Eastwood and Kimberley house prices increased slightly in November

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 14.5 per cent over the last year.

The average Broxtowe house price in November was £250,548, Land Registry figures show – a 0.1 per cent increase on October.

Over the month, the picture was similar to that across the East Midlands, where prices increased 0.2 per cent, and Broxtowe was above the 0.3 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Broxtowe rose by £32,000 – putting the area eighth among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Mansfield, where property prices increased on average by 17.7 per cent, to £190,000.

At the other end of the scale, properties in Rutland gained 6.9 per cent in value, giving an average price of £373,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3 per cent in the year to November, slowing from 12.4 per cent in October.

Nathan Emerson, chief executive officer of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in Broxtowe spent an average of £217,000 on their property – £28,000 more than a year ago, and £65,000 more than in November 2017.

By comparison, former owner-occupiers paid £275,000 on average in November – 26.7 per cent more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Broxtowe in November – they increased 0.2 per cent, to £128,117 on average. Over the last year, prices rose by 11.7 per cent.

Among other types of property:

Detached: up 0.2 per cent monthly; up 13.8 per cent annually; £351,908 average

Semi-detached: up 0.1 per cent monthly; up 15 per cent annually; £237,067 average

Terraced: up 0.1 per cent monthly; up 15.3 per cent annually; £185,909 average

How do property prices in West Lindsey compare?

Buyers paid 1.2 per cent less than the average price in the East Midlands of £253,000 in November for a property in Broxtowe. Across the East Midlands, property prices are roughly the same as those across the UK, where the average cost £295,000.

The most expensive properties in the East Midlands were in Harborough – £384,000 on average, and 1.5 times as much as more than in Broxtowe. Harborough properties cost 2.1 times as much as homes in Bolsover, £179,000 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 November:

Broxtowe: £250,548; East Midlands:£253,498; UK: £294,910.

Annual growth to November

Broxtowe: 14.5 per cent; East Midlands: 12.2 per cent; UK: 10.3 per cent.