House prices increased by 2.1% in North Kesteven in September, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 16% over the last year.
The average North Kesteven house price in September was £274,004, Land Registry figures show – a 2.1% increase on August.
Over the month, the picture was different to that across the East Midlands, where prices remained static, and North Kesteven was above the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in North Kesteven rose by £38,000 – putting the area 11th among the East Midlands’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in South Kesteven, where property prices increased on average by 20%, to £284,000. At the other end of the scale, properties in Chesterfield gained 8.4% in value, giving an average price of £199,000.
An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.
But typical property values stalled across the UK between August and September, which caused annual growth to slow.
Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".
The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.
Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."
“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.
First steps on the property ladder
First-time buyers in North Kesteven spent an average of £233,000 on their property – £32,000 more than a year ago, and £68,000 more than in September 2017.
By comparison, former owner-occupiers paid £298,000 on average in September – 28% more than first-time buyers.
Owners of semi-detached houses saw the biggest rise in property prices in North Kesteven in September – they increased 2.2%, to £227,518 on average. Over the last year, prices rose by 16.8%.
Among other types of property:
Detached: up 2.2% monthly; up 16% annually; £333,902 averageTerraced: up 2% monthly; up 16.3% annually; £186,016 averageFlats: up 1.1% monthly; up 9.5% annually; £116,913 average
How do property prices in North Kesteven compare?
Buyers paid 8.3% more than the average price in the East Midlands (£253,000) in September for a property in North Kesteven. Across the East Midlands, property prices are higher than those across the UK, where the average cost £295,000.
The most expensive properties in the East Midlands were in Rutland – £391,000 on average, and 1.4 times as much as more than in North Kesteven. Rutland properties cost 2.2 times as much as homes in Bolsover (£175,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in September
North Kesteven: £274,004The East Midlands:£252,982UK: £294,559
Annual growth to September
North Kesteven: +16%The East Midlands: +11.3%UK: +9.5%
Highest and lowest annual growth in the East Midlands
South Kesteven: +20%Chesterfield: +8.4%