Lincoln house prices dropped more than East Midlands average in July
House prices dropped by 1.3% – more than the average for the East Midlands – 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 grow by 2% over the last year.
The average Lincoln house price in July was £181,681, Land Registry figures show – a 1.3% decrease on June.
Over the month, the picture was different to that across the East Midlands, where prices decreased 0.5%, and Lincoln was lower than the 0.5% rise for the UK as a whole.
Over the last year, the average sale price of property in Lincoln rose by £3,500 – putting the area 18th among the East Midlands’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in Rutland, where property prices increased on average by 15.1%, to £436,000. At the other end of the scale, properties in South Holland lost 3.4% of their value, giving an average price of £230,000.
First steps on the property ladder
First-time buyers in Lincoln spent an average of £160,200 on their property – £2,800 more than a year ago, and £28,100 more than in July 2018.
By comparison, former owner-occupiers paid £209,700 on average in July – 30.9% more than first-time buyers.
Owners of flats saw the biggest fall in property prices in Lincoln in July – they dropped 1.5% in price, to £112,252 on average. But over the last year, prices rose by 1.7%.
Among other types of property:
- Detached: down 1.3% monthly; up 2.6% annually; £295,276 average
- Semi-detached: down 1.3% monthly; up 2.2% annually; £198,888 average
- Terraced: down 1.1% monthly; up 1.3% annually; £151,353 average
How do property prices in Lincoln compare?
Buyers paid 27.2% less than the average price in the East Midlands (£249,000) in July for a property in Lincoln. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £290,000.
The most expensive properties in the East Midlands were in Rutland – £436,000 on average, and 2.4 times the price as in Lincoln. Rutland properties cost 2.5 times the price as homes in Bolsover (£174,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in July
- Lincoln: £181,681
- The East Midlands:£249,484
- UK: £289,824
Annual growth to July
- Lincoln: +2%
- The East Midlands: +1.9%
- UK: +0.6%
Highest and lowest annual growth in the East Midlands
- Rutland: +15.1%
- South Holland: -3.4%