South Kesteven house prices dropped slightly in June

House prices dropped slightly, by 1%, in South Kesteven in June, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 4.2% annual growth – though still the lowest in the East Midlands.

The average South Kesteven house price in June was £230,354.5954, Land Registry figures show – a 1% decrease on May.

Over the month, the picture was worse than that across the East Midlands, where prices increased 5.0603581%, and South Kesteven underperformed compared to the 4.4989563% rise for the UK as a whole.

Over the last year, the average sale price of property in South Kesteven rose by £9,300 – putting the area bottom among the East Midlands’s 45 local authorities for annual growth.

The best annual growth in the region was in Derbyshire Dales, where property prices increased on average by 24.7%, to £319,000.

Winners and Losers

Owners of flats fared worst in South Kesteven in June – they dropped 1.1% in price, to £112,015.0634 on average. But over the last year, prices rose by 1.4%.

Among other types of property:

Detached: down 1% monthly; up 4.5% annually; £324,523.8747 averageSemi-detached: down 1% monthly; up 3.9% annually; £208,965.4422 averageTerraced: down 0.7% monthly; up 4.7% annually; £169,272.875 average

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £190,900 on their property – £7,500 more than a year ago, and £34,200 more than in June 2016.

By comparison, former owner-occupiers paid £255,900 on average in June – 34.0% more than first-time buyers.

How do property prices in South Kesteven compare?

Buyers paid 1.5% more than the average price in the East Midlands (£227,000) in June for a property in South Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost £266,000.

The most expensive properties in the East Midlands were in South Northamptonshire – £342,000 on average, and 1.5 times as much as in South Kesteven. South Northamptonshire properties cost 2.3 times as much as homes in Bolsover (£147,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).

Factfile

Average property price in June

South Kesteven: £230,354.5954The East Midlands:£226,846.1931UK: £265,668.1787

Annual growth to June

South Kesteven: +4.2%The East Midlands: +14.3%UK: +13.2%

Best and worst annual growth in the East Midlands

Derbyshire Dales: +24.7%South Kesteven: +4.2%