North Lincolnshire house prices held steady in September

House prices remained steady in North Lincolnshire in September, new figures show.

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices remained steady in North Lincolnshire in September, new figures show.

The lack of movement maintains the longer-term trend, which has seen property prices in the area grow by 9% over the last year.

The average North Lincolnshire house price in September was £186,745, Land Registry figures show – largely unchanged from August.

Over the month, the picture was similar to that across Yorkshire and the Humber, where prices remained static.

Over the last year, the average sale price of property in North Lincolnshire rose by £15,000 – putting the area 20th 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 20.4%, to £288,000. At the other end of the scale, properties in Calderdale gained 6.9% in value, giving an average price of £184,000.

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 North Lincolnshire spent an average of £159,000 on their property – £13,000 more than a year ago, and £39,000 more than in September 2017.

By comparison, former owner-occupiers paid £211,000 on average in September – 33.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in North Lincolnshire in September – they increased 0.1%, to £252,516 on average. Over the last year, prices rose by 9.2%.

Among other types of property:

Semi-detached: up 0.1% monthly; up 9.3% annually; £161,333 averageTerraced: down 0.1% monthly; up 8.9% annually; £133,208 averageFlats: down 0.8% monthly; up 3.4% annually; £79,801 average

How do property prices in North Lincolnshire compare?

Buyers paid 12.2% less than the average price in Yorkshire and the Humber (£213,000) in September 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 – £356,000 on average, and 1.9 times as much as more than in North Lincolnshire. Harrogate properties cost 2.6 times as much as homes in Hull (£138,000 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: £186,745Yorkshire and the Humber:£212,593UK: £294,559

Annual growth to September

North Lincolnshire: +9%Yorkshire and the Humber: +8.5%UK: +9.5%

Highest and lowest annual growth in Yorkshire and the Humber

Craven: +20.4%Calderdale: +6.9%