North Kesteven house prices dropped more than East Midlands average in March

House prices dropped by 1.5% – more than the average for the East Midlands – in North Kesteven 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 5.4% over the last year.

The average North Kesteven house price in March was £265,326, Land Registry figures show – a 1.5% decrease on February.

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

Over the last year, the average sale price of property in North Kesteven rose by £14,000 – putting the area 24th 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 North Kesteven spent an average of £225,000 on their property – £12,000 more than a year ago, and £58,000 more than in March 2018.

By comparison, former owner-occupiers paid £289,000 on average in March – 28.5% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices North Kesteven in March – they dropped 2.1% in price, to £177,856 on average. But over the last year, prices rose by 5.4%.

Among other types of property:

• Detached: down 1.3% monthly; up 5.4% annually; £324,884 average
• Semi-detached: down 1.6% monthly; up 5.8% annually; £219,412 average
• Flats: down 1.6% monthly; up 3.2% annually; £113,649 average

How do property prices in North Kesteven compare?

Buyers paid 7.8% more than the average price in the East Midlands (£246,000) in March for a property in North Kesteven. Across the East Midlands, property prices are higher 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 1.4 times as much as more than in North Kesteven. 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

• North Kesteven: £265,326
• The East Midlands:£246,092
• UK: £285,009

Annual growth to March

• North Kesteven: +5.4%
• The East Midlands: +4.9%
• UK: +4.1%

Highest and lowest annual growth in the East Midlands

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