North East Lincolnshire house prices increased more than East Midlands average in March

House prices increased by 4.8% – more than the average for the East Midlands – in Lincoln in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.1 percent annual growth.

The average North East Lincolnshire house price in March was £136,487, Land Registry figures show – a three percent increase on February.

Over the month, the picture was similar to that across Yorkshire and The Humber, where prices increased 3.4 percent, but North East Lincolnshire outperformed the 1.8 percent rise for the UK as a whole.

Over the last year, the average sale price of property in North East Lincolnshire rose by £13,000 – putting the area 15th among Yorkshire and The Humber’s 24 local authorities for annual growth.

The best annual growth in the region was in Ryedale, where property prices increased on average by 20.1 percent, to £283,000. At the other end of the scale, properties in Craven gained 2.6% in value, giving an average price of £219,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in North East Lincolnshire in March – they increased 3.4 percent, to £102,772 on average. Over the last year, prices rose by 10.8 percent.

Detached houses are also up three percent monthly; up 10.8 percent annually, to £217,688 average,

First-time buyers in North East Lincolnshire spent an average of £122,000 on their property – £11,000 more than a year ago, and £23,000 more than in March 2016.

By comparison, former owner-occupiers paid £152,000 on average in March – 24.6 percent more than first-time buyers.

How do property prices in North East Lincolnshire compare?

Buyers paid 27.6 percent less than the average price in Yorkshire and The Humber (£189,000) in March 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 £256,000.

The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.3 million could buy 14 properties in Burnley (average £94,000).