But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 3.2 per cent annual growth.
Land Registry figures show the average Ashfield house price in August was £149,365 – a 1.2 per cent decrease on July.
Over the month, the picture was worse than that across the East Midlands, where prices increased 0.6 per cent, and Ashfield under-performed compared to the 0.7 per cent rise for the UK as a whole.
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Over the last year, the average sale price of property in Ashfield rose by £4,700 – putting the area 24th among the East Midlands’s 40 local authorities for annual growth.
The best annual growth in the region was in Derbyshire Dales, where properties increased on average by 11.9 per cent to £288,000.
At the other end of the scale, properties in South Kesteven dropped 0.9 per cent in value, giving an average price of £219,000.
Owners of flats fared worst in Ashfield in August – as their properties dropped 2.3 per cent in price, to £80,242 on average.
Terraced properties fell 1.3 per cent in value, detached 1.2 per cent and semi-detached 1.1 per cent.
First-time buyers in Ashfield spent an average of £133,000 on their property – £4,100 more than a year ago, and £27,000 more than in August 2015.
By comparison, former owner-occupiers paid £163,600 on average in August – 23 per cent more than first-time buyers.