Mansfield house prices dropped more than East Midlands average in November

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.6 per cent annual decline.

The average Mansfield house price in November was £182,095, Land Registry figures show – a 1.5 per cent decrease on October.

Over the month, the picture was different to that across the East Midlands, where prices decreased 0.8 per cent, and Mansfield was lower than the 0.8 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Mansfield fell by £2,900 – putting the area 16th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in North East Derbyshire, where property prices increased on average by eight per cent, to £257,000. At the other end of the scale, properties in Ashfield lost 7.5 per cent of their value, giving an average price of £182,000.

First-time buyers in Mansfield spent an average of £160,000 on their property – £3,000 less than a year ago, but £41,700 more than in November 2018.

By comparison, former owner-occupiers paid £200,400 on average in November – 25.3 per cent more than first-time buyers.

Owners of terraced houses saw the biggest fall in property prices in Mansfield in November – they dropped 2.2 per cent in price, to £130,812 on average. Over the last year, prices dropped by 3.6 per cent.

Among other types of property detached are down 0.9 per cent monthly and up 0 per cent annually to £265,042 on average, semi-detached are down 1.8 per cent monthly and 1.6 per cent annually to £170,688 on average and flats are down 0.7 per cent monthly and 2.7 per cent annually to £94,641 on average.

Buyers paid 25.2 per cent less than the average price in the East Midlands (£244,000) in November for a property in Mansfield. 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 – £403,000 on average, and 2.2 times the price as in Mansfield.