Boston house prices increased slightly in June

House prices increased slightly, by 0.7%, in Boston in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.8% over the last year.

The average Boston house price in June was £201,682, Land Registry figures show – a 0.7% increase on May.

Over the month, the picture was different to that across the East Midlands, where prices increased 1.3%.

Over the last year, the average sale price of property in Boston rose by £7,300 – putting the area 15th 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 11%, to £407,000. At the other end of the scale, properties in South Holland lost 2.2% of their value, giving an average price of £232,000.

First steps on the property ladder

First-time buyers in Boston spent an average of £173,600 on their property – £6,300 more than a year ago, and £43,200 more than in June 2018.

By comparison, former owner-occupiers paid £224,300 on average in June – 29.2% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Boston in June – they increased 1.1%, to £95,974 on average. Over the last year, prices rose by 2.2%.

Among other types of property:

• Detached: up 0.5% monthly; up 3.8% annually; £278,906 average
• Semi-detached: up 0.7% monthly; up 4.4% annually; £173,998 average
• Terraced: up 1% monthly; up 2.5% annually; £137,448 average

How do property prices in Boston compare?

Buyers paid 18.9% less than the average price in the East Midlands (£249,000) in June for a property in Boston. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £288,000.

The most expensive properties in the East Midlands were in Rutland – £407,000 on average, and twice the price as in Boston. Rutland properties cost 2.3 times the price as homes in Bolsover (£177,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

• Boston: £201,682
• The East Midlands:£248,678
• UK: £287,546

Annual growth to June

• Boston: +3.8%
• The East Midlands: +2.4%
• UK: +1.7%

Highest and lowest annual growth in the East Midlands

• Rutland: +11%
• South Holland: -2.2%