House prices increased by 1.2% in North East Lincolnshire in April, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 10.1% over the last year.
An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.
In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.
The average North East Lincolnshire house price in April was £147,041, Land Registry figures show – a 1.2% increase on March.
Over the month, the picture was similar to that across Yorkshire and the Humber, where prices increased 1.6%, but North East Lincolnshire was above the 1.1% rise for the UK as a whole.
Over the last year, the average sale price of property in North East Lincolnshire rose by £13,000 – putting the area 12th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.
The highest annual growth in the region was in Scarborough, where property prices increased on average by 17%, to £212,000. At the other end of the scale, properties in Hambleton gained just 4.4% in value, giving an average price of £270,000.
First steps on the property ladder
First-time buyers in North East Lincolnshire spent an average of £131,000 on their property – £12,000 more than a year ago, and £26,000 more than in April 2017.
By comparison, former owner-occupiers paid £164,000 on average in April – 24.6% more than first-time buyers.
Owners of semi-detached houses saw the biggest rise in property prices in North East Lincolnshire in April – they increased 1.3%, to £150,861 on average. Over the last year, prices rose by 10.9%.
Among other types of property:
Detached: up 1.3% monthly; up 11.9% annually; £237,675 averageTerraced: up 1.1% monthly; up 8.6% annually; £109,464 averageFlats: up 0.6% monthly; up 4.4% annually; £74,049 average
How do property prices in North East Lincolnshire compare?
Buyers paid 27.1% less than the average price in Yorkshire and the Humber (£202,000) in April 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 £281,000.
The most expensive properties in Yorkshire and the Humber were in Harrogate – £338,000 on average, and 2.3 times as much as more than in North East Lincolnshire. Harrogate properties cost 2.6 times as much as homes in Hull (£128,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in April
North East Lincolnshire: £147,041Yorkshire and the Humber:£201,806UK: £281,161
Annual growth to April
North East Lincolnshire: +10.1%Yorkshire and the Humber: +12.1%UK: +12.4%
Highest and lowest annual growth in Yorkshire and the Humber
Scarborough: +17%Hambleton: +4.4%