North Lincolnshire house prices dropped slightly in May

House prices dropped slightly, by 0.1%, in North Lincolnshire in May, new figures show.

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.
File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices dropped slightly, by 0.1%, in North Lincolnshire in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 10.5% over the last year.

The average North Lincolnshire house price in May was £180,815, Land Registry figures show – a 0.1% decrease on April.

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

Over the last year, the average sale price of property in North Lincolnshire rose by £17,000 – putting the area 11th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The highest annual growth in the region was in Craven, where property prices increased on average by 18.2%, to £275,000. At the other end of the scale, properties in Harrogate gained 7.4% in value, giving an average price of £326,000.

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 North Lincolnshire spent an average of £154,000 on their property – £14,000 more than a year ago, and £38,000 more than in May 2017.

By comparison, former owner-occupiers paid £205,000 on average in May – 33.4% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices North Lincolnshire in May – they dropped 0.2% in price, to £78,507 on average. But over the last year, prices rose by 5.7%.

Among other types of property:

Detached: down 0.2% monthly; up 11.1% annually; £245,372 averageSemi-detached: down 0.2% monthly; up 10.6% annually; £155,602 averageTerraced: up 0.2% monthly; up 9.5% annually; £128,665 average

How do property prices in North Lincolnshire compare?

Buyers paid 11.7% less than the average price in Yorkshire and the Humber (£205,000) in May for a property in North Lincolnshire. Across Yorkshire and the Humber, property prices are lower than those across the UK, where the average cost £283,000.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £326,000 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 (£133,000 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 May

North Lincolnshire: £180,815Yorkshire and the Humber:£204,835UK: £283,496

Annual growth to May

North Lincolnshire: +10.5%Yorkshire and the Humber: +12.6%UK: +12.8%

Highest and lowest annual growth in Yorkshire and the Humber

Craven: +18.2%Harrogate: +7.4%