South Holland house prices dropped slightly in December

House prices dropped slightly, by 0.1%, in South Holland in December, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 15.9% over the last year.

The average South Holland house price in December was £247,997, Land Registry figures show – a 0.1% decrease on November.

Over the month, the picture was different to that across the East Midlands, where prices increased 0.5%, and South Holland was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in South Holland rose by £34,000 – putting the area third among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Broxtowe, where property prices increased on average by 16.5%, to £256,000. At the other end of the scale, properties in Rushcliffe gained 7.1% in value, giving an average price of £360,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in South Holland spent an average of £210,000 on their property – £30,000 more than a year ago, and £54,000 more than in December 2017.

By comparison, former owner-occupiers paid £270,000 on average in December – 28.4% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices South Holland in December – they dropped 0.2% in price, to £308,830 on average. But over the last year, prices rose by 14.9%.

Among other types of property:

Semi-detached: down 0% monthly; up 17.5% annually; £211,679 averageTerraced: down 0.1% monthly; up 17.5% annually; £170,513 averageFlats: up 0.1% monthly; up 11.4% annually; £98,937 average

How do property prices in South Holland compare?

Buyers paid 3.2% less than the average price in the East Midlands (£256,000) in December for a property in South Holland. Across the East Midlands, property prices are lower than those across the UK, where the average cost £294,000.

The most expensive properties in the East Midlands were in Rutland – £392,000 on average, and 1.6 times as much as more than in South Holland. Rutland properties cost 2.2 times as much as homes in Bolsover (£178,000 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 December

South Holland: £247,997The East Midlands:£256,159UK: £294,329

Annual growth to December

South Holland: +15.9%The East Midlands: +12.3%UK: +9.8%

Highest and lowest annual growth in the East Midlands

Broxtowe: +16.5%Rushcliffe: +7.1%