North Lincolnshire house prices dropped more than Yorkshire and Humber average in March

House prices dropped by 2.7% – more than the average for Yorkshire and the Humber – in North Lincolnshire in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 4.2% over the last year.

The average North Lincolnshire house price in March was £184,132, Land Registry figures show – a 2.7% decrease on February.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices decreased 2.1%, and North Lincolnshire was lower than the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in North Lincolnshire rose by £7,300 – putting the area 10th among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.

The highest annual growth in the region was in York, where property prices increased on average by 10.9%, to £327,000. At the other end of the scale, properties in North East Lincolnshire gained 2.1% in value, giving an average price of £148,000.

First steps on the property ladder

First-time buyers in North Lincolnshire spent an average of £156,100 on their property – £6,100 more than a year ago, and £39,300 more than in March 2018.

By comparison, former owner-occupiers paid £208,800 on average in March – 33.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices North Lincolnshire in March – they dropped 3.4% in price, to £129,838 on average. But over the last year, prices rose by 3.8%.

Among other types of property:

How do property prices in North Lincolnshire compare?

Buyers paid 9.6% less than the average price in Yorkshire and the Humber (£204,000) in March for a property in North Lincolnshire. Across Yorkshire and the Humber, property prices are lower than those across the UK, where the average cost £285,000.

The most expensive properties in Yorkshire and the Humber were in York – £327,000 on average, and 1.8 times as much as more than in North Lincolnshire. York properties cost 2.4 times as much as homes in Hull (£134,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

Annual growth to March

Highest and lowest annual growth in Yorkshire and the Humber