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

House prices increased by 0.8% – more than the average for the East Midlands – in South Kesteven in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.1% annual growth.

The average South Kesteven house price in July was £264,749, Land Registry figures show –a 0.8% increase on June.

Over the month, the picture was similar to that across the East Midlands, where prices increased 0.6%, but South Kesteven underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in South Kesteven rose by £29,000 – putting the area 26th among the East Midlands’s 35 local authorities with price data for annual growth.

The best annual growth in the region was in East Lindsey, where property prices increased on average by 18.4%, to £235,000. At the other end of the scale, properties in Lincoln gained just 6.3% in value, giving an average price of £179,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in South Kesteven in July – they increased 1.1%, to £193,849 on average. Over the last year, prices rose by 11.5%.

Among other types of property:

Detached: up 0.6% monthly; up 12.7% annually; £375,019 averageSemi-detached: up 1% monthly; up 12.7% annually; £241,375 averageFlats: up 0.8% monthly; up 6.3% annually; £122,093 average

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £219,000 on their property – £23,000 more than a year ago, and £50,000 more than in July 2017.

By comparison, former owner-occupiers paid £295,000 on average in July – 34.7% more than first-time buyers.

How do property prices in South Kesteven compare?

Buyers paid 6.9% more than the average price in the East Midlands (£248,000) in July for a property in South Kesteven. Across the East Midlands, property prices are higher than those across the UK, where the average cost £292,000.

The most expensive properties in the East Midlands were in Rutland – £375,000 on average, and 1.4 times as much as more than in South Kesteven. Rutland properties cost 2.2 times as much as homes in Bolsover (£172,000 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 July

South Kesteven: £264,749The East Midlands:£247,740UK: £292,118

Annual growth to July

South Kesteven: +12.1%The East Midlands: +16.8%UK: +15.5%

Best and worst annual growth in the East Midlands

East Lindsey: +18.4%Lincoln: +6.3%