North East Lincolnshire house prices increased slightly in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased slightly, by 0.9%, in North East Lincolnshire in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.1% annual growth.

The average North East Lincolnshire house price in March was £145,361, Land Registry figures show – a 0.9% increase on February.

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 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in North East Lincolnshire rose by £11,000 – putting the area 17th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The best annual growth in the region was in Richmondshire, where property prices increased on average by 16.3%, to £266,000. At the other end of the scale, properties in Sheffield gained just 6.1% in value, giving an average price of £203,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in North East Lincolnshire in March – they increased 1.2%, to £149,022 on average. Over the last year, prices rose by 8.5%.

Among other types of property:

Detached: up 1.1% monthly; up 10.4% annually; £236,336 averageTerraced: up 0.5% monthly; up 6.6% annually; £107,829 averageFlats: up 0.1% monthly; up 2.5% annually; £73,402 average

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £129,600 on their property – £9,400 more than a year ago, and £24,600 more than in March 2017.

By comparison, former owner-occupiers paid £162,000 on average in March – 25% more than first-time buyers.

How do property prices in North East Lincolnshire compare?

Buyers paid 27.2% less than the average price in Yorkshire and the Humber (£200,000) in March 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 £278,000.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £329,000 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 (£131,000 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 March

North East Lincolnshire: £145,361Yorkshire and the Humber:£199,607UK: £278,436

Annual growth to March

North East Lincolnshire: +8.1%Yorkshire and the Humber: +9%UK: +9.8%

Best and worst annual growth in Yorkshire and the Humber

Richmondshire: +16.3%Sheffield: +6.1%