North East Lincolnshire house prices increased more than Yorkshire and Humber average in July

House prices increased by 3.8% – more than the average for Yorkshire and the Humber – in North East Lincolnshire in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13.4% annual growth.

The average North East Lincolnshire house price in July was £158,650, Land Registry figures show –a 3.8% increase on June.

Over the month, the picture was better than that across Yorkshire and the Humber, where prices increased 3.1%, and North East Lincolnshire outperformed the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

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

The best annual growth in the region was in Hambleton, where property prices increased on average by 19.6%, to £302,000. At the other end of the scale, properties in the East Riding of Yorkshire gained just 8.3% in value, giving an average price of £220,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in North East Lincolnshire in July – they increased 4%, to £119,449 on average. Over the last year, prices rose by 12.9%.

Among other types of property:

Detached: up 3.3% monthly; up 14.2% annually; £253,277 averageSemi-detached: up 3.8% monthly; up 14.1% annually; £162,614 averageFlats: up 3.7% monthly; up 7.5% annually; £79,549 average

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £142,000 on their property – £17,000 more than a year ago, and £35,000 more than in July 2017.

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

How do property prices in North East Lincolnshire compare?

Buyers paid 25.2% less than the average price in Yorkshire and the Humber (£212,000) in July 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 £292,000.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £340,000 on average, and 2.1 times as much as more than in North East Lincolnshire. Harrogate properties cost 2.4 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 July

North East Lincolnshire: £158,650Yorkshire and the Humber:£211,960UK: £292,118

Annual growth to July

North East Lincolnshire: +13.4%Yorkshire and the Humber: +17.7%UK: +15.5%

Best and worst annual growth in Yorkshire and the Humber

Hambleton: +19.6%The East Riding of Yorkshire: +8.3%