West Lindsey house prices dropped in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices dropped by 1.8% in West Lindsey in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 12.4% annual growth.

The average West Lindsey house price in March was £211,761, Land Registry figures show – a 1.8% decrease on February.

Over the month, the picture was worse than that across the East Midlands, where prices increased 1.2%, and West Lindsey underperformed compared to the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in West Lindsey rose by £23,000 – putting the area 15th 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 18.9%, to £237,000. At the other end of the scale, properties in Rutland gained just 2.5% in value, giving an average price of £361,000.

Winners and Losers

Owners of flats fared worst in West Lindsey in March – they dropped 2.4% in price, to £104,402 on average. But over the last year, prices rose by 6.7%.

Among other types of property:

Detached: down 1.9% monthly; up 13.4% annually; £282,356 averageSemi-detached: down 1.5% monthly; up 12.7% annually; £180,655 averageTerraced: down 2.2% monthly; up 10.3% annually; £144,236 average

First steps on the property ladder

First-time buyers in West Lindsey spent an average of £176,000 on their property – £19,000 more than a year ago, and £46,000 more than in March 2017.

By comparison, former owner-occupiers paid £237,000 on average in March – 34.2% more than first-time buyers.

How do property prices in West Lindsey compare?

Buyers paid 11.9% less than the average price in the East Midlands (£240,000) in March for a property in West Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost £278,000.

The most expensive properties in the East Midlands were in Harborough – £373,000 on average, and 1.8 times as much as more than in West Lindsey. Harborough properties cost 2.4 times as much as homes in Bolsover (£157,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in March

West Lindsey: £211,761The East Midlands:£240,329UK: £278,436

Annual growth to March

West Lindsey: +12.4%The East Midlands: +12.4%UK: +9.8%

Best and worst annual growth in the East Midlands

South Holland: +18.9%Rutland: +2.5%