North Kesteven house prices dropped slightly in December

House prices dropped slightly, by 0.8%, in North Kesteven in December, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.8% annual decline.

The average North Kesteven house price in December was £260,363, Land Registry figures show – a 0.8% decrease on November.

Over the month, the picture was different to that across the East Midlands, where prices increased 1.6%, and North Kesteven was lower than the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in North Kesteven fell by £10,000 – putting the area 27th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Broxtowe, where property prices increased on average by 5.4%, to £261,000. At the other end of the scale, properties in Lincoln lost 7.7% of their value, giving an average price of £174,000.

First steps on the property ladder

First-time buyers in North Kesteven spent an average of £221,600 on their property – £7,900 less than a year ago, but £41,300 more than in December 2018.

By comparison, former owner-occupiers paid £282,400 on average in December – 27.4% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in North Kesteven in December – they dropped 1% in price, to £317,078 on average. Over the last year, prices dropped by 4.1%.

Among other types of property:

How do property prices in North Kesteven compare?

Buyers paid 4.8% more than the average price in the East Midlands (£248,000) in December for a property in North Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

The most expensive properties in the East Midlands were in Rutland – £397,000 on average, and 1.5 times the price as in North Kesteven. Rutland properties cost 2.3 times the price as homes in Lincoln (£174,000 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 December

• North Kesteven: £260,363
• The East Midlands:£248,390
• UK: £284,691

Annual change to December

• North Kesteven: -3.8%
• The East Midlands: -1%
• UK: -1.4%

Highest and lowest annual growth in the East Midlands

• Broxtowe: +5.4%
• Lincoln: -7.7%