North Lincolnshire house prices dropped slightly in September

House prices dropped slightly, by 0.7%, in North Lincolnshire in September, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.3% over the last year.

The average North Lincolnshire house price in September was £186,919, Land Registry figures show – a 0.7% decrease on August.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices decreased 2.4%, but North Lincolnshire was lower than the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in North Lincolnshire rose by £2,300 – putting the area ninth among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.

The highest annual growth in the region was in Sheffield, where property prices increased on average by 4.9%, to £224,000. At the other end of the scale, properties in North East Lincolnshire lost 2.2% of their value, giving an average price of £154,000.

First steps on the property ladder

First-time buyers in North Lincolnshire spent an average of £158,500 on their property – £1,800 more than a year ago, and £32,400 more than in September 2018.

By comparison, former owner-occupiers paid £211,800 on average in September – 33.6% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in North Lincolnshire in September – they dropped 1.5% in price, to £78,753 on average. Over the last year, prices dropped by 1.2%.

Among other types of property:

• Detached: down 0.5% monthly; up 2% annually; £254,647 average
• Semi-detached: down 0.7% monthly; up 1.1% annually; £160,943 average
• Terraced: down 1% monthly; up 0.2% annually; £132,270 average

How do property prices in North Lincolnshire compare?

Buyers paid 11.1% less than the average price in Yorkshire and the Humber (£210,000) in September for a property in North Lincolnshire. Across Yorkshire and the Humber, property prices are low compared to those across the UK, where the average cost is £291,000.

The most expensive properties in Yorkshire and the Humber were in York – £321,000 on average, and 1.7 times the price as in North Lincolnshire. York properties cost 2.4 times the price as homes in Hull (£135,000 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

• North Lincolnshire: £186,919
• Yorkshire and the Humber:£210,156
• UK: £291,385

Annual change to September

• North Lincolnshire: +1.3%
• Yorkshire and the Humber: 0%
• UK: -0.1%

Highest and lowest annual growth in Yorkshire and the Humber

• Sheffield: +4.9%
• North East Lincolnshire: -2.2%