Worksop and Retford house prices increased more than East Midlands average in December

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.5 per cent over the last year.

The average Bassetlaw house price in December was £199,942, Land Registry figures show – a 1 per cent increase on November.

Over the month, the picture was similar to that across the East Midlands, where prices increased 0.5 per cent, and Bassetlaw was above the 0.4 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Bassetlaw rose by £16,000 – putting the area 33rd among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Broxtowe borough, where property prices increased on average by 16.5 per cent, to £256,000. At the other end of the scale, properties in Rushcliffe gained 7.1 per cent in value, giving an average price of £360,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8 per cent annually in December, slowing from 10.6 per cent annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Bassetlaw spent an average of £169,000 on their property – £14,000 more than a year ago, and £39,000 more than in December 2017.

By comparison, former owner-occupiers paid £226,000 on average in December – 33.6 per cent more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Bassetlaw in December – they increased 1.3 per cent, to £97,609 on average. Over the last year, prices rose by 5.1 per cent.

Among other types of property:

Detached: up 0.9 per cent monthly; up 8.2 per cent annually; £294,106 average; Semi-detached: up 1 per cent monthly; up 8.7 per cent annually; £171,419 average; Terraced: up 0.8 per cent monthly; up 8.9 per cent annually; £141,288 average.

How do property prices compare?

Buyers paid 21.9 per cent less than the average price in the East Midlands of £256,000 in December for a property in Bassetlaw. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £294,000.

The most expensive properties in the East Midlands were in Rutland – £392,000 on average, and twice as much as more than in Bassetlaw. Rutland properties cost 2.2 times as much as homes in Bolsover, £178,000 average, at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in December

Bassetlaw: £199,942; East Midlands:£256,159; UK: £294,329.

Annual growth to December

Bassetlaw: 8.5 per cent; East Midlands: 12.3 per cent; UK: 9.8 per cent.