North East Lincolnshire house prices increased in May

House prices increased by 1.3% in North East Lincolnshire in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.5% over the last year.

The average North East Lincolnshire house price in May was £148,243, Land Registry figures show – a 1.3% increase on April.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices increased 2.1%, but North East Lincolnshire was above the 1.2% 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 16th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The highest annual growth in the region was in Craven, where property prices increased on average by 18.2%, to £275,000. At the other end of the scale, properties in Harrogate gained 7.4% in value, giving an average price of £326,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said:“The average house price hit another record high in May, and rose faster than any time since the peak in June last year.

"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £133,000 on their property – £12,000 more than a year ago, and £27,000 more than in May 2017.

By comparison, former owner-occupiers paid £165,000 on average in May – 24.1% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in North East Lincolnshire in May – they increased 1.8%, to £111,341 on average. Over the last year, prices rose by 9%.

Among other types of property:

Detached: up 1% monthly; up 10.4% annually; £237,910 averageSemi-detached: up 1.2% monthly; up 9.8% annually; £151,552 averageFlats: up 1.1% monthly; up 4.2% annually; £74,727 average

How do property prices in North East Lincolnshire compare?

Buyers paid 27.6% less than the average price in Yorkshire and the Humber (£205,000) in May 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 £283,000.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £326,000 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 (£133,000 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 May

North East Lincolnshire: £148,243Yorkshire and the Humber:£204,835UK: £283,496

Annual growth to May

North East Lincolnshire: +9.5%Yorkshire and the Humber: +12.6%UK: +12.8%

Highest and lowest annual growth in Yorkshire and the Humber

Craven: +18.2%Harrogate: +7.4%