Nottingham house prices dropped slightly in February

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.8 per cent annual decline.

The average Nottingham house price in February was £190,382, Land Registry figures show – a 0.7 per cent decrease on January.

Over the month, the picture was different to that across the East Midlands, where prices increased 1.4 per cent, and Nottingham was lower than the 0.4 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Nottingham fell by £7,500 – putting the area 25th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Blaby, where property prices increased on average by 8.1 per cent, to £316,000. At the other end of the scale, properties in Ashfield lost 9.5 per cent of their value, giving an average price of £174,000.

First-time buyers in Nottingham spent an average of £175,600 on their property – £7,300 less than a year ago, but £43,700 more than in February 2019.

By comparison, former owner-occupiers paid £209,500 on average in February – 19.3 per cent more than first-time buyers.

Owners of terraced houses saw the biggest fall in property prices in Nottingham in February – they dropped one per cent in price, to £163,387 on average. Over the last year, prices dropped by 4.7 per cent.

Detached was down 0.6 per cent monthly; down 2.8 per cent annually; £321,105 average

Semi-detached was down 0.6 per cent monthly; down 3.3 per cent annually; £211,931 average

Flats was down 0.1 per cent monthly; down 3.5 per cent annually; £140,487 average

Buyers paid 21.3 per cent less than the average price in the East Midlands (£242,000) in February for a property in Nottingham. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £281,000.

The most expensive properties in the East Midlands were in Rutland – £369,000 on average, and 1.9 times the price as in Nottingham. Rutland properties cost 2.1 times the price as homes in Ashfield (£174,000 average), at the other end of the scale.