Lincoln house prices increased more than East Midlands average in December

House prices increased by 0.8% – more than the average for the East Midlands – in Lincoln in December, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 7.8% over the last year.

The average Lincoln house price in December was £188,815, Land Registry figures show – a 0.8% increase on November.

Over the month, the picture was similar to that across the East Midlands, where prices increased 0.5%, and Lincoln was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in Lincoln rose by £14,000 – 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 Broxtowe, where property prices increased on average by 16.5%, to £256,000. At the other end of the scale, properties in Rushcliffe gained 7.1% in value, giving an average price of £360,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Lincoln spent an average of £167,000 on their property – £13,000 more than a year ago, and £38,000 more than in December 2017.

By comparison, former owner-occupiers paid £217,000 on average in December – 30.2% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Lincoln in December – they increased 0.8%, to £115,164 on average. Over the last year, prices rose by 4.6%.

Among other types of property:

Detached: up 0.7% monthly; up 6.7% annually; £306,186 averageSemi-detached: up 0.8% monthly; up 8.3% annually; £206,411 averageTerraced: up 0.8% monthly; up 8.7% annually; £158,240 average

How do property prices in Lincoln compare?

Buyers paid 26.3% less than the average price in the East Midlands (£256,000) in December for a property in Lincoln. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £294,000.

The most expensive properties in the East Midlands were in Rutland – £392,000 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 (£178,000 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 December

Lincoln: £188,815The East Midlands:£256,159UK: £294,329

Annual growth to December

Lincoln: +7.8%The East Midlands: +12.3%UK: +9.8%

Highest and lowest annual growth in the East Midlands

Broxtowe: +16.5%Rushcliffe: +7.1%