Lincoln house prices increased slightly in June

House prices increased slightly, by 0.9%, in Lincoln in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5.9% over the last year.

The average Lincoln house price in June was £181,812, Land Registry figures show – a 0.9% increase on May.

Over the month, the picture was different to that across the East Midlands, where prices increased 1.7%, and Lincoln was lower than the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Lincoln rose by £10,000 – putting the area 33rd among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in High Peak, where property prices increased on average by 17%, to £262,000. At the other end of the scale, properties in Rutland gained 5% in value, giving an average price of £376,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Lincoln spent an average of £160,600 on their property – £8,700 more than a year ago, and £35,200 more than in June 2017.

By comparison, former owner-occupiers paid £209,400 on average in June – 30.3% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Lincoln in June – they increased 1.2%, to £152,309 on average. Over the last year, prices rose by 5.6%.

Among other types of property:

Detached: up 0.4% monthly; up 6.8% annually; £294,061 averageSemi-detached: up 0.9% monthly; up 7.2% annually; £198,661 averageFlats: up 0.9% monthly; up 1.4% annually; £112,380 average

How do property prices in Lincoln compare?

Buyers paid 26.1% less than the average price in the East Midlands (£246,000) 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 £286,000.

The most expensive properties in the East Midlands were in Rutland – £376,000 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 June

Lincoln: £181,812The East Midlands:£245,911UK: £286,397

Annual growth to June

Lincoln: +5.9%The East Midlands: +9.3%UK: +7.8%

Highest and lowest annual growth in the East Midlands

High Peak: +17%Rutland: +5%