Eastwood and Kimberley house prices dropped slightly in October, new figures show

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 15.1 per cent over the last year.

The average Broxtowe house price in October was £248,260, Land Registry figures show – a 0.2 per cent decrease on September.

Over the month, the picture was similar to that across the East Midlands, where prices remained static, and Broxtowe was lower than the 0.3 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Broxtowe rose by £33,000 – putting the area 11th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in North-West Leicestershire, where property prices increased on average by 18.3 per cent, to £284,000. At the other end of the scale, properties in Rutland gained 7.1 per cent in value, giving an average price of £375,000.

Average UK house prices increased by 12.6 per cent in the year to October, accelerating from 9.9 per cent in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates.”

First steps on the property ladder

First-time buyers in Broxtowe spent an average of £215,000 on their property – £29,000 more than a year ago, and £63,000 more than in October 2017.

By comparison, former owner-occupiers paid £273,000 on average in October – 26.6 per cent more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Broxtowe in October – they dropped 0.4 per cent in price, to £127,077 on average. But over the last year, prices rose by 12.2 per cent.

Detached: up 0.1 per cent monthly; up 14.5 per cent annually; £348,526 average;

Semi-detached: down 0.4 per cent monthly; up 15.6 per cent annually; £234,815 average;

Terrace: down 0.3 per cent monthly; up 15.7 per cent annually; £184,470 average.

How do property prices in Broxtowe compare?

Buyers paid 2.3 per cent less than the average price in the East Midlands of £254,000 in October for a property in Broxtowe.

Across the East Midlands, property prices are low compared with those across the UK, where the average cost £296,000.

The most expensive properties in the East Midlands were in Rutland – £375,000 on average and 1.5 times as much as more than in Broxtowe. Rutland properties cost 2.1 times as much as homes in Bolsover – £180,000 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 October:

Broxtowe: £248,260;

East Midlands:£254,079;

UK: £296,422.

Annual growth to October

Broxtowe: +15.1 per cent;

East Midlands: 13.9 per cent;

UK: 12.6 per cent.