Eastwood and Kimberley house prices increased the most in the East Midlands in December

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 16.5 per cent over the last year – the highest in the East Midlands.

The average Broxtowe house price in December was £256,419, Land Registry figures show – a 2.7 per cent increase on November.

Over the month, the picture was different to that across the East Midlands, where prices increased 0.5 per cent, and Broxtowe was above the 0.4 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Broxtowe rose by £36,000 – putting the area top among the East Midlands’s 35 local authorities with price data for annual growth.

At the other end of the scale, properties in Rushcliffe gained 7.1 per cent in value, giving an average price of £360,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8 per cent annually in December, slowing from 10.6 per cent annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Broxtowe spent an average of £223,000 on their property – £33,000 more than a year ago, and £72,000 more than in December 2017.

By comparison, former owner-occupiers paid £281,000 on average in December – 26.3 per cent more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Broxtowe in December – they increased 3.2 per cent, to £131,907 on average. Over the last year, prices rose by 15.3 per cent.

Among other types of property:

Detached: up 2.7 per cent monthly; up 15.7 per cent annually; £360,828 average; Semi-detached: up 2.7 per cent monthly; up 16.8 per cent annually; £242,101 average; Terraced: up 2.7 per cent monthly; up 17.5 per cent annually; £190,198 average.

How do property prices compare?

Buyers paid roughly the same as the average price in the East Midlands of £256,000 in December for a property in Broxtowe. Across the East Midlands, property prices are roughly the same as those across the UK, where the average cost £294,000.

The most expensive properties in the East Midlands were in Rutland – £392,000 on average, and 1.5 times as much as more than in Broxtowe. Rutland properties cost 2.2 times as much as homes in Bolsover, £178,000 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 December

Broxtowe: £256,419; East Midlands:£256,159; UK: £294,329.

Annual growth to December

Broxtowe: 16.5 per cent; East Midlands: 12.3 per cent; UK: 9.8 per cent.