House prices increased slightly, by 0.3%, in Lincoln in May, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.1% over the last year.
The average Lincoln house price in May was £182,718, Land Registry figures show – a 0.3% increase on April.
Over the month, the picture was different to that across the East Midlands, where prices increased 1.9%, and Lincoln was lower than the 1.2% rise for the UK as a whole.
Over the last year, the average sale price of property in Lincoln rose by £15,000 – 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 Harborough, where property prices increased on average by 22.7%, to £386,000. At the other end of the scale, properties in Rutland lost 6% of their value, giving an average price of £341,000.
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.
Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said:“The average house price hit another record high in May, and rose faster than any time since the peak in June last year.
"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."
First steps on the property ladder
First-time buyers in Lincoln spent an average of £161,000 on their property – £13,000 more than a year ago, and £36,000 more than in May 2017.
By comparison, former owner-occupiers paid £210,000 on average in May – 30.4% more than first-time buyers.
Owners of terraced houses saw the biggest rise in property prices in Lincoln in May – they increased 0.6%, to £152,896 on average. Over the last year, prices rose by 9%.
Among other types of property:
Detached: down 0% monthly; up 10% annually; £296,121 averageSemi-detached: up 0.2% monthly; up 10% annually; £199,456 averageFlats: down 0.1% monthly; up 4.3% annually; £113,113 average
How do property prices in Lincoln compare?
Buyers paid 25.1% less than the average price in the East Midlands (£244,000) in May for a property in Lincoln. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £283,000.
The most expensive properties in the East Midlands were in Harborough – £386,000 on average, and 2.1 times as much as more than in Lincoln. Harborough properties cost 2.3 times as much as homes in Bolsover (£168,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in May
Lincoln: £182,718The East Midlands:£244,060UK: £283,496
Annual growth to May
Lincoln: +9.1%The East Midlands: +15.2%UK: +12.8%
Highest and lowest annual growth in the East Midlands
Harborough: +22.7%Rutland: -6%