House prices dropped by 4.1% – more than the average for the East Midlands – 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 grow by 0.4% over the last year – though still the lowest in the East Midlands.
The average West Lindsey house price in March was £208,628, Land Registry figures show – a 4.1% decrease on February.
Over the month, the picture was different to that across the East Midlands, where prices decreased 1.2%, and West Lindsey was lower than the 1.2% drop for the UK as a whole.
Over the last year, the average sale price of property in West Lindsey rose by £760 – putting the area bottom among the East Midlands’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in Melton, where property prices increased on average by 13.7%, to £316,000.
First steps on the property ladder
First-time buyers in West Lindsey spent an average of £173,840 on their property – £770 more than a year ago, and £37,880 more than in March 2018.
By comparison, former owner-occupiers paid £233,130 on average in March – 34.1% more than first-time buyers.
Owners of terraced houses saw the biggest fall in property prices West Lindsey in March – they dropped 4.8% in price, to £142,226 on average. Over the last year, prices dropped by 0.1%.
Among other types of property:
- Detached: down 3.8% monthly; up 0.6% annually; £278,233 average
- Semi-detached: down 4.1% monthly; up 0.8% annually; £178,522 average
- Flats: down 4.6% monthly; down 2.8% annually; £100,922 average
How do property prices in West Lindsey compare?
Buyers paid 15.2% less than the average price in the East Midlands (£246,000) 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 £285,000.
The most expensive properties in the East Midlands were in Rutland – £373,000 on average, and 1.8 times as much as more than in West Lindsey. Rutland properties cost 2.1 times as much as homes in Bolsover (£179,000 average), at the other end of the scale.
The highest property prices across the UK were in E09000020.
Average property price in March
- West Lindsey: £208,628
- The East Midlands:£246,092
- UK: £285,009
Annual growth to March
- West Lindsey: +0.4%
- The East Midlands: +4.9%
- UK: +4.1%
Highest and lowest annual growth in the East Midlands
- Melton: +13.7%
- West Lindsey: +0.4%