North Lincolnshire house prices increased in July

House prices increased by 1.9% in North Lincolnshire in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.4% annual growth.

The average North Lincolnshire house price in July was £185,263, Land Registry figures show –a 1.9% increase on June.

Over the month, the picture was less good than that across Yorkshire and the Humber, where prices increased 3.1%, and North Lincolnshire underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in North Lincolnshire rose by £16,000 – putting the area 18th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The best annual growth in the region was in Hambleton, where property prices increased on average by 19.6%, to £302,000. At the other end of the scale, properties in the East Riding of Yorkshire gained just 8.3% in value, giving an average price of £220,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in North Lincolnshire in July – they increased 2.1%, to £160,018 on average. Over the last year, prices rose by 9.7%.

Among other types of property:

Detached: up 1.8% monthly; up 9.8% annually; £250,320 averageTerraced: up 2% monthly; up 8.6% annually; £132,293 averageFlats: up 1.8% monthly; up 4% annually; £80,055 average

First steps on the property ladder

First-time buyers in North Lincolnshire spent an average of £158,000 on their property – £13,000 more than a year ago, and £39,000 more than in July 2017.

By comparison, former owner-occupiers paid £210,000 on average in July – 33% more than first-time buyers.

How do property prices in North Lincolnshire compare?

Buyers paid 12.6% less than the average price in Yorkshire and the Humber (£212,000) in July for a property in North Lincolnshire. Across Yorkshire and the Humber, property prices are lower than those across the UK, where the average cost £292,000.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £340,000 on average, and 1.8 times as much as more than in North Lincolnshire. Harrogate properties cost 2.4 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 July

North Lincolnshire: £185,263Yorkshire and the Humber:£211,960UK: £292,118

Annual growth to July

North Lincolnshire: +9.4%Yorkshire and the Humber: +17.7%UK: +15.5%

Best and worst annual growth in Yorkshire and the Humber

Hambleton: +19.6%The East Riding of Yorkshire: +8.3%