Chesterfield house prices rise faster than national average

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 10% over the last year.

The average Chesterfield house price in May was £193,098, Land Registry figures show – a 1.5% increase on April.

Over the month, the picture was similar to that across the East Midlands, where prices increased 1.9%, but Chesterfield was above the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Chesterfield rose by £18,000 – putting the area 30th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Harborough, where property prices increased on average by 22.7%, to £386,000. At the other end of the scale, properties in Rutland lost 6% of their value, giving an average price of £341,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said: “The average house price hit another record high in May, and rose faster than any time since the peak in June last year. However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."

First-time buyers in Chesterfield spent an average of £163,000 on their property – £14,000 more than a year ago, and £38,000 more than in May 2017.

By comparison, former owner-occupiers paid £219,000 on average in May – 34% more than first-time buyers.

Owners of terraced houses saw the biggest rise in property prices in Chesterfield in May – they increased 2%, to £142,329 on average. Over the last year, prices rose by 9.1%.

Buyers paid 20.9% less than the average price in the East Midlands (£244,000) in May for a property in Chesterfield. Across the East Midlands.