Broxtowe house prices increased more than East Midlands average in December

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5.4 per cent over the last year – the highest in the East Midlands.

The average Broxtowe house price in December was £260,965, Land Registry figures show – a 2.5 per cent increase on November.

Over the month, the picture was different to that across the East Midlands, where prices increased 1.6 per cent, and Broxtowe was above the 0.1 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Broxtowe rose by £13,000 – putting the area top among the East Midlands’s 35 local authorities with price data for annual growth.

At the other end of the scale, properties in Lincoln lost 7.7 per cent of their value, giving an average price of £174,000.

First-time buyers in Broxtowe spent an average of £226,000 on their property – £12,000 more than a year ago, and £70,000 more than in December 2018.

By comparison, former owner-occupiers paid £287,000 on average in December – 26.7 per cent more than first-time buyers.

Owners of semi-detached houses saw the biggest rise in property prices in Broxtowe in December – they increased 2.7 per cent, to £248,912 on average. Over the last year, prices rose by 6.3 per cent.

Among other types of property detached were up up 2.4 per cent monthly; up 5.7 per cent annually; £367,110 average, terraced were up 2.1 per cent monthly; up 3.8 per cent annually; £190,871 average and flats were up 2.4 per cent monthly; up 3.3 per cent annually; £131,165 average.

Buyers paid 5.1 per cent more than the average price in the East Midlands (£248,000) in December for a property in Broxtowe. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

The most expensive properties in the East Midlands were in Rutland – £397,000 on average, and 1.5 times the price as in Broxtowe.