Boston house prices dropped more than East Midlands average in February

House prices dropped by 1.4% – more than the average for the East Midlands – in Boston in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 8.7% annual growth.

The average Boston house price in February was £199,397, Land Registry figures show – a 1.4% decrease on January.

Over the month, the picture was similar to that across the East Midlands, where prices decreased 1.1%, and Boston underperformed compared to the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in Boston rose by £16,000 – putting the area 24th among the East Midlands’s 35 local authorities with price data for annual growth.

The best annual growth in the region was in Broxtowe, where property prices increased on average by 14.1%, to £256,000. At the other end of the scale, properties in Hinckley and Bosworth gained just 4.5% in value, giving an average price of £282,000.

Winners and Losers

Owners of terraced houses fared worst in Boston in February – they dropped 1.8% in price, to £136,325 on average. But over the last year, prices rose by 8.5%.

Among other types of property:

• Detached: down 1.2% monthly; up 8.7% annually; £275,990 average
• Semi-detached: down 1.6% monthly; up 9.3% annually; £171,674 average
• Flats: down 1.1% monthly; up 4.8% annually; £94,356 average

First steps on the property ladder

First-time buyers in Boston spent an average of £172,000 on their property – £14,000 more than a year ago, and £42,000 more than in February 2018.

By comparison, former owner-occupiers paid £222,000 on average in February – 29.1% more than first-time buyers.

How do property prices in Boston compare?

Buyers paid 20.2% less than the average price in the East Midlands (£250,000) in February for a property in Boston. Across the East Midlands, property prices are low compared to those across the UK, where the average cost £288,000.

The most expensive properties in the East Midlands were in Rutland – £386,000 on average, and 1.9 times as much as more than in Boston. Rutland properties cost 2.1 times as much as homes in Bolsover (£180,000 average), at the other end of the scale.

The highest property prices across the UK were in 160.

Factfile

Average property price in February

• Boston: £199,397
• The East Midlands:£249,751
• UK: £287,506

Annual growth to February

• Boston: +8.7%
• The East Midlands: +7.4%
• UK: +5.5%

Best and worst annual growth in the East Midlands

• Broxtowe: +14.1%
• Hinckley and Bosworth: +4.5%