Derbyshire Property Prices Reach Record Highs
- Derbyshire house prices are 3.2% higher than one year ago.
- Land Registry data shows sales volume is still well below normal levels.
- Property prices in Derbyshire have hit record highs and are still rising, particularly new-builds.
- High Peak remains the most expensive district to buy a home in Derbyshire. Bolsover is the cheapest.
- Homes in Bolsover have the greatest 10-year property price growth, with every district except Chesterfield outperforming the national average.
- Across the East Midlands, house prices are expected to increase 18.5% over 2025-2028.
Are house prices falling in Derbyshire?
Average house prices across Derbyshire have risen 3.2% since last year, outperforming England and Wales as a whole, which saw just 2.4% house price growth in the same period. 5 out of 8 districts saw positive growth higher than the national average; the remaining 3 districts saw negative growth of -0.2 to -0.6%.
Average house prices in Derbyshire reached a new record high in September this year. More recent reliable figures are not yet available from the Land Registry, which publishes its data with a slight delay. However, online agents Zoopla are giving their current average sold prices for Derbyshire at £246,396, suggesting house prices are still climbing further across the region.
Worst July for property sales on record
June and July were Derbyshire's quietest on record this year. 2024's sales volume would be at home in the mid-nineties or the aftermath of the 2008 crash.
Will there be a UK recession in 2024?
"The Quarterly Economic Forecast (QEF), expects the UK economy to grow by 1.1% for 2024, with the projection for 2025 remaining at 1.0%. The economy is expected to grow by 1.1% in 2026, a minor upward revision." - Source: British Chambers of Commerce (BCC)
This, however, is well below the pre-pandemic average. NEISR estimate that Britain's poorest households will not recover fully until 2027.
How does the Bank of England affect the Derbyshire Housing Market?
The recent base rate cut to 4.75% means that borrowing is returning to an affordable level. We expect the base rate to fall further early next year. This allows homebuyers more affordability to enter or climb the property market. More activity and greater spending power will drive prices upwards.
The graphs above show that house prices are rising again already. Capital Economics forecast that the base rate will fall to 3.5% by early 2026.
Are you thinking of buying a property in Derbyshire?
Erewash has the most active property market
Property sales volume across Derbyshire and the wider country has been dampened throughout 2023 and 2024. Bolsover and Erewash saw 92% and 91% of the number of sales from the same month last year.
However, the country, the county, and every Derbyshire district except Erewash (53%) saw less than half the number of sales from the same month in 2022, when the market was still very active.
Ilkeston in Erewash is famous for Ilkeston Charter Fair, one of the oldest and largest street fairs in Europe. It is well-equipped with amenities, beautiful parks and scenery, affordable housing, and quick access to the M1.
Long Eaton in Erewash is affordable, family-friendly, and conveniently located close to Derby, Nottingham, and Nottingham Trent University.
Where is the most affordable place to buy a home in Derbyshire?
The cheapest average house price by district is in Bolsover at £179,782, closely followed by Chesterfield at £198,238 and Derby, at £211,780.
Bolsover is a beautiful area, full of potential with incoming development, including a new sixth-form college. It is close to the Peak District National Park and Sherwood Forest.
Where is the poshest place to live in Derbyshire?
As you can see from the graph below, the rest of the districts vary by property type. You can click on the key to hide any districts you are not interested in and compare each district by the property type you're looking for.
For example, in the most upmarket district of High Peak, detached and semi-detached properties are vastly more expensive than the county average, even beating the national average, but terraced homes and flats and maisonettes especially fall well below the national average. If you're looking for a flat or maisonette, High Peak isn't that much more expensive than the other districts in Derbyshire.
Glossop is a charming market town in High Peak, with a rich industrial history, stylish food and drink scene, and stunning landscapes.
Record-breaking summer for house prices in Derbyshire
Derbyshire has reached its record-high for property prices, currently 3.2% higher than a year ago. The districts that peaked over the summer were Erewash (£277,565 in July), North East Derbyshire (£237,369 in August) and Amber Vale, Derby and South Derbyshire (£238,411, £211,780 and £254,865 in September).
