Mansfield house prices increased slightly in March, new figures show

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 7.6 per cent annual growth.

The average Mansfield house price in March was £151,651, Land Registry figures show – a 0.3 per cent increase on February.

Over the month, the picture was less good than that across the East Midlands, where prices increased 1.9 per cent – and Mansfield underperformed compared to the 1.8 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Mansfield rose by £11,000 – putting the area 33rd among the East Midlands’s 45 local authorities for annual growth.

The best annual growth in the region was in Oadby and Wigston, where property prices increased on average by 21 per cent, to £275,000. At the other end of the scale, properties in East Northamptonshire gained 3.1 per cent in value, giving an average price of £257,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Mansfield in March – they increased 0.6 per cent, to £111,164 on average. Over the last year, prices rose by 8.2 per cent.

Among other types of property

Detached: up 0.4 per cent monthly; up 8.3 per cent annually; £216,932 average

Semi-detached: remained level over the month; up 7.1 per cent annually; £141,742 average

Flats: down 0.3 per cent monthly; up four per cent annually; £83,162 average

First steps on the property ladder

First-time buyers in Mansfield spent an average of £133,500 on their property – £9,100 more than a year ago, and £29,900 more than in March 2016.

By comparison, former owner-occupiers paid £166,500 on average in March – 24.7 per cent more than first-time buyers.

How do property prices in Mansfield compare?

Buyers paid 31.1 per cent less than the average price in the East Midlands (£220,000) in March for a property in Mansfield.

Across the East Midlands, property prices are low compared to those across the UK, where the average cost £256,000.

The most expensive properties in the East Midlands were in Rutland – £362,000 on average, and 2.4 times as much as in Mansfield. Rutland properties cost 2.4 times as much as homes in Bolsover (£149,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.3 million could buy 14 properties in Burnley (average £94,000).

Factfile

Average property price in March

Mansfield: £151,651

The East Midlands: £219,950

UK: £256,405

Annual growth to March

Mansfield: +7.6 per cent

The East Midlands: +12.4 per cent

UK: +10.2 per cent

Best and worst annual growth in the East Midlands

Oadby and Wigston: +21.0 per cent

East Northamptonshire: +3.1 per cent