Property market in Mansfield and Ashfield remains strong as average prices are revealed
Estate agents say the property market in Mansfield remains buoyant, despite a slight fall in prices.
Figures from the Land Registry show that prices fell by 0.1 per cent in August. But the drop failed to reverse the long-term trend, which has seen the market achieve annual growth of 10.5 per cent.
Jon Brown, director of Buckley Brown in Mansfield, said: “The local property market is still strong, and we believe prices are holding up very well.
"We remain busy and, in many cases, we are achieving above the asking price.”
The average price for a home in Mansfield in August was £160,378, which means that, over the past year, it has risen by £15,000.
Mansfield now sits 16th among the East Midlands’ 39 local-authority regions for annual growth.
Mr Brown pointed out a shortage of properties coming on to the market is helping to keep prices up.
He added: “Some people are delaying putting their homes up for sale until they find the one they want.
"We are confident, though, that when a property is at the right price, and marketed properly, it will probably sell within a very short space of time.”
The only worry with the August data is that Mansfield fared unfavourably when compared to the overall statistics for the East Midlands, where house prices rose by 2.7 per cent, and for the UK, where they increased by 2.9 per cent.
However, it was a very different story in Ashfield, where prices increased in August by 3.4 per cent.
The boost contributes to the longer-term trend, which has seen annual growth of 12.4 per cent.
The average price for a property in Ashfield in August was £167,914, an increase over the year of £19,000.
Owners of detached houses saw the biggest improvement, increasing to £238,270 on average – a rise of 13.1 per cent on the previous year.
The average price of terraced houses in Ashfield is now £127,233, up 12.9 per cent annually, while flats have gone up 8.5 per cent, coming in at an average of £88,043.
In Mansfield, the average prices and annual increases are: detached houses £230,842 (up 12.1 per cent), semi-detached houses £149,746 (up 9.7 per cent), terraced houses £116,472 (up ten per cent) and flats £88,934 (up 8.7 per cent).