North Kesteven house prices increased in August

File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

House prices increased by 1.7% in North Kesteven in August, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.6% annual growth.

The average North Kesteven house price in August was £236,509, Land Registry figures show – a 1.7% increase on July.

Over the month, the picture was less good than that across the East Midlands, where prices increased 2.7%, and North Kesteven underperformed compared to the 2.9% rise for the UK as a whole.

Over the last year, the average sale price of property in North Kesteven rose by £19,000 – putting the area 29th among the East Midlands’s 39 local authorities for annual growth.

The best annual growth in the region was in South Holland, where property prices increased on average by 17.4%, to £221,000. At the other end of the scale, properties in Rushcliffe gained 4.3% in value, giving an average price of £308,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in North Kesteven in August – they increased 1.9%, to £196,766 on average. Over the last year, prices rose by 9.2%.

Among other types of property:

Detached: up 1.6% monthly; up 8.2% annually; £285,527 averageTerraced: up 1.7% monthly; up 9.6% annually; £162,609 averageFlats: up 1% monthly; up 3.4% annually; £107,556 average

First steps on the property ladder

First-time buyers in North Kesteven spent an average of £201,000 on their property – £16,000 more than a year ago, and £42,000 more than in August 2016.

By comparison, former owner-occupiers paid £257,000 on average in August – 27.4% more than first-time buyers.

How do property prices in North Kesteven compare?

Buyers paid 6.7% more than the average price in the East Midlands (£222,000) in August for a property in North Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost £264,000.

The most expensive properties in the East Midlands were in Rutland – £349,000 on average, and 1.5 times as much as in North Kesteven. Rutland properties cost 2.3 times as much as homes in Bolsover (£155,000 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 August

North Kesteven: £236,509The East Midlands:£221,693UK: £264,244

Annual growth to August

North Kesteven: +8.6%The East Midlands: +10.3%UK: +10.6%

Best and worst annual growth in the East Midlands

South Holland: +17.4%Rushcliffe: +4.3%