Good news for Mansfield homeowners: property prices are booming! But it’s a different story in nearby Ashfield, where the market is struggling.

May saw house prices in Mansfield jump by a healthy 2.3%, outstripping the East Midlands average of 1%. That’s an extra £4,000 in your pocket compared to April, based on the average Mansfield house price of £183,473.

This impressive growth is part of a longer trend, with prices in Mansfield shooting up by 3.1% over the past year. This means an average increase of £5,500 for Mansfield homeowners.

However, it’s a different story just down the road in Ashfield. While prices inched up by 0.7% in May, this was still lower than the UK average of 1.2%. The average house price in Ashfield now stands at £184,841.

Looking at the bigger picture, Ashfield has actually seen property values fall by 0.3% over the past year. This equates to an average loss of £3,800 for homeowners in the area.

East Midlands Property Hotspots

The hottest area in the East Midlands for property price growth is North East Derbyshire, where prices have skyrocketed by an incredible 11.2% over the past year, reaching an average of £240,000.

At the other end of the scale is Rutland, where homeowners have seen the value of their properties plummet by 4.1%. The average house price in Rutland is now £354,000.

Bargain Hunters Look to Mansfield and Ashfield

If you’re looking for a bargain property in the East Midlands, Mansfield and Ashfield offer great value for money.

Buyers in Mansfield paid 25.3% less than the East Midlands average of £246,000 in May. Similarly, Ashfield homeowners enjoyed a 24.7% discount compared to the regional average.