House prices increased by 2% in North Kesteven in June, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13.1% annual growth.
The average North Kesteven house price in June was £236,308.8349, Land Registry figures show – a 2% increase on May.
Over the month, the picture was less good than that across the East Midlands, where prices increased 5.0603581%, and North Kesteven underperformed compared to the 4.4989563% rise for the UK as a whole.
Over the last year, the average sale price of property in North Kesteven rose by £27,000 – putting the area 17th among the East Midlands’s 45 local authorities for annual growth.
The best annual growth in the region was in Derbyshire Dales, where property prices increased on average by 24.7%, to £319,000. At the other end of the scale, properties in South Kesteven gained 4.2% in value, giving an average price of £230,000.
Winners and Losers
Owners of terraced houses saw the biggest improvement in property prices in North Kesteven in June – they increased 2.4%, to £162,275.5153 on average. Over the last year, prices rose by 14.1%.
Among other types of property:
Detached: up 1.9% monthly; up 13% annually; £286,318.1684 averageSemi-detached: up 2% monthly; up 13% annually; £195,198.1735 averageFlats: up 2.2% monthly; up 9% annually; £108,745.6664 average
First steps on the property ladder
First-time buyers in North Kesteven spent an average of £201,000 on their property – £23,000 more than a year ago, and £45,000 more than in June 2016.
By comparison, former owner-occupiers paid £256,000 on average in June – 27.5% more than first-time buyers.
How do property prices in North Kesteven compare?
Buyers paid 4.2% more than the average price in the East Midlands (£227,000) in June for a property in North Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost £266,000.
The most expensive properties in the East Midlands were in South Northamptonshire – £342,000 on average, and 1.4 times as much as in North Kesteven. South Northamptonshire properties cost 2.3 times as much as homes in Bolsover (£147,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).
Average property price in June
North Kesteven: £236,308.8349The East Midlands:£226,846.1931UK: £265,668.1787
Annual growth to June
North Kesteven: +13.1%The East Midlands: +14.3%UK: +13.2%
Best and worst annual growth in the East Midlands
Derbyshire Dales: +24.7%South Kesteven: +4.2%