Mansfield house prices increased more than East Midlands average in May
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The rise contributes to the longer-term trend, which has seen property prices in the area grow by 6.8 per cent over the last year.
The average Mansfield house price in May was £181,993, Land Registry figures show – a 0.4 per cent increase on April.
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Hide AdOver the month, the picture was similar to that across the East Midlands, where prices increased 0.3 per cent, and Mansfield was above the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Mansfield rose by £12,000 – putting the area ninth among the East Midlands’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in Amber Valley, where property prices increased on average by 9.7 per cent, to £234,000.
First steps on the property ladder
First-time buyers in Mansfield spent an average of £160,000 on their property – £10,000 more than a year ago, and £45,000 more than in May 2018.
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Hide AdBy comparison, former owner-occupiers paid £200,000 on average in May – 25.1 per cent more than first-time buyers.
Property types
Owners of flats saw the biggest rise in property prices in Mansfield in May – they increased 0.7 per cent, to £95,315 on average. Over the last year, prices rose by 5.5 per cent.
Among other types of property:
- Detached: up 0.4 per cent monthly; up 7.8 per cent annually; £264,552 average;
- Semi-detached: up 0.2 per cent monthly; up 6.7 per cent annually; £170,378 average;
- Terrace: up 0.6 per cent monthly; up 5.4 per cent annually; £130,791 average.
How do property prices in Mansfield compare?
Buyers paid 26.4 per cent less than the average price in the East Midlands of £247,000 in May for a property in Mansfield. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £286,000.
The most expensive properties in the East Midlands were in Rutland – £394,000 on average, and 2.2 times the price as in Mansfield. Rutland properties cost 2.2 times the price as homes in Bolsover, £177,000 average, at the other end of the scale.
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Hide AdThe highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in May
- Mansfield: £181,993;
- East Midlands: £247,242;
- UK: £285,861.
Annual change to May
- Mansfield: 6.8 per cent;
- East Midlands: 3.4 per cent;
- UK: 1.9 per cent.
Highest and lowest annual growth in the East Midlands
- Amber Valley: 9.7 per cent;
- West Lindsey: -3 per cent.