North Kesteven house prices increased more than East Midlands average in July

House prices increased by 2.6% – more than the average for the East Midlands – in North Kesteven in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 14.5% annual growth.

The average North Kesteven house price in July was £264,983, Land Registry figures show –a 2.6% increase on June.

Over the month, the picture was better than that across the East Midlands, where prices increased 0.6%, and North Kesteven outperformed the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in North Kesteven rose by £33,000 – putting the area 14th among the East Midlands’s 35 local authorities with price data for annual growth.

The best annual growth in the region was in East Lindsey, where property prices increased on average by 18.4%, to £235,000. At the other end of the scale, properties in Lincoln gained just 6.3% in value, giving an average price of £179,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in North Kesteven in July – they increased 2.9%, to £219,894 on average. Over the last year, prices rose by 15.2%.

Among other types of property:

Detached: up 2.4% monthly; up 14.8% annually; £323,096 averageTerraced: up 2.8% monthly; up 13.7% annually; £179,421 averageFlats: up 2.5% monthly; up 7.6% annually; £114,337 average

First steps on the property ladder

First-time buyers in North Kesteven spent an average of £225,000 on their property – £29,000 more than a year ago, and £58,000 more than in July 2017.

By comparison, former owner-occupiers paid £288,000 on average in July – 27.8% more than first-time buyers.

How do property prices in North Kesteven compare?

Buyers paid 7% more than the average price in the East Midlands (£248,000) in July for a property in North Kesteven. Across the East Midlands, property prices are higher than those across the UK, where the average cost £292,000.

The most expensive properties in the East Midlands were in Rutland – £375,000 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 (£172,000 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 July

North Kesteven: £264,983The East Midlands:£247,740UK: £292,118

Annual growth to July

North Kesteven: +14.5%The East Midlands: +16.8%UK: +15.5%

Best and worst annual growth in the East Midlands

East Lindsey: +18.4%Lincoln: +6.3%