But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 8% annual growth.
The average Chesterfield house price in February was £185,216, Land Registry figures show – a 2.3% decrease on January.
Over the month, the picture was worse than that across the East Midlands, where prices decreased 0.4%, and Chesterfield underperformed compared to the 0.5% rise for the UK as a whole.
Over the last year, the average sale price of property in Chesterfield rose by £14,000 – putting the area 27th among the East Midlands’s 35 local authorities with price data for annual growth.
The best annual growth in the region was in South Holland, where property prices increased on average by 19.7%, to £237,000. At the other end of the scale, properties in Bolsover gained just 4.2% in value, giving an average price of £159,000.
Winners and Losers
Owners of terraced houses fared worst in Chesterfield in February – they dropped 2.5% in price, to £136,117 on average. But over the last year, prices rose by 6.8%.
Among other types of property:
Detached: down 2.1% monthly; up 10.8% annually; £287,188 average
Semi-detached: down 2.4% monthly; up 7.3% annually; £173,237 average
Flats: down 2.2% monthly; up 2.9% annually; £107,051 average
First steps on the property ladder
First-time buyers in Chesterfield spent an average of £156,000 on their property – £11,000 more than a year ago, and £31,000 more than in February 2017.
By comparison, former owner-occupiers paid £210,000 on average in February – 34.6% more than first-time buyers.
How do property prices in Chesterfield compare?
Buyers paid 21.5% less than the average price in the East Midlands (£236,000) in February for a property in Chesterfield. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £277,000.
The most expensive properties in the East Midlands were in Harborough – £367,000 on average, and twice as much as more than in Chesterfield. Harborough properties cost 2.3 times as much as homes in Bolsover (£159,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in February
The East Midlands: £235,993
Annual growth to February
The East Midlands: +10.9%
Best and worst annual growth in the East Midlands
South Holland: +19.7%