Lincoln house prices dropped slightly in July

House prices dropped slightly, by 0.6%, 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 6.3% annual growth – though still the lowest in the East Midlands.

The average Lincoln house price in July was £179,101, Land Registry figures show –a 0.6% decrease on June.

Over the month, the picture was worse than that across the East Midlands, where prices increased 0.6%, and Lincoln underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Lincoln rose by £11,000 – putting the area bottom among the East Midlands’s 35 local authorities with price data for annual growth.

The best annual growth in the region was in East Lindsey, where property prices increased on average by 18.4%, to £235,000.

Winners and Losers

Owners of detached houses fared worst in Lincoln in July – they dropped 1.1% in price, to £288,771 on average. But over the last year, prices rose by 6.7%.

Among other types of property:

Semi-detached: down 0.5% monthly; up 7.4% annually; £195,890 averageTerraced: down 0.4% monthly; up 6.3% annually; £150,321 averageFlats: down 0.8% monthly; up 1.7% annually; £110,345 average

First steps on the property ladder

First-time buyers in Lincoln spent an average of £158,300 on their property – £9,200 more than a year ago, and £31,900 more than in July 2017.

By comparison, former owner-occupiers paid £206,100 on average in July – 30.2% more than first-time buyers.

How do property prices in Lincoln compare?

Buyers paid 27.7% less than the average price in the East Midlands (£248,000) 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 £292,000.

The most expensive properties in the East Midlands were in Rutland – £375,000 on average, and 2.1 times as much as more than in Lincoln. Rutland properties cost 2.2 times as much as homes in Bolsover (£172,000 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 July

Lincoln: £179,101The East Midlands:£247,740UK: £292,118

Annual growth to July

Lincoln: +6.3%The East Midlands: +16.8%UK: +15.5%

Best and worst annual growth in the East Midlands

East Lindsey: +18.4%Lincoln: +6.3%