlands

However, the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 5.4 per cent over the last year.

The average Mansfield house price in April was £179,077, Land Registry figures show, a 1.5 per cent decrease on March..

Over the month, the picture was similar to that across the East Midlands, where prices increased 0.3 per cent. Mansfield was lower than the 0.5 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Mansfield rose by £9,200 – putting the area 18th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest regional annual growth was in Melton, where prices increased on average by 13.3 per cent, to £316,000. At the other end of the scale, properties in West Lindsey lost 0.1 per cent of their value, giving an average price of £208,000.

First steps on the property ladder

First-time buyers in Mansfield spent an average of £157,400 on their property, £8,100 more than in April 2022 and £44,800 more than in April 2018.Former owner-occupiers paid £196,900 on average in April, 25.1 per cent more than first-time buyers.

Property types

Owners of terrace houses saw the biggest fall in property prices in Mansfield in April, down 2.1 per cent, to £128,162 on average. However, over the last year, prices rose by 3.7 per cent.

Other types of property:

• Detached: down 1.3 per cent monthly; up 6.5 per cent annually; £260,570 average;
• Semi-detached: down 1.4 per cent monthly; up 5.5 per cent annually; £167,900 average;
• Flats: down 1.3 per cent monthly; up 3.1 per cent annually; £93,497 average.

How do property prices in Mansfield compare?

Buyers paid less for properties in Mansfield than anywhere else in the East Midlands in April. The average price paid in Rutland, £380,000, at the other end of the scale, would buy 2.1 homes in Mansfield.

Factfile

Average April price

• Mansfield: £179,077;
• East Midlands:£247,634;
• UK: £286,489.

Annual change to April

• Mansfield: 5.4 per cent;
• The East Midlands: 4.6 per cent;
• UK: 3.5 per cent.

East Midlands highest and lowest annual growth

• Melton: 13.3 per cent;
• West Lindsey: -0.1 per cent.