Lincoln house prices increased slightly in September

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

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.9% over the last year.

The average Lincoln house price in September was £184,645, Land Registry figures show – a 0.9% increase on August.

Over the month, the picture was different to that across the East Midlands, where prices remained static, and Lincoln was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Lincoln rose by £15,000 – 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 South Kesteven, where property prices increased on average by 20%, to £284,000. At the other end of the scale, properties in Chesterfield gained 8.4% in value, giving an average price of £199,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

First steps on the property ladder

First-time buyers in Lincoln spent an average of £163,000 on their property – £13,000 more than a year ago, and £33,000 more than in September 2017.

By comparison, former owner-occupiers paid £213,000 on average in September – 30.4% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Lincoln in September – they increased 1%, to £202,357 on average. Over the last year, prices rose by 9.8%.

Among other types of property:

Detached: up 0.8% monthly; up 8.8% annually; £297,780 averageTerraced: up 0.9% monthly; up 9.1% annually; £154,849 averageFlats: up 0.2% monthly; up 4.7% annually; £113,211 average

How do property prices in Lincoln compare?

Buyers paid 27% less than the average price in the East Midlands (£253,000) in September for a property in Lincoln. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £295,000.

The most expensive properties in the East Midlands were in Rutland – £391,000 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 (£175,000 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 September

Lincoln: £184,645The East Midlands:£252,982UK: £294,559

Annual growth to September

Lincoln: +8.9%The East Midlands: +11.3%UK: +9.5%

Highest and lowest annual growth in the East Midlands

South Kesteven: +20%Chesterfield: +8.4%