North Lincolnshire house prices dropped in March

House prices dropped by 1.2 percent in North Lincolnshire in March, new figures show.

House prices dropped by 1.2 percent in North Lincolnshire in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 8.8 percent annual growth.

The average North Lincolnshire house price in March was £161,092, Land Registry figures show – a 1.2 percent decrease on February.

Over the month, the picture was worse than that across Yorkshire and The Humber, where prices increased 3.4 percent, and North Lincolnshire underperformed compared to the 1.8 percent rise for the UK as a whole.

Over the last year, the average sale price of property in North Lincolnshire rose by £13,000 – putting the area 20th among Yorkshire and The Humber’s 24 local authorities for annual growth.

Owners of flats fared worst in North Lincolnshire in March – they dropped 1.6 percent in price, to £72,966 on average. But over the last year, prices rose by 4.8 percent.

Among other types of property:

Detached: down 1.1 percent monthly; up 9.5 percent annually; £217,690 average

Semi-detached: down 1.3 percent monthly; up 8.3 percent annually; £138,484 average

Terraced: down 0.9 percent monthly; up 9.3 percent annually; £115,611 average

First-time buyers in North Lincolnshire spent an average of £137,000 on their property – £11,000 more than a year ago, and £28,000 more than in March 2016.

By comparison, former owner-occupiers paid £182,000 on average in March – 33.3 percent more than first-time buyers.

How do property prices in North Lincolnshire compare?

Buyers paid 14.6 percent less than the average price in Yorkshire and The Humber (£189,000) in March for a property in North Lincolnshire. Across Yorkshire and The Humber, property prices are low compared to those across the UK, where the average cost £256,000.

The most expensive properties in Yorkshire and The Humber were in Harrogate – £318,000 on average, and twice as much as in North Lincolnshire. Harrogate properties cost 2.6 times as much as homes in Hull (£121,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.3 million could buy 14 properties in Burnley (average £94,000).