West Lindsey house prices increased in December

House prices increased by 1.3% in West Lindsey in December, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 1.4% annual decline.

The average West Lindsey house price in December was £216,460, Land Registry figures show – a 1.3% increase on November.

Over the month, the picture was similar to that across the East Midlands, where prices increased 1.6%, but West Lindsey was above the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in West Lindsey fell by £3,000 – putting the area 19th 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 West Lindsey spent an average of £181,400 on their property – £1,700 less than a year ago, but £42,300 more than in December 2018.

By comparison, former owner-occupiers paid £240,700 on average in December – 32.7% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in West Lindsey in December – they increased 2%, to £187,579 on average. Over the last year, prices rose by 0.2%.

Among other types of property:

• Detached: up 1.1% monthly; down 1.4% annually; £286,794 average
• Terraced: up 1.1% monthly; down 2.7% annually; £147,626 average
• Flats: up 1% monthly; down 4% annually; £103,764 average

How do property prices in West Lindsey compare?

Buyers paid 12.9% less than the average price in the East Midlands (£248,000) in December for a property in West Lindsey. 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 West Lindsey. 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

• West Lindsey: £216,460
• The East Midlands:£248,390
• UK: £284,691

Annual change to December

• West Lindsey: -1.4%
• The East Midlands: -1%
• UK: -1.4%

Highest and lowest annual growth in the East Midlands

• Broxtowe: +5.4%
• Lincoln: -7.7%