North East Lincolnshire house prices dropped slightly in September

House prices dropped slightly, by 0.7%, in North East Lincolnshire in September, new figures show.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped slightly, by 0.7%, in North East Lincolnshire in September, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.2% annual decline – the worst in Yorkshire and the Humber.

The average North East Lincolnshire house price in September was £154,056, Land Registry figures show – a 0.7% decrease on August.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices decreased 2.4%, but North East Lincolnshire was lower than the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in North East Lincolnshire fell by £3,400 – putting the area bottom among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.

The highest annual growth in the region was in Sheffield, where property prices increased on average by 4.9%, to £224,000.

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £137,600 on their property – £3,300 less than a year ago, but £25,500 more than in September 2018.

By comparison, former owner-occupiers paid £171,500 on average in September – 24.6% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in North East Lincolnshire in September – they dropped 1.4% in price, to £76,026 on average. Over the last year, prices dropped by 4.2%.

Among other types of property:

  • Detached: down 0.5% monthly; down 0.8% annually; £248,857 average
  • Semi-detached: down 0.6% monthly; down 1.9% annually; £158,078 average
  • Terraced: down 0.8% monthly; down 3.2% annually; £115,105 average

How do property prices in North East Lincolnshire compare?

Buyers paid 26.7% less than the average price in Yorkshire and the Humber (£210,000) in September for a property in North East Lincolnshire. Across Yorkshire and the Humber, property prices are low compared to those across the UK, where the average cost is £291,000.

The most expensive properties in Yorkshire and the Humber were in York – £321,000 on average, and 2.1 times the price as in North East Lincolnshire. York properties cost 2.4 times the price as homes in Hull (£135,000 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 September

  • North East Lincolnshire: £154,056
  • Yorkshire and the Humber:£210,156
  • UK: £291,385

Annual change to September

  • North East Lincolnshire: -2.2%
  • Yorkshire and the Humber: 0%
  • UK: -0.1%

Highest and lowest annual growth in Yorkshire and the Humber

  • Sheffield: +4.9%
  • North East Lincolnshire: -2.2%