House prices suffer a slight dip in Nottinghamshire

House prices in Nottinghamshire declined slightly, by 0.9 per cent, in March, despite witnessing a one per cent rise overall in the last 12 months.

The latest data from the Office of National Statistics (ONS) shows that the average property in the area sold for £172,904 – significantly lower than the UK average of £226,798.

House prices fell in Nottinghamshire last month

House prices fell in Nottinghamshire last month

Across the East Midlands, property prices have risen by 2.9 per cent in the last year, to £190,171.

The region outperformed the UK as a whole, which saw the average property value increase by 1.4 per cent.

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.

The average homeowner in Nottinghamshire will have seen their property jump in value by around £37,000 in the last five years.

The figures also showed that buyers who made their first step onto the property ladder in Nottinghamshire in March spent an average of £144,121 – around £31,000 more than it would have cost them five years ago.

Lawrence Bowles, residential research analyst at estate agent Savills, said: "UK house prices rose 1.4 per cent in the year to March 2019, according to the latest data from Land Registry.

"This marks an acceleration in growth since February, when annual house price inflation was just one per cent.

"However, growth is slower than this time last year, when annual house price inflation was four per cent.

"House prices in the north of England outperformed the south – every northern region bar the north east had house price growth faster than the national average, while all regions in the south saw price growth below UK levels.

"With mortgage rates still at historic lows, many parts of the UK have seen robust house price growth.

"We expect to see faster rates of house price growth in the more affordable regions in the north of England, Wales and Scotland over the next five years.

"In London and the south, where affordability is more stretched, we’re expecting slower levels of house price growth."

Between February last year and January this year, the most recent 12 months for which sales volume data is available, 13,927 homes were sold in Nottinghamshire, five per cent fewer than in the previous year.