House prices on the rise in Mansfield but falling in Ashfield

House prices in Mansfield increased by 1.8 per cent in January, contributing to a 7.6 per cent overall rise over the last 12 months.

By contrast, prices in Ashfield declined slightly by 0.9 per cent, despite witnessing a 4.5 per cent rise in the last year.

House prices have dropped slightly in Ashfield

House prices have dropped slightly in Ashfield

House prices are also down in neighbouring Newark & Sherwood where values have fallen by 0.5 per cent.

The latest data from the Office of National Statistics (ONS) shows that the average property in Mansfield sold for £136,358 – significantly lower than the UK average of £228,147.

The average property in Ashfield sold for £140,929 while in Newark & Sherwood it was £185,333.

Across the East Midlands, property prices have risen by 4.4 per cent in the last year, to £192,757.

The region outperformed the UK as a whole, which saw the average property value increase by 1.7 per cent.

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.

The average homeowner in Newark & Sherwood will have seen their property jump in value by around £41,000 in the last five years.

Ashfield residents have seen an average increase of £34,000 to their properties while the figure for Mansfield is £29,000.

Residential research analyst at estate agent Savills, Lawrence Bowles, said that house prices had dropped nationally in real terms for the first time in five years.

He said: "This month’s ONS house price index shows slowing growth, with UK house prices growing just 1.7 per cent in the year to January 2019.

"That’s compared to 4.3 per cent growth this time last year.

"It’s also below inflation for the same period – 1.8 per cent – which means UK house prices have fallen in real terms for the first time since July 2013.

"Regions in the midlands and north are still showing robust house price growth.

"Wales showed the fastest house price growth in Britain, followed by the midlands.

"Affordability in these regions is less constrained than in London and the south, which leaves more capacity for prices to rise."

Between December 2017 and November last year, the most recent 12 months for which sales volume data is available,1,748 homes were sold in Mansfield - one per cent fewer than in the previous year, 2,011 homes were sold in Ashfield - 15 per cent fewer than in the previous year, and 2,036 homes were sold in Newark & Sherwood - eight per cent fewer than in the previous year.