North East Lincolnshire house prices increased slightly in February

House prices increased slightly, by 0.8%, in North East Lincolnshire in February, 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 slightly, by 0.8%, in North East Lincolnshire in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.8% annual growth.

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The average North East Lincolnshire house price in February was £144,297, Land Registry figures show – a 0.8% increase on January.

Over the month, the picture was similar to that across Yorkshire and the Humber, where prices increased 1.2%, but North East Lincolnshire outperformed the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in North East Lincolnshire rose by £12,000 – putting the area 12th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The best annual growth in the region was in Scarborough, where property prices increased on average by 16.8%, to £213,000. At the other end of the scale, properties in Bradford gained just 5.7% in value, giving an average price of £164,000.

Winners and Losers

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Owners of detached houses saw the biggest improvement in property prices in North East Lincolnshire in February – they increased 1%, to £234,244 on average. Over the last year, prices rose by 11%.

Among other types of property:

Semi-detached: up 0.8% monthly; up 8.8% annually; £147,352 averageTerraced: up 0.7% monthly; up 7.7% annually; £107,470 averageFlats: up 1% monthly; up 4.4% annually; £73,652 average

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £129,000 on their property – £10,000 more than a year ago, and £23,000 more than in February 2017.

By comparison, former owner-occupiers paid £161,000 on average in February – 25.2% more than first-time buyers.

How do property prices in North East Lincolnshire compare?

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Buyers paid 27.3% less than the average price in Yorkshire and the Humber (£199,000) in February 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 £277,000.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £325,000 on average, and 2.3 times as much as more than in North East Lincolnshire. Harrogate properties cost 2.5 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.

Factfile

Average property price in February

North East Lincolnshire: £144,297Yorkshire and the Humber:£198,599UK: £276,755

Annual growth to February

North East Lincolnshire: +8.8%Yorkshire and the Humber: +9.5%UK: +10.9%

Best and worst annual growth in Yorkshire and the Humber

Scarborough: +16.8%Bradford: +5.7%