Mansfield house prices increased more than East Midlands average in June

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 15.2 per cent over the last year.

The average Mansfield house price in June was £180,028, Land Registry figures show – a 3.8 per cent increase on May.

Over the month, the picture was different to that across the East Midlands, where prices increased 1.7 per cent, and Mansfield was above the 1 per cent rise for the UK as a whole.

However, prices remained unchanged in Ashfield over the month, although they have risen 13.2 per cent over the last year.

Over the last year, the average sale price of property in Mansfield rose by £24,000 – putting the area seventh among the East Midlands’s 35 local authorities with price data for annual growth.

In Ashfield, they have risen by £21,000, placing the distict 11th in the region.

The highest annual growth in the region was in High Peak, where property prices increased on average by 17 per cent, to £262,000. At the other end of the scale, properties in Rutland gained 5 per cent in value, giving an average price of £376,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the coronavirus pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Mansfield spent an average of £159,000 on their property – £21,000 more than a year ago, and £47,000 more than in June 2017.

By comparison, former owner-occupiers paid £197,000 on average in June – 24.4 per cent more than first-time buyers.

First-time buyers in Ashfield spent an average of £164,000 – £19,000 more than June 2021 and £45,000 more than in June 2017. Former owner-occupiers paid £202,000 on average in June – 23.3 per cent more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Mansfield in June – they increased 4.4 per cent, to £131,446 on average. Over the last year, prices rose by 14 per cent.

Among other types of property:

Detached Ashfeld: down 0.5 per cent monthly; up 13.7 per cent annually; £261,511 average;

Detached Mansfield: up 3.3 per cent monthly; up 16.2 per cent annually; £258,769 average;

Flats Ashfield: up 0.1 per cent monthly; up 8.6 per cent annually; £93,543 average;

Flats Mansfield: up 4.1 per cent monthly; up 10.5 per cent annually; £94,712 average;

Semi-detached Ashfield: up 0.1 per cent monthly; up 13.5 per cent annually; £169,700 average;

Semi-detached Mansfield: up 4 per cent monthly; up 15.4 per cent annually; £168,687 average;

Terrace Ashfield: up 0.4 per cent monthly; up 12.9 per cent annually; £139,216 average.

How do property prices in compare?

Buyers in Mansfield paid 26.8 per cent less than the East Midlands average price of £246,000 in June for a property, while buyers in Ashfield paid 25.2 per cent less. Across the East Midlands, property prices are low compared with those across the UK, where the average cost £286,000.

The most expensive properties in the East Midlands were in Rutland – £376,000 on average, and 2.1 times as much as more than in Mansfield. Rutland properties cost 2.2 times as much as homes in Bolsover – £172,000 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 June:

Ashfield: £183,907;

Mansfield: £180,028;

East Midlands: £245,911;

UK: £286,397.

Annual growth to June:

Ashfield: 13.2 per cent;

Mansfield: 15.2 per cent;

East Midlands: 9.3 per cent;

UK: 8 per cent.

Highest and lowest annual growth in the East Midlands:

High Peak: +17 per cent

Rutland: +5 per cent