West Lindsey house prices increased in July
House prices increased by 1.3% in West Lindsey in July, new figures show.
But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 2.7% annual decline.
The average West Lindsey house price in July was £209,251, Land Registry figures show – a 1.3% increase on June.
Over the month, the picture was different to that across the East Midlands, where prices decreased 0.5%, and West Lindsey was above the 0.5% rise for the UK as a whole.
Over the last year, the average sale price of property in West Lindsey fell by £5,800 – putting the area 34th among the East Midlands’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in Rutland, where property prices increased on average by 15.1%, to £436,000. At the other end of the scale, properties in South Holland lost 3.4% of their value, giving an average price of £230,000.
First steps on the property ladder
First-time buyers in West Lindsey spent an average of £174,500 on their property – £4,900 less than a year ago, but £33,700 more than in July 2018.
By comparison, former owner-occupiers paid £233,600 on average in July – 33.9% more than first-time buyers.
Owners of terraced houses saw the biggest rise in property prices in West Lindsey in July – they increased 1.4%, to £143,355 on average. Over the last year, prices dropped by 3.6%.
Among other types of property:
- Detached: up 1.4% monthly; down 2.3% annually; £278,325 average
- Semi-detached: up 1.3% monthly; down 2.6% annually; £178,841 average
- Flats: up 0.7% monthly; down 4.4% annually; £102,083 average
How do property prices in West Lindsey compare?
Buyers paid 16.1% less than the average price in the East Midlands (£249,000) 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 is £290,000.
The most expensive properties in the East Midlands were in Rutland – £436,000 on average, and 2.1 times the price as in West Lindsey. Rutland properties cost 2.5 times the price as homes in Bolsover (£174,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in July
- West Lindsey: £209,251
- The East Midlands:£249,484
- UK: £289,824
Annual change to July
- West Lindsey: -2.7%
- The East Midlands: +1.9%
- UK: +0.6%
Highest and lowest annual growth in the East Midlands
- Rutland: +15.1%
- South Holland: -3.4%