House prices suffer another slight drop in Nottinghamshire

House prices suffered another tiny drop in February.
House prices suffered another tiny drop in February.

House prices in Nottinghamshire declined by 0.1 per cent, in February, despite witnessing an overall 2.5 per cent rise over the last 12 months.

It comes as annual price growth across the UK fell to its lowest level in six years.

The latest data from the Office of National Statistics (ONS) shows that the average property in the area sold for £175,772 – significantly lower than the UK average of £226,234.

Across the East Midlands, property prices have risen by 1.6 per cent in the last year, to £190,199.

The region outperformed the UK as a whole, which saw the average property value increase by 0.6 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 £40,000 in the last five years.

The figures also showed that buyers who made their first step onto the property ladder in Nottinghamshire in February spent an average of £146,408 – around £33,000 more than it would have cost them five years ago.

Lawrence Bowles, residential research analyst at estate agent Savills, said: "UK house price growth took a further hit last month, with just 0.6 per cent growth in the year to February 2019.

"That’s down from annual growth of 1.7 per cent last month and 4.4 per cent growth this time last year.

"However, average house prices are still 46 per cent higher than they were 10 years ago.

"This marks the second month of house prices falling in inflation-adjusted terms.

"CPI was 1.9 per cent in the year to February 2019, which means that house prices are 1.3 per cent lower than last year in real terms.

Between January and December last year, the most recent 12 months for which sales volume data is available, 13,940 homes were sold in Nottinghamshire, five per cent fewer than in the previous year.