House prices dropped by 2.1% – more than the average for the East Midlands – in Lincoln in March, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.3% over the last year.
The average Lincoln house price in March was £181,409, Land Registry figures show – a 2.1% decrease on February.
Over the month, the picture was different to that across the East Midlands, where prices decreased 1.2%, and Lincoln was lower than the 1.2% drop for the UK as a whole.
Over the last year, the average sale price of property in Lincoln rose by £2,400 – putting the area 34th among the East Midlands’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in Melton, where property prices increased on average by 13.7%, to £316,000. At the other end of the scale, properties in West Lindsey gained 0.4% in value, giving an average price of £209,000.
First steps on the property ladder
First-time buyers in Lincoln spent an average of £159,900 on their property – £1,900 more than a year ago, and £26,600 more than in March 2018.
By comparison, former owner-occupiers paid £209,500 on average in March – 31% more than first-time buyers.
Owners of terraced houses saw the biggest fall in property prices Lincoln in March – they dropped 2.6% in price, to £150,816 on average. But over the last year, prices rose by 1.2%.
Among other types of property:
- Detached: down 1.5% monthly; up 1.4% annually; £295,739 average
- Semi-detached: down 1.9% monthly; up 1.7% annually; £198,915 average
- Flats: down 1.9% monthly; down 0.1% annually; £111,916 average
How do property prices in Lincoln compare?
Buyers paid 26.3% less than the average price in the East Midlands (£246,000) in March for a property in Lincoln. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £285,000.
The most expensive properties in the East Midlands were in Rutland – £373,000 on average, and 2.1 times as much as more than in Lincoln. Rutland properties cost 2.1 times as much as homes in Bolsover (£179,000 average), at the other end of the scale.
The highest property prices across the UK were in E09000020.
Average property price in March
- Lincoln: £181,409
- The East Midlands:£246,092
- UK: £285,009
Annual growth to March
- Lincoln: +1.3%
- The East Midlands: +4.9%
- UK: +4.1%
Highest and lowest annual growth in the East Midlands
- Melton: +13.7%
- West Lindsey: +0.4%