House prices in Bassetlaw suffering a slight drop

House prices in Bassetlaw declined slightly, by 0.8 per cent, in January, despite remaining level over the last 12 months.

The latest data from the Office of National Statistics (ONS) shows that the average property in the area sold for £155,531 – significantly lower than the UK average of £228,147.

House prices fell slightly in Bassetlaw at the start of 2019

House prices fell slightly in Bassetlaw at the start of 2019

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 Bassetlaw will have seen their property jump in value by around £34,000 in the last five years.

The figures also showed that buyers who made their first step onto the property ladder in Bassetlaw in January spent an average of £131,632 – around £29,000 more than it would have cost them five years ago.

Lawrence Bowles, residential research analyst at estate agent Savills, 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 percent – 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, 1,840 homes were sold in Bassetlaw, nine per cent fewer than in the previous year.