West Lindsey house prices dropped slightly in July

House prices dropped slightly, by 0.2%, in West Lindsey in July, new figures show.

House prices dropped slightly, by 0.2%, in West Lindsey in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 10.9% annual growth.

The average West Lindsey house price in July was £216,219, Land Registry figures show –a 0.2% decrease on June.

Over the month, the picture was worse than that across the East Midlands, where prices increased 0.6%, and West Lindsey underperformed compared to the 2% rise for the UK as a whole.

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Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in West Lindsey rose by £21,000 – putting the area 28th among the East Midlands’s 35 local authorities with price data for annual growth.

The best annual growth in the region was in East Lindsey, where property prices increased on average by 18.4%, to £235,000. At the other end of the scale, properties in Lincoln gained just 6.3% in value, giving an average price of £179,000.

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Winners and Losers

Owners of detached houses fared worst in West Lindsey in July – they dropped 0.3% in price, to £286,344 on average. But over the last year, prices rose by 11.5%.

Among other types of property:

Semi-detached: down 0.1% monthly; up 11.4% annually; £184,971 averageTerraced: down 0.1% monthly; up 9.9% annually; £149,561 averageFlats: down 0.3% monthly; up 5.5% annually; £105,984 average

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First steps on the property ladder

First-time buyers in West Lindsey spent an average of £181,000 on their property – £18,000 more than a year ago, and £42,000 more than in July 2017.

By comparison, former owner-occupiers paid £241,000 on average in July – 33.4% more than first-time buyers.

How do property prices in West Lindsey compare?

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Buyers paid 12.7% less than the average price in the East Midlands (£248,000) in July for a property in West Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost £292,000.

The most expensive properties in the East Midlands were in Rutland – £375,000 on average, and 1.7 times as much as more than in West Lindsey. Rutland properties cost 2.2 times as much as homes in Bolsover (£172,000 average), at the other end of the scale.

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

Factfile

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Average property price in July

West Lindsey: £216,219The East Midlands:£247,740UK: £292,118

Annual growth to July

West Lindsey: +10.9%The East Midlands: +16.8%UK: +15.5%

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Best and worst annual growth in the East Midlands

East Lindsey: +18.4%Lincoln: +6.3%