House prices on the rise in Erewash
Lockdown didn’t stop house prices increasing in Erewash over the summer, new figures from the Land Registry show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 3.8 per cent annual growth.
The average Erewash house price in June was £172,988 – a 1.4 per cent increase on May.
Over the month, the picture was less good than that across the East Midlands, where prices increased 2.6 per cent, but Erewash outperformed the 0.7 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Erewash rose by £6,300 – putting the area 16th among the East Midlands’s 40 local authorities for annual growth.
Owners of detached houses saw the biggest improvement in property prices in Erewash as they increased in value by 1.5 per cent to £251,011 on average. Over the last year, prices rose by 3.6 per cent.
Owners of semi-detached properties saw the value of their homes increase by 1.4 per cent on average, while terraced properties increased by 1.3 per cent and flats by 1.1 per cent.
First-time buyers in Erewash spent an average of £155,200 on their property – £5,500 more than a year ago.
By comparison, former owner-occupiers paid £189,200 on average in June – 21.9 per cent more than first-time buyers.
Buyers paid 13.8 per cent less than the average price in the East Midlands (£201,000) in June for a property in Erewash.
Across the East Midlands, property prices are low compared to those across the UK, where the average cost was £238,000.