Lincoln house prices dropped in July

File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

House prices dropped by 1.4% in Lincoln in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 7.7% annual growth.

The average Lincoln house price in July was £172,024, Land Registry figures show – a 1.4% decrease on June.

Over the month, the picture was better than that across the East Midlands, where prices decreased 5.5%, and Lincoln outperformed the 3.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Lincoln rose by £12,000 – putting the area 37th among the East Midlands’s 45 local authorities for annual growth.

The best annual growth in the region was in South Northamptonshire, where property prices increased on average by 17.1%, to £365,000. At the other end of the scale, properties in South Kesteven gained 3.2% in value, giving an average price of £224,000.

Winners and Losers

Owners of terraced houses fared worst in Lincoln in July – they dropped 1.6% in price, to £111,572 on average. But over the last year, prices rose by 8.3%.

Among other types of property:

Detached: down 1.4% monthly; up 8.1% annually; £276,814 averageSemi-detached: down 1.3% monthly; up 7.5% annually; £186,311 averageFlats: down 1% monthly; up 5.3% annually; £111,572 average

First steps on the property ladder

First-time buyers in Lincoln spent an average of £152,000 on their property – £11,000 more than a year ago, and £29,000 more than in July 2016.

By comparison, former owner-occupiers paid £198,000 on average in July – 30.3% more than first-time buyers.

How do property prices in Lincoln compare?

Buyers paid 19.7% less than the average price in the East Midlands (£214,000) in July for a property in Lincoln. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £256,000.

The most expensive properties in the East Midlands were in Rutland – £371,000 on average, and 2.2 times as much as in Lincoln. Rutland properties cost 2.6 times as much as homes in Bolsover (£145,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).

Factfile

Average property price in July

Lincoln: £172,024The East Midlands:£214,169UK: £255,535

Annual growth to July

Lincoln: +7.7%The East Midlands: +6.9%UK: +8%

Best and worst annual growth in the East Midlands

South Northamptonshire: +17.1%South Kesteven: +3.2%