House prices suffer a big crash in Derbyshire Dales
Lockdown had a disastrous effect on the Derbyshire Dales housing market as new Land Registry figures for June show prices in the district fell by more than six per cent.
The large drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.1 per cent annual decline.
The average Derbyshire Dales house price in June was £258,263 – a 6.4 per cent decrease on May.
Over the month, the picture was worse than that across the East Midlands, where prices increased 2.6 per cent, and Derbyshire Dales underperformed compared to the 0.7 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Derbyshire Dales remained level – putting the area 38th among the East Midlands’s 40 local authorities for annual growth.
Owners of flats fared worst in Derbyshire Dales in June as they saw the price of their property drop by 6.8 per cent in price, to £157,009 on average.
Prices for detached properties were down 6.5 per cent, prices for terraced properties fell 6.3 per cent and prices for semi-detached properties were down 6.2 per cent.
First-time buyers in Derbyshire Dales spent an average of £214,200 on their property – £7,200 less than a year ago.
By comparison, former owner-occupiers paid £282,600 on average in June – 31.9 per cent more than first-time buyers.
Buyers paid 28.7 per cent more than the average price in the East Midlands (£201,000) in June for a property in Derbyshire Dales.
Across the East Midlands, property prices are higher than those across the UK, where the average cost was £238,000.