South Kesteven house prices increased more than East Midlands average in January

House prices increased by 3.3% – more than the average for the East Midlands – in South Kesteven in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13.3% annual growth.

The average South Kesteven house price in January was £259,270, Land Registry figures show – a 3.3% increase on December.

Over the month, the picture was better than that across the East Midlands, where prices increased 1.8%, and South Kesteven outperformed the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in South Kesteven rose by £30,000 – putting the area 11th among the East Midlands’s 35 local authorities with price data for annual growth.

The best annual growth in the region was in South Derbyshire, where property prices increased on average by 16.5%, to £242,000. At the other end of the scale, properties in Derbyshire Dales gained just 3.7% in value, giving an average price of £310,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in South Kesteven in January – they increased 3.6%, to £187,524 on average. Over the last year, prices rose by 12%.

Among other types of property:

Detached: up 3.1% monthly; up 14.4% annually; £370,216 averageSemi-detached: up 3.5% monthly; up 13.7% annually; £234,980 averageFlats: up 3.6% monthly; up 7.7% annually; £121,392 average

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £213,000 on their property – £25,000 more than a year ago, and £51,000 more than in January 2017.

By comparison, former owner-occupiers paid £290,000 on average in January – 35.7% more than first-time buyers.

How do property prices in South Kesteven compare?

Buyers paid 10.1% more than the average price in the East Midlands (£236,000) in January for a property in South Kesteven. Across the East Midlands, property prices are higher than those across the UK, where the average cost £274,000.

The most expensive properties in the East Midlands were in Harborough – £352,000 on average, and 1.4 times as much as more than in South Kesteven. Harborough properties cost 2.2 times as much as homes in Bolsover (£158,000 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 January

South Kesteven: £259,270The East Midlands:£235,503UK: £273,762

Annual growth to January

South Kesteven: +13.3%The East Midlands: +11.6%UK: +9.6%

Best and worst annual growth in the East Midlands

South Derbyshire: +16.5%Derbyshire Dales: +3.7%