Mansfield house prices dropped more than East Midlands average in March

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House prices dropped by 1.5 per cent – more than the average for the East Midlands – in Mansfield in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 7.9 per cent over the last year.

The average Mansfield house price in March was £179,929, Land Registry figures show – a 1.5 per cent decrease on February.

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Over the month, the picture was similar to that across the East Midlands, where prices decreased 1.2 per cent, and Mansfield was lower than the 1.2 per cent drop for the UK as a whole.

House prices across the East Midlands fell 1.2 per cent in March.House prices across the East Midlands fell 1.2 per cent in March.
House prices across the East Midlands fell 1.2 per cent in March.

Over the last year, the average sale price of property in Mansfield rose by £13,000, putting the area 13th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Melton, where property prices increased on average by 13.7 per cent, to £316,000. At the other end of the scale, properties in West Lindsey gained 0.4 per cent in value, giving an average price of £209,000.

Banking giant Halifax said the UK housing market continues to show resilience following the sharp downturn at the end of 2022, with average property prices rising again in March.

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Kim Kinnaird, Halifax Mortgages director, said: “The principal factor behind this improved picture has been an easing of mortgage rates. The sudden spike in borrowing costs that we saw in November and December has now been largely reversed.”

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First steps on the property ladder

First-time buyers in Mansfield spent an average of £158,000 on their property – £11,000 more than a year ago, and £47,000 more than in March 2018.

By comparison, former owner-occupiers paid £198,000 on average in March – 25 per cent more than first-time buyers.

Property types

Owners of terrace houses saw the biggest fall in property prices in Mansfield in March – they dropped 2.4 per cent in price, to £129,244 on average. But over the last year, prices rose by 6.7 per cent.

Among other types of property:

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  • Detached: down 0.8 per cent monthly; up 8.9 per cent annually; £261,662 average;
  • Semi-detached: down 1.5 per cent monthly; up 7.9 per cent annually; £168,503 average;
  • Flats: down 1.7 per cent monthly; up 5.2 per cent annually; £93,664 average.

How do property prices in Mansfield compare?

Buyers paid 26.9 per cent less than the average price in the East Midlands of £246,000 in March for a property in Mansfield. Across the East Midlands, property prices are low compared with those across the UK, where the average cost £285,000.

The most expensive properties in the East Midlands were in Rutland – £373,000 on average, and 2.1 times as much as in Mansfield. Rutland properties cost 2.1 times as much as homes in Bolsover – £179,000 average – at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.


Average property price in March:

Mansfield: £179,929;

East Midlands: £246,092;

UK: £285,009.

Annual growth to March:

Mansfield: 7.9 per cent;

East Midlands: 4.9 per cent;

UK: 4.1 per cent.

Highest and lowest annual growth in the East Midlands:

Melton: 13.7 per cent;

West Lindsey: 0.4 per cent.