West Lindsey house prices increased slightly in September

House prices increased slightly, by 0.4%, in West Lindsey in September, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 1.6% annual decline.

The average West Lindsey house price in September was £213,820, Land Registry figures show – a 0.4% increase on August.

Over the month, the picture was different to that across the East Midlands, where prices decreased 0.6%, and West Lindsey was above the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in West Lindsey fell by £3,500 – putting the area 31st among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in North East Derbyshire, where property prices increased on average by 7.4%, to £257,000. At the other end of the scale, properties in North Kesteven lost 4.3% of their value, giving an average price of £260,000.

First steps on the property ladder

First-time buyers in West Lindsey spent an average of £178,700 on their property – £2,200 less than a year ago, but £31,600 more than in September 2018.

By comparison, former owner-occupiers paid £238,300 on average in September – 33.3% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in West Lindsey in September – they increased 0.5%, to £183,279 on average. Over the last year, prices dropped by 1.1%.

Among other types of property:

• Detached: up 0.4% monthly; down 1.3% annually; £284,541 average
• Terraced: up 0.2% monthly; down 2.6% annually; £146,236 average
• Flats: down 0.7% monthly; down 4.2% annually; £102,430 average

How do property prices in West Lindsey compare?

Buyers paid 14.8% less than the average price in the East Midlands (£251,000) in September for a property in West Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £291,000.

The most expensive properties in the East Midlands were in Rutland – £403,000 on average, and 1.9 times the price as in West Lindsey. Rutland properties cost 2.3 times the price as homes in Bolsover (£175,000 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 September

• West Lindsey: £213,820
• The East Midlands:£251,068
• UK: £291,385

Annual change to September

• West Lindsey: -1.6%
• The East Midlands: +0.4%
• UK: -0.1%

Highest and lowest annual growth in the East Midlands

• North East Derbyshire: +7.4%
• North Kesteven: -4.3%