North East Lincolnshire house prices dropped in February

House prices dropped by 3.9% in North East Lincolnshire in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 3.6% annual growth – though still the lowest in Yorkshire and the Humber.

The average North East Lincolnshire house price in February was £148,457, Land Registry figures show – a 3.9% decrease on January.

Over the month, the picture was worse than that across Yorkshire and the Humber, where prices remained static, and North East Lincolnshire underperformed compared to the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in North East Lincolnshire rose by £5,100 – putting the area bottom among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.

The best annual growth in the region was in York, where property prices increased on average by 11.5%, to £332,000.

Winners and Losers

Owners of terraced houses fared worst in North East Lincolnshire in February – they dropped 4.2% in price, to £111,227 on average. But over the last year, prices rose by 3.3%.

Among other types of property:

• Detached: down 3.6% monthly; up 4% annually; £239,245 average
• Semi-detached: down 4% monthly; up 3.8% annually; £151,901 average
• Flats: down 3.7% monthly; up 0.6% annually; £74,137 average

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £132,600 on their property – £4,600 more than a year ago, and £26,800 more than in February 2018.

By comparison, former owner-occupiers paid £165,200 on average in February – 24.5% more than first-time buyers.

How do property prices in North East Lincolnshire compare?

Buyers paid 28.4% less than the average price in Yorkshire and the Humber (£207,000) in February for a property in North East Lincolnshire. Across Yorkshire and the Humber, property prices are low compared to those across the UK, where the average cost £288,000.

The most expensive properties in Yorkshire and the Humber were in York – £332,000 on average, and 2.2 times as much as more than in North East Lincolnshire. York properties cost 2.4 times as much as homes in Hull (£136,000 average), at the other end of the scale.

The highest property prices across the UK were in 160.

Factfile

Average property price in February

• North East Lincolnshire: £148,457
• Yorkshire and the Humber:£207,220
• UK: £287,506

Annual growth to February

• North East Lincolnshire: +3.6%
• Yorkshire and the Humber: +5.5%
• UK: +5.5%

Best and worst annual growth in Yorkshire and the Humber

• York: +11.5%
• North East Lincolnshire: +3.6%