House prices leapt by 6.4% in South Holland in February, new figures show.
The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 19.7% annual growth – the highest in the East Midlands.
The average South Holland house price in February was £237,369, Land Registry figures show – a 6.4% increase on January.
Over the month, the picture was better than that across the East Midlands, where prices decreased 0.4%, and South Holland outperformed the 0.5% rise for the UK as a whole.
Over the last year, the average sale price of property in South Holland rose by £39,000 – putting the area top among the East Midlands’s 35 local authorities with price data for annual growth.
At the other end of the scale, properties in Bolsover gained just 4.2% in value, giving an average price of £159,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in South Holland in February – they increased 6.4%, to £296,469 on average. Over the last year, prices rose by 19.9%.
Among other types of property:
Semi-detached: up 6.3% monthly; up 20.2% annually; £201,303 averageTerraced: up 6.2% monthly; up 18.5% annually; £162,035 averageFlats: up 6.2% monthly; up 11.7% annually; £97,426 average
First steps on the property ladder
First-time buyers in South Holland spent an average of £200,000 on their property – £33,000 more than a year ago, and £54,000 more than in February 2017.
By comparison, former owner-occupiers paid £259,000 on average in February – 29.1% more than first-time buyers.
How do property prices in South Holland compare?
Buyers paid 0.6% more than the average price in the East Midlands (£236,000) in February for a property in South Holland. Across the East Midlands, property prices are roughly the same as those across the UK, where the average cost £277,000.
The most expensive properties in the East Midlands were in Harborough – £367,000 on average, and 1.5 times as much as more than in South Holland. Harborough properties cost 2.3 times as much as homes in Bolsover (£159,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in February
South Holland: £237,369The East Midlands:£235,993UK: £276,755
Annual growth to February
South Holland: +19.7%The East Midlands: +10.9%UK: +10.9%
Best and worst annual growth in the East Midlands
South Holland: +19.7%Bolsover: +4.2%