South Kesteven house prices increased slightly in March

House prices increased slightly, by 0.9%, in South Kesteven in March, new figures show.

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.
File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased slightly, by 0.9%, in South Kesteven in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.3% annual growth.

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The average South Kesteven house price in March was £260,317, Land Registry figures show – a 0.9% increase on February.

Over the month, the picture was similar to that across the East Midlands, where prices increased 1.2%, but South Kesteven outperformed the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in South Kesteven rose by £24,000 – 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 South Holland, where property prices increased on average by 18.9%, to £237,000. At the other end of the scale, properties in Rutland gained just 2.5% in value, giving an average price of £361,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in South Kesteven in March – they increased 1.3%, to £236,549 on average. Over the last year, prices rose by 10.5%.

Among other types of property:

Detached: up 1% monthly; up 11.7% annually; £371,899 averageTerraced: up 0.7% monthly; up 8.5% annually; £187,692 averageFlats: up 0.3% monthly; up 5.2% annually; £121,141 average

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £215,000 on their property – £20,000 more than a year ago, and £52,000 more than in March 2017.

By comparison, former owner-occupiers paid £290,000 on average in March – 35.2% more than first-time buyers.

How do property prices in South Kesteven compare?

Buyers paid 8.3% more than the average price in the East Midlands (£240,000) 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 £278,000.

The most expensive properties in the East Midlands were in Harborough – £373,000 on average, and 1.4 times as much as more than in South Kesteven. Harborough properties cost 2.4 times as much as homes in Bolsover (£157,000 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 March

South Kesteven: £260,317The East Midlands:£240,329UK: £278,436

Annual growth to March

South Kesteven: +10.3%The East Midlands: +12.4%UK: +9.8%

Best and worst annual growth in the East Midlands

South Holland: +18.9%Rutland: +2.5%