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

House prices dropped by 1.5% – more than the average for Yorkshire and the Humber – in North Lincolnshire in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 10.9% over the last year.

The average North Lincolnshire house price in November was £186,456, Land Registry figures show – a 1.5% decrease on October.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices decreased 0.7%, and North Lincolnshire was lower than the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in North Lincolnshire rose by £18,000 – putting the area 13th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The highest annual growth in the region was in Leeds, where property prices increased on average by 14.9%, to £247,000. At the other end of the scale, properties in Ryedale gained 7% in value, giving an average price of £312,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in North Lincolnshire spent an average of £158,000 on their property – £16,000 more than a year ago, and £38,000 more than in November 2017.

By comparison, former owner-occupiers paid £211,000 on average in November – 33.2% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices North Lincolnshire in November – they dropped 1.8% in price, to £79,154 on average. But over the last year, prices rose by 6.2%.

Among other types of property:

Detached: down 1.6% monthly; up 10.3% annually; £252,643 averageSemi-detached: down 1.4% monthly; up 11.3% annually; £160,758 averageTerraced: down 1.4% monthly; up 11.6% annually; £132,992 average

How do property prices in North Lincolnshire compare?

Buyers paid 12.2% less than the average price in Yorkshire and the Humber (£212,000) in November for a property in North Lincolnshire. Across Yorkshire and the Humber, property prices are lower than those across the UK, where the average cost £295,000.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £341,000 on average, and 1.8 times as much as more than in North Lincolnshire. Harrogate properties cost 2.5 times as much as homes in Hull (£139,000 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 November

North Lincolnshire: £186,456Yorkshire and the Humber:£212,329UK: £294,910

Annual growth to November

North Lincolnshire: +10.9%Yorkshire and the Humber: +11.4%UK: +10.3%

Highest and lowest annual growth in Yorkshire and the Humber

Leeds: +14.9%Ryedale: +7%