Mansfield house prices increased slightly in April - but fell in Ashfield

House prices increased slightly, by 0.8 per cent, in Mansfield in April, new figures show – but dropped 2.2 per cent in Ashfield.

By Katie Williams
Friday, 24th June 2022, 1:04 pm
Updated Friday, 24th June 2022, 1:04 pm

The rise in Mansfield contributes to the longer-term trend, which has seen property prices in the area grow by 11.6 per cent over the last year, while prices in Ashfield have risen 8.3 per cent.

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

The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50 per cent of renters would be able to afford the monthly payments.

House prices increased slightly, by 0.8 per cent, in Mansfield in April, new figures show.

In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a ‘comprehensive review’ of the mortgage market would take place in a bid to help more people onto the property ladder.

The average Mansfield house price in April was £169,226, Land Registry figures show, a 0.8 per cent increase on March. In Ashfield, it was £176.707, down 2.2 per cent.

Across the East Midlands, prices decreased 0.5 per cent, while across the UK as a whole, prices rose 1.1 per cent.

Over the last year, the average sale price of property in Mansfield rose by £18,000, putting the area 17th among the East Midlands’s 35 local authorities with price data for annual growth. Ashfield was 31st with a rist of £14,000.

Lewis Shaw, of Shaw Financial Services.

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Crash

Lewis Shaw, founder of Mansfield-based Shaw Financial Services, said: “Is the property market into bubble territory? Yes.

“Will it crash? No.

“Will there be some regional falls? Possibly, at least in regions that have seen the biggest jumps.

“However, any vultures circling thinking they'll pick up a bargain will be sorely disappointed.

“We are still facing the lowest stock levels since records began, which has broken the property market.

“Moreover, the imbalance between demand and supply worsens daily, keeping prices sky-high.

“The only fix is to build more, good-quality, affordable homes.

“We should prevent developers from land-banking and find a way of giving first-time buyers first dibs on developments.

“On top of that, we need to build more social homes and take some heat out of the private rented sector, to bring rents back to reality.

“However, having the Bank of England and Chancellor Rishi Sunak on the bridge, coupled with the ludicrous scrapping of the mortgage affordability tests, is about as reassuring as having Uncle Albert at the helm.”

Mansfield prices

First-time buyers in Mansfield spent an average of £149,000 on their property – £15,000 more than a year ago, and £41,000 more than in April 2017.

By comparison, former owner-occupiers paid £186,000 on average in April – 24.7 per cent more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices in Mansfield in April – they increased 0.8 per cent, to £245,277 on average. Over the last year, prices rose by 13.3 per cent.

Among other types of property:

Semi-detached: up 0.8 per cent monthly; up 11.5 per cent annually; £158,113 average

Terraced: up 0.7 per cent monthly; up 9.7 per cent annually; £122,178 average

Flats: up 0.2 per cent monthly; up 7.2 per cent annually; £89,534 average

Ashfield prices

First-time buyers in Ashfield spent an average of £157,000 on their property – £12,000 more than a year ago, and £39,000 more than in April 2017.

By comparison, former owner-occupiers paid £194,000 on average in April – 23.7 per cent more than first-time buyers.

Owners of flats saw the biggest fall in property prices Ashfield in April – they dropped 2.7 per cent in price, to £90,065 on average. But over the last year, prices rose by 4 per cent.

Detached: down 2.2 per cent monthly; up 9.3 per cent annually; £253,129 average

Semi-detached: down 2.2 per cent monthly; up 8.5 per cent annually; £162,913 average

Terraced: down 2.1 per cent monthly; up 7.4 per cent annually; £132,566 average

Buyers paid 25.7 per cent less than the average East Midlands price of £238,000 in April for a property in Ashfield. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £281,000.

The most expensive properties in the East Midlands were in Harborough – £375,000 on average, and 2.1 times as much as more than in Ashfield and 2.2 times as much as homes in Mansfield;s £169,000 average.

Factfile

Average property price in April: Mansfield, £169,226; Ashfield, £176,707; East Midlands, £237,904; UK, £281,161.

Annual growth to April: Mansfield, 11.6 per cent; Ashfield, 8.3 per cent; East Midlands, 12.4 per cent; UK, 12.4 per cent.

Highest and lowest annual growth in the East Midlands: Boston, 18.6 per cent; Rutland, 0.2 per cent.