South Kesteven house prices dropped in November

House prices dropped by 1.7% in South Kesteven in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 11.6% over the last year.

The average South Kesteven house price in November was £277,231, Land Registry figures show – a 1.7% decrease on October.

Over the month, the picture was different to that across the East Midlands, where prices increased 0.2%, and South Kesteven was lower than the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in South Kesteven rose by £29,000 – putting the area 19th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Mansfield, where property prices increased on average by 17.7%, to £190,000. At the other end of the scale, properties in Rutland gained 6.9% in value, giving an average price of £373,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £229,000 on their property – £25,000 more than a year ago, and £58,000 more than in November 2017.

By comparison, former owner-occupiers paid £309,000 on average in November – 34.8% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices South Kesteven in November – they dropped 1.8% in price, to £126,501 on average. But over the last year, prices rose by 7.7%.

Among other types of property:

Detached: down 1.8% monthly; up 11.1% annually; £393,521 averageSemi-detached: down 1.7% monthly; up 12.3% annually; £252,632 averageTerraced: down 1.6% monthly; up 12.4% annually; £202,658 average

How do property prices in South Kesteven compare?

Buyers paid 9.4% more than the average price in the East Midlands (£253,000) in November for a property in South Kesteven. Across the East Midlands, property prices are higher than those across the UK, where the average cost £295,000.

The most expensive properties in the East Midlands were in Harborough – £384,000 on average, and 1.4 times as much as more than in South Kesteven. Harborough 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 Kensington and Chelsea.

Factfile

Average property price in November

South Kesteven: £277,231The East Midlands:£253,498UK: £294,910

Annual growth to November

South Kesteven: +11.6%The East Midlands: +12.2%UK: +10.3%

Highest and lowest annual growth in the East Midlands

Mansfield: +17.7%Rutland: +6.9%