Lincoln house prices increased in April

House prices increased by 1.4% in Lincoln in April, new figures show.

House prices increased by 1.4% in Lincoln in April, new figures show.
House prices increased by 1.4% in Lincoln in April, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 7.1 percent annual growth.

The average Lincoln house price in April was £167,478, Land Registry figures show – a 1.4 percent increase on March.

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Over the month, the picture was better than that across the East Midlands, where prices decreased 1.1 percent, and Lincoln outperformed the 1.9% drop for the UK as a whole.

Over the last year, the average sale price of property in Lincoln rose by £11,000 – putting the area 35th among the East Midlands’s 45 local authorities for annual growth.

The best annual growth in the region was in Melton, where property prices increased on average by 26.2%, to £273,000. At the other end of the scale, properties in Corby remained level at £191,000.

Owners of semi-detached houses saw the biggest improvement in property prices in Lincoln in April – they increased 1.5 percent, to £181,719 on average. Over the last year, prices rose by 7.1 percent.

Detached detached properties were also up 1.3 percent monthly, while terraced were up 1.4 percent monthly and flats were up 1 percent.

First-time buyers in Lincoln spent an average of £148,100 on their property – £9,700 more than a year ago, and £26,300 more than in April 2016.

By comparison, former owner-occupiers paid £192,500 on average in April – 30.0 percent more than first-time buyers.

Buyers paid 21.5 percent less than the average price in the East Midlands (£213,000) in April for a property in Lincoln.

Across the East Midlands, property prices are low compared to those across the UK, where the average cost £251,000.

The most expensive properties in the East Midlands were in Rutland – £356,000 on average, and 2.1 times as much as in Lincoln. Rutland properties cost 2.4 times as much as homes in Bolsover (£150,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average April sale price of £1.1 million could buy 11 properties in East Ayrshire (average £105,000).