South Kesteven house prices dropped in May

House prices dropped by 1.6% in South Kesteven in May, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.3% annual decline.

The average South Kesteven house price in May was £265,623, Land Registry figures show – a 1.6% decrease on April.

Over the month, the picture was different to that across the East Midlands, where prices increased 0.3%, and South Kesteven was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in South Kesteven fell by £740 – putting the area 33rd among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Amber Valley, where property prices increased on average by 9.7%, to £234,000. At the other end of the scale, properties in West Lindsey lost 3% of their value, giving an average price of £200,000.

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £218,700 on their property – £760 less than a year ago, but £43,810 more than in May 2018.

By comparison, former owner-occupiers paid £296,640 on average in May – 35.6% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in South Kesteven in May – they dropped 1.8% in price, to £378,639 on average. Over the last year, prices dropped by 0.1%.

Among other types of property:

How do property prices in South Kesteven compare?

Buyers paid 7.4% more than the average price in the East Midlands (£247,000) in May for a property in South Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £286,000.

The most expensive properties in the East Midlands were in Rutland – £394,000 on average, and 1.5 times the price as in South Kesteven. Rutland properties cost 2.2 times the price as homes in Bolsover (£177,000 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 May

• South Kesteven: £265,623
• The East Midlands:£247,242
• UK: £285,861

Annual change to May

• South Kesteven: -0.3%
• The East Midlands: +3.4%
• UK: +1.9%

Highest and lowest annual growth in the East Midlands

• Amber Valley: +9.7%
• West Lindsey: -3%