Lincoln house prices increased in June

File photo dated 14/10/14 of sold and for sale signs. House prices across the UK are expected to increase by 4 percent this year, according to a property group's forecasts. Issue date: Tuesday March 9, 2021.

House prices increased by 3.6% in Lincoln in June, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 7.8% annual growth.

The average Lincoln house price in June was £172,922.2843, Land Registry figures show – a 3.6% increase on May.

Over the month, the picture was less good than that across the East Midlands, where prices increased 5.0603581%, and Lincoln underperformed compared to the 4.4989563% rise 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 38th among the East Midlands’s 45 local authorities for annual growth.

The best annual growth in the region was in Derbyshire Dales, where property prices increased on average by 24.7%, to £319,000. At the other end of the scale, properties in South Kesteven gained 4.2% in value, giving an average price of £230,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Lincoln in June – they increased 3.9%, to £144,791.752 on average. Over the last year, prices rose by 8.4%.

Among other types of property:

Detached: up 3.5% monthly; up 7.9% annually; £278,318.6059 averageSemi-detached: up 3.4% monthly; up 7.4% annually; £187,002.467 averageFlats: up 3.6% monthly; up 5.9% annually; £112,149.9404 average

First steps on the property ladder

First-time buyers in Lincoln spent an average of £153,000 on their property – £11,000 more than a year ago, and £32,000 more than in June 2016.

By comparison, former owner-occupiers paid £199,000 on average in June – 30.2% more than first-time buyers.

How do property prices in Lincoln compare?

Buyers paid 23.8% less than the average price in the East Midlands (£227,000) in June for a property in Lincoln. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £266,000.

The most expensive properties in the East Midlands were in South Northamptonshire – £342,000 on average, and twice as much as in Lincoln. South Northamptonshire properties cost 2.3 times as much as homes in Bolsover (£147,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).

Factfile

Average property price in June

Lincoln: £172,922.2843The East Midlands:£226,846.1931UK: £265,668.1787

Annual growth to June

Lincoln: +7.8%The East Midlands: +14.3%UK: +13.2%

Best and worst annual growth in the East Midlands

Derbyshire Dales: +24.7%South Kesteven: +4.2%