North East Lincolnshire house prices dropped slightly in December

House prices dropped slightly, by 0.8%, in North East Lincolnshire in December, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 13.5% over the last year.

The average North East Lincolnshire house price in December was £158,597, Land Registry figures show – a 0.8% decrease on November.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices increased 0.6%, and North East Lincolnshire was lower than the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in North East Lincolnshire rose by £19,000 – putting the area ninth among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The highest annual growth in the region was in Barnsley, where property prices increased on average by 16.2%, to £171,000. At the other end of the scale, properties in Ryedale gained 5.4% in value, giving an average price of £311,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £142,000 on their property – £18,000 more than a year ago, and £35,000 more than in December 2017.

By comparison, former owner-occupiers paid £176,000 on average in December – 24% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices North East Lincolnshire in December – they dropped 0.8% in price, to £119,214 on average. But over the last year, prices rose by 14.1%.

Among other types of property:

Detached: down 0.8% monthly; up 12.8% annually; £254,581 averageSemi-detached: down 0.7% monthly; up 13.8% annually; £162,322 averageFlats: down 0.7% monthly; up 9.4% annually; £78,678 average

How do property prices in North East Lincolnshire compare?

Buyers paid 26.2% less than the average price in Yorkshire and the Humber (£215,000) in December 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 £294,000.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £348,000 on average, and 2.2 times as much as more than in North East Lincolnshire. Harrogate properties cost 2.5 times as much as homes in Hull (£139,000 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 December

North East Lincolnshire: £158,597Yorkshire and the Humber:£214,773UK: £294,329

Annual growth to December

North East Lincolnshire: +13.5%Yorkshire and the Humber: +11.8%UK: +9.8%

Highest and lowest annual growth in Yorkshire and the Humber

Barnsley: +16.2%Ryedale: +5.4%