North East Lincolnshire house prices increased in November

House prices increased by 2.1% in North East Lincolnshire in November, new figures show.

The rise contributes to 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 November was £162,281, Land Registry figures show – a 2.1% increase on October.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices decreased 0.7%, and North East Lincolnshire was above the 0.3% 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 third among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The highest annual growth in the region was in Leeds, where property prices increased on average by 14.9%, to £247,000. At the other end of the scale, properties in Ryedale gained 7% in value, giving an average price of £312,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £145,000 on their property – £18,000 more than a year ago, and £39,000 more than in November 2017.

By comparison, former owner-occupiers paid £180,000 on average in November – 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 November – they increased 2.3%, to £122,094 on average. Over the last year, prices rose by 13.9%.

Among other types of property:

Detached: up 2% monthly; up 13.1% annually; £260,084 averageSemi-detached: up 2.1% monthly; up 13.9% annually; £166,194 averageFlats: up 1.7% monthly; up 8.7% annually; £80,363 average

How do property prices in North East Lincolnshire compare?

Buyers paid 23.6% less than the average price in Yorkshire and the Humber (£212,000) in November 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 £295,000.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £341,000 on average, and 2.1 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 November

North East Lincolnshire: £162,281Yorkshire and the Humber:£212,329UK: £294,910

Annual growth to November

North East Lincolnshire: +13.5%Yorkshire and the Humber: +11.4%UK: +10.3%

Highest and lowest annual growth in Yorkshire and the Humber

Leeds: +14.9%Ryedale: +7%