North East Lincolnshire house prices increased slightly in May

House prices increased slightly, by 0.2%, 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 1.4% over the last year.

The average North East Lincolnshire house price in May was £149,125, Land Registry figures show – a 0.2% increase on April.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices decreased 0.4%, and North East Lincolnshire was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in North East Lincolnshire rose by £2,100 – putting the area 12th among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.

The highest annual growth in the region was in Wakefield, where property prices increased on average by 6.2%, to £199,000. At the other end of the scale, properties in Rotherham gained 1% in value, giving an average price of £175,000.

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £133,000 on their property – £1,700 more than a year ago, and £27,200 more than in May 2018.

By comparison, former owner-occupiers paid £166,200 on average in May – 25% 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 0.3%, to £110,893 on average. Over the last year, prices rose by 0.7%.

Among other types of property:

• Detached: up 0.1% monthly; up 2.3% annually; £241,582 average
• Semi-detached: up 0.2% monthly; up 1.8% annually; £153,254 average
• Flats: up 0.2% monthly; up 0.3% annually; £74,835 average

How do property prices in North East Lincolnshire compare?

Buyers paid 27.1% 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 is £286,000.

The most expensive properties in Yorkshire and the Humber were in York – £319,000 on average, and 2.1 times the price as in North East Lincolnshire. York properties cost 2.4 times the price as homes in Hull (£135,000 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: £149,125
• Yorkshire and the Humber:£204,588
• UK: £285,861

Annual growth to May

• North East Lincolnshire: +1.4%
• Yorkshire and the Humber: +1.2%
• UK: +1.9%

Highest and lowest annual growth in Yorkshire and the Humber

• Wakefield: +6.2%
• Rotherham: +1%