South Kesteven house prices dropped more than East Midlands average in March

House prices dropped by 2% – more than the average for the East Midlands – in South Kesteven in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 5.6% over the last year.

The average South Kesteven house price in March was £272,173, Land Registry figures show – a 2% decrease on February.

Over the month, the picture was different to that across the East Midlands, where prices decreased 1.2%, and South Kesteven was lower than the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in South Kesteven rose by £14,000 – putting the area 23rd among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Melton, where property prices increased on average by 13.7%, to £316,000. At the other end of the scale, properties in West Lindsey gained 0.4% in value, giving an average price of £209,000.

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £224,000 on their property – £12,000 more than a year ago, and £48,000 more than in March 2018.

By comparison, former owner-occupiers paid £304,000 on average in March – 35.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices South Kesteven in March – they dropped 2.7% in price, to £196,869 on average. But over the last year, prices rose by 5.4%.

Among other types of property:

• Detached: down 1.6% monthly; up 5.9% annually; £388,736 average
• Semi-detached: down 2.1% monthly; up 5.7% annually; £247,560 average
• Flats: down 2.4% monthly; up 2.9% annually; £124,487 average

How do property prices in South Kesteven compare?

Buyers paid 10.6% more than the average price in the East Midlands (£246,000) in March for a property in South Kesteven. Across the East Midlands, property prices are higher than those across the UK, where the average cost £285,000.

The most expensive properties in the East Midlands were in Rutland – £373,000 on average, and 1.4 times as much as more than in South Kesteven. Rutland 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 E09000020.

Factfile

Average property price in March

• South Kesteven: £272,173
• The East Midlands:£246,092
• UK: £285,009

Annual growth to March

• South Kesteven: +5.6%
• The East Midlands: +4.9%
• UK: +4.1%

Highest and lowest annual growth in the East Midlands

• Melton: +13.7%
• West Lindsey: +0.4%