South Holland house prices increased more than East Midlands average in August

House prices increased by 1% – more than the average for the East Midlands – in South Holland in August, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 4.8% annual decline – the worst in the East Midlands.

The average South Holland house price in August was £231,709, Land Registry figures show – a 1% increase on July.

Over the month, the picture was similar to that across the East Midlands, where prices increased 0.6%, and South Holland was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in South Holland fell by £12,000 – putting the area bottom among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Rutland, where property prices increased on average by 13.3%, to £430,000.

First steps on the property ladder

First-time buyers in South Holland spent an average of £195,700 on their property – £9,700 less than a year ago, but £34,200 more than in August 2018.

By comparison, former owner-occupiers paid £252,300 on average in August – 29% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in South Holland in August – they increased 1.2%, to £197,952 on average. Over the last year, prices dropped by 4.5%.

Among other types of property:

• Detached: up 0.9% monthly; down 4.8% annually; £288,650 average
• Terraced: up 0.9% monthly; down 5.3% annually; £158,632 average
• Flats: down 0.1% monthly; down 6.8% annually; £92,454 average

How do property prices in South Holland compare?

Buyers paid 7.6% less than the average price in the East Midlands (£251,000) in August for a property in South Holland. 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 – £430,000 on average, and 1.9 times the price as in South Holland. Rutland properties cost 2.4 times the price as homes in Bolsover (£179,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

• South Holland: £231,709
• The East Midlands:£250,818
• UK: £291,044

Annual change to August

• South Holland: -4.8%
• The East Midlands: +0.5%
• UK: +0.2%

Highest and lowest annual growth in the East Midlands

• Rutland: +13.3%
• South Holland: -4.8%