Mansfield house prices leapt 5.1 per cent in February
House prices leapt by 5.1 per cent in Mansfield in February, new figures show.
The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.2 per cent annual growth.
The average Mansfield house price in February was £156,964, Land Registry figures show – a 5.1 per cent increase on January.
Over the month, the picture was better than that across the East Midlands where prices increased 0.8 per cent – and Mansfield outperformed the UK as a whole, where prices did not change.
During the last year, the average sale price of property in Mansfield rose by £17,000 – putting the area 11th among the East Midlands’s 45 local authorities for annual growth.
The best annual growth in the region was in Newark and Sherwood, where property prices increased on average by 20.9 per cent to £220,000.
At the other end of the scale, properties in Oadby and Wigston lost 1.3 per cent of their value – giving an average price of £222,000.
Winners and Losers
Owners of flats saw the biggest improvement in property prices in Mansfield in February – they increased 5.9 per cent, to £87,148 on average. Over the last year, prices rose by 9.6 per cent.
Among other types of property:
Detached: up five per cent monthly; up 12.5 per cent annually; £223,831 average
Semi-detached: up 5.1 per cent monthly; up 12.1 per cent annually; £147,228 average
Terraced: up five per cent monthly; up 12.2 per cent annually; £114,536 average
First steps on the property ladder
First-time buyers in Mansfield spent an average of £138,000 on their property – £15,000 more than a year ago, and £35,000 more than in January 2016.
By comparison, former owner-occupiers paid £172,000 on average in February – 24.6 per cent more than first-time buyers.
How do property prices in Mansfield compare?
Buyers paid 26.6 per cent less than the average price in the East Midlands (£214,000) in February for a property in Mansfield.
Across the East Midlands, property prices are low compared to those across the UK, where the average cost £250,000.
The most expensive properties in the East Midlands were in South Northamptonshire – £331,000 on average, and 2.1 times as much as in Mansfield.
South Northamptonshire properties cost 2.2 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 February sale price of £1.2 million could buy 13 properties in Hyndburn (average £92,000).
Average property price in February
The East Midlands: £213,967
Annual growth to February
Mansfield: +12.2 per cent
The East Midlands: +10.6 per cent
UK: +8.6 per cent
Best and worst annual growth in the East Midlands
Newark and Sherwood: +20.9 per cent
Oadby and Wigston: -1.3 per cent