West Lindsey house prices increased more than East Midlands average in August

House prices increased by 4.3% – more than the average for the East Midlands – in West Lindsey in August, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.8% annual decline.

The average West Lindsey house price in August was £217,842, Land Registry figures show – a 4.3% increase on July.

Over the month, the picture was different to that across the East Midlands, where prices increased 0.6%, and West Lindsey was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in West Lindsey fell by £1,800 – putting the area 33rd 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 13.3%, to £430,000. At the other end of the scale, properties in South Holland lost 4.8% of their value, giving an average price of £232,000.

First steps on the property ladder

First-time buyers in West Lindsey spent an average of £181,700 on their property – £1,400 less than a year ago, but £37,800 more than in August 2018.

By comparison, former owner-occupiers paid £243,200 on average in August – 33.8% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in West Lindsey in August – they increased 4.6%, to £186,687 on average. Over the last year, prices dropped by 0.4%.

Among other types of property:

• Detached: up 4.3% monthly; down 0.5% annually; £289,527 average
• Terraced: up 4.2% monthly; down 1.9% annually; £149,149 average
• Flats: up 3.6% monthly; down 2.6% annually; £105,846 average

How do property prices in West Lindsey compare?

Buyers paid 13.1% less than the average price in the East Midlands (£251,000) in August for a property in West Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £291,000.

The most expensive properties in the East Midlands were in Rutland – £430,000 on average, and twice the price as in West Lindsey. Rutland properties cost 2.4 times the price as homes in Bolsover (£179,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

• West Lindsey: £217,842
• The East Midlands:£250,818
• UK: £291,044

Annual change to August

• West Lindsey: -0.8%
• The East Midlands: +0.5%
• UK: +0.2%

Highest and lowest annual growth in the East Midlands

• Rutland: +13.3%
• South Holland: -4.8%