North East Lincolnshire house prices increased in January

House prices increased by 3.1% in North East Lincolnshire in January, new figures show.
EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.
EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.

House prices increased by 3.1% in North East Lincolnshire in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 6.3% annual growth.

The average North East Lincolnshire house price in January was £143,053, Land Registry figures show – a 3.1% increase on December.

Over the month, the picture was better than that across Yorkshire and the Humber, where prices decreased 0.2%, and North East Lincolnshire outperformed the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in North East Lincolnshire rose by £8,500 – putting the area 18th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The best annual growth in the region was in Craven, where property prices increased on average by 19%, to £269,000. At the other end of the scale, properties in North Lincolnshire gained just 5% in value, giving an average price of £169,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in North East Lincolnshire in January – they increased 3.2%, to £72,908 on average. Over the last year, prices rose by 2%.

Among other types of property:

Detached: up 2.8% monthly; up 8.4% annually; £232,414 averageSemi-detached: up 3.2% monthly; up 6.4% annually; £146,366 averageTerraced: up 3.2% monthly; up 5.2% annually; £106,344 average

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £127,300 on their property – £7,200 more than a year ago, and £22,400 more than in January 2017.

By comparison, former owner-occupiers paid £159,800 on average in January – 25.5% more than first-time buyers.

How do property prices in North East Lincolnshire compare?

Buyers paid 26.5% less than the average price in Yorkshire and the Humber (£195,000) in January 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 £274,000.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £319,000 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 (£126,000 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 January

North East Lincolnshire: £143,053Yorkshire and the Humber:£194,525UK: £273,762

Annual growth to January

North East Lincolnshire: +6.3%Yorkshire and the Humber: +7.3%UK: +9.6%

Best and worst annual growth in Yorkshire and the Humber

Craven: +19%North Lincolnshire: +5%