Mansfield house prices increased in October, new figures show

The rise contributes to the longer-term trend, which has seen property prices in Mansfield grow by 17.8 per cent over the last year, and by 13.4 per cent in Ashfield.

The average Mansfield house price in October was £188,957, Land Registry figures show – a 1.1 per cent increase on September, while it was £195,526 in Ashfield, up 1.4 per cent on September.

Over the month, the picture was different to that across the East Midlands, where prices remained static, and both Mansfield and Ashfield was above the 0.3 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Mansfield rose by £29,000, putting the area third among the East Midlands’s 35 local authorities with price data for annual growth, while Ashfield ranked 20th with a £23,000 rise.

The highest annual growth in the region was in North-West Leicestershire, where property prices increased on average by 18.3 per cent, to £284,000. At the other end of the scale, properties in Rutland gained 7.1 per cent in value, giving an average price of £375,000.

Average UK house prices increased by 12.6 per cent in the year to October, accelerating from 9.9 per cent in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates.”

First steps on the property ladder

First-time buyers in Mansfield spent an average of £167,000 on their property – £25,000 more than a year ago, and £54,000 more than in October 2017, while first-time buyers in Ashfield spent an average of £174,000 on their property, £21,000 more than October 2021 and £52,000 more than five years ago.

By comparison, former owner-occupiers in Mansfield paid £207,000 on average in October – 24.5 per cent more than first-time buyers, while in Ashfield the figure was £215,000, 23.4 per cent more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Mansfield and Ashfield in October.

Detached in Ashfield: Up 1.7 per cent monthly, up 13.1 per cent annually; £278,224 average;

Detached in Mansfield: up 1.4 per cent monthly; up 18.2 per cent annually; £272,087 average;

Semi-detached in Ashfield: up 1.2 per cent monthly; up 13.5 per cent annually; £180,556 average;

Semi-detached in Mansfield: up 0.9 per cent monthly; up 17.9 per cent annually; £176,983 average;

Terrace in Ashfield: up 1.2 per cent monthly; up 14 per cent annually; £147,875 average;

Flats in Ashfield: up 0.9 per cent monthly; up 9.6 per cent annually; £98,278 average;

Terrace in Mansfield: up 0.8 per cent monthly; up 17.7 per cent annually; £137,857 average;

Flats in Mansfield: up 0.6 per cent monthly; up 15 per cent annually; £98,702 average.

How do property prices in Mansfield and Ashfield compare?

Buyers paid 25.6 per cent less than the average price in the East Midlands of £254,000 in October for a property in Mansfield and 23 per cent less in Ashfield.

Across the East Midlands, property prices are low compared with those across the UK, where the average cost £296,000.

The most expensive properties in the East Midlands were in Rutland – £375,000 on average, and twice 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.

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

Factfile

Average property price in October:

Ashfield: £195,526;

Mansfield: £188,957;

East Midlands:£254,079;

UK: £296,422.

Annual growth to October

Ashfield: 13.4 per cent;

Mansfield: 17.8 per cent;

East Midlands: 13.9 per cent;

UK: 12.6 per cent.