Worksop and Retford house prices increased in February

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 5 per cent annual growth.

The average Bassetlaw house price in February was £202,775, Land Registry figures show – a 1.6 per cent increase on January.

Over the month, the picture was better than that across the East Midlands, where prices decreased 1.1 per cent, and Bassetlaw outperformed the 1 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Bassetlaw rose by £9,600 – putting the area 33rd among the East Midlands’s 35 local authorities with price data for annual growth.

The best annual growth in the region was in Broxtowe, where property prices increased on average by 14.1 per cent, to £256,000. At the other end of the scale, properties in Hinckley and Bosworth gained just 4.5 per cent in value, giving an average price of £282,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Bassetlaw in February – they increased 1.9 per cent, to £299,183 on average. Over the last year, prices rose by 5.5 per cent.

Among other types of property:

• Semi-detached: up 1.4 per cent monthly; up 4.8 per cent annually; £173,543 average;
• Terraced: up 1.2 per cent monthly; up 4.6 per cent annually; £142,819 average;
• Flats: up 1.6 per cent monthly; up 1.4 per cent annually; £98,921 average.

First steps on the property ladder

First-time buyers in Bassetlaw spent an average of £170,900 on their property – £7,900 more than a year ago, and £39,500 more than in February 2018.

By comparison, former owner-occupiers paid £229,700 on average in February – 34.4 per cent more than first-time buyers.

How do property prices in Bassetlaw compare?

Buyers paid 18.8 per cent less than the average price in the East Midlands of £250,000 in February for a property in Bassetlaw. Across the East Midlands, property prices are lower than those across the UK, where the average cost £288,000.

The most expensive properties in the East Midlands were in Rutland – £386,000 on average, and 1.9 times as much as more than in Bassetlaw. Rutland properties cost 2.1 times as much as homes in Bolsover, £180,000 average, at the other end of the scale.

Factfile

Average property price in February

• Bassetlaw: £202,775;
• East Midlands: £249,751;
• UK: £287,506.

Annual growth to February

• Bassetlaw: 5 per cent;
• East Midlands: 7.4 per cent;
• UK: 5.5 per cent.

Best and worst annual growth in the East Midlands

• Broxtowe: 14.1 per cent;
• Hinckley and Bosworth: 4.5 per cent.