South Holland house prices dropped in December

House prices dropped by 2% in South Holland in December, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 7.6% annual decline.

The average South Holland house price in December was £225,338, Land Registry figures show – a 2% decrease on November.

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

Over the last year, the average sale price of property in South Holland fell by £19,000 – putting the area 34th 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 South Holland spent an average of £190,000 on their property – £15,000 less than a year ago, but £29,000 more than in December 2018.

By comparison, former owner-occupiers paid £245,000 on average in December – 29% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in South Holland in December – they dropped 2.9% in price, to £87,830 on average. Over the last year, prices dropped by 11.1%.

Among other types of property:

• Detached: down 2.1% monthly; down 7.6% annually; £280,800 average
• Semi-detached: down 1.6% monthly; down 6.8% annually; £193,524 average
• Terraced: down 2.1% monthly; down 8.5% annually; £153,004 average

How do property prices in South Holland compare?

Buyers paid 9.3% less than the average price in the East Midlands (£248,000) in December for a property in South Holland. 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 1.8 times the price as in South Holland. 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

• South Holland: £225,338
• The East Midlands:£248,390
• UK: £284,691

Annual change to December

• South Holland: -7.6%
• The East Midlands: -1%
• UK: -1.4%

Highest and lowest annual growth in the East Midlands

• Broxtowe: +5.4%
• Lincoln: -7.7%