Property prices keep rising despite Brexit

Property prices. EMN-190701-181412001
Property prices. EMN-190701-181412001

Property prices keep rising despite Brexit

House prices in North Kesteven are rising faster than the regional average and way ahead of the national curve according to the latest statistics.

House prices in the district crept up by 0.6 per cent in October, contributing to a 6.4 per cent rise over the last 12 months, according to the latest data from the Office of National Statistics, which shows that the average property in the area sold for £207,886 – below the UK average of £231,095.

That compares favourably to the rest of the East Midlands, where property prices have risen by 4.3 per cent in the last year, to £191,993. House prices in Lincolnshire saw a five per cent rise over 12 months and the East Midlands region outperformed the UK as a whole.

Frances Clacy, research analyst at estate agents Savills, said: “House prices across the UK increased by an average of 2.7% in the 12 months to October 2018.

“This annual growth figure represents a slow down when compared to last month.

“We are continuing to see house price growth slow because of the uncertainty surrounding the UK’s negotiations for leaving the EU, as well as tighter lending criteria and increases to mortgage regulation which mean it’s harder for buyers to borrow against their incomes.”

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.

The figures also showed that buyers who made their first step onto the property ladder in North Kesteven in October spent an average of £176,942 – around £43,000 more than it would have cost them five years ago.

Between September 2017 and August 2018, 2,258 homes were sold in North Kesteven, seven per cent fewer than in the previous year.

The figures showed hat first time buyers in Lincolnshire in October spent an average of £154,868 – around £35,000 more than it would have cost them five years ago, although there were widespead differences throughout Lincolnshire between areas like Stamford and West Lindsey.