Derbyshire house prices dropped slightly in July
House prices dropped slightly, by 0.5%, in Derbyshire in July, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 10.5% annual growth.
Over the month, the picture was better than that across the East Midlands, where prices decreased 5.5%, and Derbyshire outperformed the 3.7% drop for the UK as a whole.
Over the last year, the average sale price of property in Derbyshire rose by £19,000 – putting the area 24th among the East Midlands’s 45 local authorities for annual growth.
The best annual growth in the region was in South Northamptonshire, where property prices increased on average by 17.1%, to £365,000. At the other end of the scale, properties in South Kesteven gained 3.2% in value, giving an average price of £224,000.
Winners and Losers
Owners of detached houses fared worst in Derbyshire in July – they dropped 0.7% in price, to £127,569 on average. But over the last year, prices rose by 11.3%.
Among other types of property:
Semi-detached: down 0.3% monthly; up 9.9% annually; £184,336 average
Flats: down 0.1% monthly; up 7.2% annually; £127,569 average
First steps on the property ladder
First-time buyers in Derbyshire spent an average of £172,000 on their property – £16,000 more than a year ago, and £35,000 more than in July 2016.
By comparison, former owner-occupiers paid £228,000 on average in July – 32.9% more than first-time buyers.
How do property prices in Derbyshire compare?
Buyers paid 5.2% less than the average price in the East Midlands (£214,000) in July for a property in Derbyshire. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £256,000.
The most expensive properties in the East Midlands were in Rutland – £371,000 on average, and 1.8 times as much as in Derbyshire. Rutland properties cost 2.6 times as much as homes in Bolsover (£145,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).