East Lindsey house prices dropped more than East Midlands average in March

House prices dropped by 1.9% – more than the average for the East Midlands – in East Lindsey in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 7.6% over the last year.

The average East Lindsey house price in March was £233,248, Land Registry figures show – a 1.9% decrease on February.

Over the month, the picture was different to that across the East Midlands, where prices decreased 1.2%, and East Lindsey was lower than the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in East Lindsey rose by £16,000 – putting the area 16th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Melton, where property prices increased on average by 13.7%, to £316,000. At the other end of the scale, properties in West Lindsey gained 0.4% in value, giving an average price of £209,000.

First steps on the property ladder

First-time buyers in East Lindsey spent an average of £194,000 on their property – £13,000 more than a year ago, and £53,000 more than in March 2018.

By comparison, former owner-occupiers paid £257,000 on average in March – 32.4% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices East Lindsey in March – they dropped 2.6% in price, to £154,829 on average. But over the last year, prices rose by 7.1%.

Among other types of property:

• Detached: down 1.7% monthly; up 7.6% annually; £291,383 average
• Semi-detached: down 1.8% monthly; up 8% annually; £198,846 average
• Flats: down 1.8% monthly; up 5.3% annually; £105,378 average

How do property prices in East Lindsey compare?

Buyers paid 5.2% less than the average price in the East Midlands (£246,000) in March for a property in East Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost £285,000.

The most expensive properties in the East Midlands were in Rutland – £373,000 on average, and 1.6 times as much as more than in East Lindsey. Rutland properties cost 2.1 times as much as homes in Bolsover (£179,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

• East Lindsey: £233,248
• The East Midlands:£246,092
• UK: £285,009

Annual growth to March

• East Lindsey: +7.6%
• The East Midlands: +4.9%
• UK: +4.1%

Highest and lowest annual growth in the East Midlands

• Melton: +13.7%
• West Lindsey: +0.4%