Mansfield house prices increased in February

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.6 per cent annual growth.

The average Mansfield house price in February was £185,122, Land Registry figures show – a 1.4 per cent increase on January.

Over the month, the picture was better than that across the East Midlands, where prices decreased 1.1 per cent, and Mansfield outperformed the 1 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Mansfield rose by £19,000 – putting the area ninth among the East Midlands’s 35 local authorities with price data for annual growth.

The best annual growth in the region was in Broxtowe, where property prices increased on average by 14.1 per cent, to £256,000. At the other end of the scale, properties in Hinckley and Bosworth gained just 4.5 per cent in value, giving an average price of £282,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Mansfield in February – they increased 1.7 per cent, to £96,426 on average. Over the last year, prices rose by 8.8 per cent.

Among other types of property:

Detached: up 1.7 per cent monthly; up 12.3 per cent annually; £267,544 average;

Semi-detached: up 1.3 per cent monthly; up 11.6 per cent annually; £173,202 average;

Terraced: up 1 per cent monthly; up 11.1 per cent annually; £134,437 average.

First steps on the property ladder

First-time buyers in Mansfield spent an average of £163,000 on their property – £17,000 more than a year ago, and £52,000 more than in February 2018.

By comparison, former owner-occupiers paid £203,000 on average in February – 24.7 per cent more than first-time buyers.

How do property prices in Mansfield compare?

Buyers paid 25.9 per cent less than the average price in the East Midlands of £250,000 in February for a property in Mansfield. Across the East Midlands, property prices are low compared with those across the UK, where the average cost £288,000.

The most expensive properties in the East Midlands were in Rutland – £386,000 on average, and 2.1 times as much as more than in Mansfield. Rutland properties cost 2.1 times as much as homes in Bolsover, £180,000 average, at the other end of the scale.

Factfile

Average property price in February

• Mansfield: £185,122;
• East Midlands: £249,751;
• UK: £287,506.

Annual growth to February

• Mansfield: 11.6 per cent;
• East Midlands: 7.4 per cent;
• UK: 5.5 per cent.

Best and worst annual growth in the East Midlands

• Broxtowe: 14.1 per cent;
• Hinckley and Bosworth: 4.5 per cent.