West Lindsey house prices increased in February

House prices increased by 1.3% in West Lindsey in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.2% annual growth.

The average West Lindsey house price in February was £213,244, Land Registry figures show – a 1.3% increase on January.

Over the month, the picture was better than that across the East Midlands, where prices decreased 0.4%, and West Lindsey outperformed the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in West Lindsey rose by £28,000 – putting the area fifth 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 19.7%, to £237,000. At the other end of the scale, properties in Bolsover gained just 4.2% in value, giving an average price of £159,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in West Lindsey in February – they increased 1.5%, to £106,102 on average. Over the last year, prices rose by 9.9%.

Among other types of property:

Detached: up 1.3% monthly; up 16.1% annually; £284,247 averageSemi-detached: up 1.2% monthly; up 15.1% annually; £181,196 averageTerraced: up 1.1% monthly; up 13.6% annually; £145,839 average

First steps on the property ladder

First-time buyers in West Lindsey spent an average of £177,000 on their property – £23,000 more than a year ago, and £48,000 more than in February 2017.

By comparison, former owner-occupiers paid £239,000 on average in February – 34.5% more than first-time buyers.

How do property prices in West Lindsey compare?

Buyers paid 9.6% less than the average price in the East Midlands (£236,000) in February for a property in West Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost £277,000.

The most expensive properties in the East Midlands were in Harborough – £367,000 on average, and 1.7 times as much as more than in West Lindsey. Harborough properties cost 2.3 times as much as homes in Bolsover (£159,000 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 February

West Lindsey: £213,244The East Midlands:£235,993UK: £276,755

Annual growth to February

West Lindsey: +15.2%The East Midlands: +10.9%UK: +10.9%

Best and worst annual growth in the East Midlands

South Holland: +19.7%Bolsover: +4.2%