Chesterfield bucks national trend to see house prices rise – despite UK fall
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House prices increased by 0.6% – more than the average for the East Midlands – in Chesterfield in November, new figures show. The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.9% over the last year. The average Chesterfield house price in November was £201,361, Land Registry figures show – a 0.6% increase on October.
Over the month, Chesterfield fared much better than the East Midlands, where prices increased by only 0.2%, and Chesterfield bucked the national trend which saw a 0.3% drop for the UK as a whole.
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Hide AdOver the last year, the average sale price of property in Chesterfield rose by £16,000 – putting the area 31st 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%, to £190,000. At the other end of the scale, properties in Rutland gained 6.9% 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% in the year to November, slowing from 12.4% in October.
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Hide AdNathan Emerson, CEO 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.”
For those getting their first foot on the property ladder, first-time buyers in Chesterfield spent an average of £170,000 on their property – £14,000 more than a year ago, and £41,000 more than in November 2017.
By comparison, former owner-occupiers paid £228,000 on average in November – 34.1% more than first-time buyers.