Ashfield house prices fall more than East Midlands average
House prices in Ashfield dropped in November, falling more than the average across the East Midlands, new figures show.
Figures from the Office for National Statistics show the average Ashfield house price in the year to November was £196,329 – a 1.7 per cent decrease on October.
It was below the average across the East Midlands, where prices decreased by 0.4 per cent.
The drop in Ashfield does not reverse the longer-term trend in the area, which has seen property prices in the area grow by 5.7 per cent over the last year.
It means the area ranked fifth among the East Midlands’s 35 local authorities for annual growth, with the average price in Ashfield rising by £11,000 over the past year.
The highest annual growth in the East Midlands was in Harborough, where property prices increased on average by 7.1 per cent.
At the other end of the scale, properties in Chesterfield lost 1.5 per cent of their value.
David Hollingworth, associate director at L&C Mortgages, said: "The surprise dip in inflation is some positive news for borrowers who will have been unsettled by the recent unrest in the gilt markets and what it may mean for mortgage rates.
"Although there may still be increases to come in the months ahead, the fall in inflation will firm up the hopes that the Bank of England will cut the base rate in February."
Mr Hollingworth said the market is unsure the Bank of England will cut rates as far and as quickly as had previously been expected, adding the uncertainty has seen fixed rates edging higher before the end of the year, something that’s continued into the new year.
He continued: "This will have added an unwelcome dollop of uncertainty for borrowers.
"The base rate is still expected to fall but the question is whether that drop will now be shallower and more gradual.
"These figures will help to maintain some stability in mortgage rates but those borrowers coming to the end of their current deal are still likely to want to secure a new rate a few months ahead of time.
"That will allow them to dodge any further increases if fixed rates continue to rise but still gives them room to review if things take a turn for the better."