House prices dropped by 3% – more than the average for the East Midlands – in South Holland 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 3.8% over the last year.
The average South Holland house price in March was £235,566, Land Registry figures show – a 3% decrease on February.
Over the month, the picture was different to that across the East Midlands, where prices decreased 1.2%, and South Holland was lower than the 1.2% drop for the UK as a whole.
Over the last year, the average sale price of property in South Holland rose by £8,500 – putting the area 28th 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 South Holland spent an average of £198,800 on their property – £7,500 more than a year ago, and £42,900 more than in March 2018.
By comparison, former owner-occupiers paid £256,700 on average in March – 29.1% more than first-time buyers.
Owners of terraced houses saw the biggest fall in property prices South Holland in March – they dropped 3.6% in price, to £160,523 on average. But over the last year, prices rose by 4%.
Among other types of property:
- Detached: down 2.9% monthly; up 3.6% annually; £294,012 average
- Semi-detached: down 3% monthly; up 4.2% annually; £200,948 average
- Flats: down 3.5% monthly; up 0.4% annually; £93,565 average
How do property prices in South Holland compare?
Buyers paid 4.3% less than the average price in the East Midlands (£246,000) in March for a property in South Holland. Across the East Midlands, property prices are lower 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 1.6 times as much as more than in South Holland. 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.
Average property price in March
- South Holland: £235,566
- The East Midlands:£246,092
- UK: £285,009
Annual growth to March
- South Holland: +3.8%
- The East Midlands: +4.9%
- UK: +4.1%
Highest and lowest annual growth in the East Midlands
- Melton: +13.7%
- West Lindsey: +0.4%