North East Lincolnshire house prices increased more than average in May

House prices increased by 4.4 percent – more than the average for Yorkshire and The Humber – in North East Lincolnshire in May, new figures show.

House prices increased by 4.4% – more than the average for Yorkshire and The Humber – in North East Lincolnshire in May.
House prices increased by 4.4% – more than the average for Yorkshire and The Humber – in North East Lincolnshire in May.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13.4 percent annual growth.

The average North East Lincolnshire house price in May was £141,905, Land Registry figures show – a 4.4 percent increase on April.

Over the month, the picture was better than that across Yorkshire and The Humber, where prices increased 0.8 percent, and North East Lincolnshire outperformed the 0.9 percent rise for the UK as a whole.

Over the last year, the average sale price of property in North East Lincolnshire rose by £17,000 – putting the area eighth among Yorkshire and The Humber’s 24 local authorities for annual growth.

The best annual growth in the region was in Richmondshire, where property prices increased on average by 21.8 percent, to £255,000. At the other end of the scale, properties in Ryedale lost 4.8 percent of their value, giving an average price of £236,000.

Owners of terraced houses saw the biggest improvement in property prices in North East Lincolnshire in May – they increased 4.5 percent, to £106,723 on average. Over the last year, prices rose by 14 percent.

Among other types of property, detached homes increased by 4.4 percent monthly and 13.8 percent annually - an average of £226,120.

Semi-detached were up 4.4 percent monthly, 13.1 percent annually and by £145,052 on average.

Flats were up 4.2 percent monthly, 9.6 percent annually and £74,276 on average.

First-time buyers in North East Lincolnshire spent an average of £127,000 on their property – £15,000 more than a year ago, and £24,000 more than in May 2016.

By comparison, former owner-occupiers paid £158,000 on average in May – 24.2 percent more than first-time buyers.

Buyers paid 22 percent less than the average price in Yorkshire and The Humber (£182,000) in May for a property in North East Lincolnshire. Across Yorkshire and The Humber, property prices are low compared to those across the UK, where the average cost £255,000.

The most expensive properties in Yorkshire and The Humber were in Harrogate – £309,000 on average, and 2.2 times as much as in North East Lincolnshire. Harrogate properties cost 2.6 times as much as homes in Hull (£119,000 average), at the other end of the scale.