Bolsover, Chesterfield and Erewash are yet to beat their peak from last year but are less than 1% lower than the same month in 2023.
Bolsover has proven the best long-term investment
Slow and steady wins the race. Despite being the cheapest district in the region, the average property price in Bolsover has increased by a whopping 71% in ten years, followed by Amber Vale and High Peak, both at 66% growth. Chesterfield and North East Derbyshire have seen prices increase the least long-term, both at 48%.
Bolsover may be your best opportunity in Derbyshire to bag a bricks-and-mortar investment at a bargain.
New homes in Derbyshire are now 64% more expensive than existing properties
Brand new houses come at a premium, much like brand new cars, but the disparity between new build and existing homes has been sky-rocketing through 2024. The difference in Derbyshire has reached £125,981 and is climbing.
If you look exclusively at pre-existing properties, you can see average house prices have remained fairly stable since the end of 2022. This is great news for hopeful first-time buyers who are looking to buy a second-hand home and are still scraping their deposit together, ready to get on the property ladder.
New builds cost more to buy and can lose up to around 7% of their value after purchase (source: Toomey Legal, Sloth Move).
"This disparity in price will fuel nearby house prices up as estate agents use these potentially over-priced local comparables when setting sale prices for existing properties in the local area." - Andrew Boast, CEO.
This means new builds are not quite the same value for money as they may first seem; however, they are built to modern building regulations, which means they are more energy efficient than older homes.
What are the best places to live in Derbyshire?
Bakewell, Matlock, Buxton, and Ashbourne are listed as desirable Derbyshire communities. They offer a range of amenities, excellent transport links, and a high standard of living.
If you're keen to live within the National Forest Area, Swadlincote is a mining town with a close-knit community, exceptional schools and leisure facilities, delightful green spaces, and an easy commute to Derby, Nottingham, Leicester, and Birmingham.
Should I buy a house in Derbyshire?
Derbyshire is an excellent location to buy a home:
- Superb countryside, peat moorlands, limestone dales, rolling hills and dramatic peaks
- Great job opportunities
- Thriving towns
- A buzzing multicultural city
- Affordable homes
- Some of the best schools in the country
House prices are rising, and the cost of borrowing continues to fall. If you can afford to buy in Derbyshire before prices increase further, you'll likely be able to switch to a more affordable mortgage rate in a couple of years, by which point your investment will hopefully have appreciated in value.
Across the East Midlands, house prices are expected to increase 18.5% over 2025-2028.
If you are renting and can afford to buy at the current rate of interest, this may be a much more desirable option than saving for a bigger deposit, as rents are still rising, whereas mortgage rates are likely to fall.
However, if you are stretching your budget to buy in Derbyshire, consider saving for a bit longer. We may not be out of the woods yet, and if the base rate (and mortgage rates) rise again, you may be unable to keep up with your monthly repayments.
Worse yet, if prices do fall, you could end up in negative equity. Buying a home with a mortgage always comes with risks. Your home may be repossessed if you do not keep up repayments on your mortgage.
If you are ready to buy a house in Derbyshire or the surrounding area, we can handle your purchase with a dedicated SAM Conveyancing Consultant to manage your transaction alongside one of our hand-selected panel solicitors.
"It remains to be seen how new second-home Stamp Duty Land Tax rules and the abolition of the first-time buyer relief post-March 2025 could affect the market, whether it boosts the sales volume for domestic first-time buyers scrambling to get their foot on the property ladder, or drives away ambitious overseas investors."
- Andrew Boast FMAAT MIC
CEO and Author | SAM Conveyancing
Sources: Latest data from - Gov.UK, Bank of England, UK House Price Index, Savills.
Caragh is an excellent writer and copy editor of books, news articles and editorials. She has written extensively for SAM for a variety of conveyancing, survey, property law and mortgage-related articles.
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