South Kesteven house prices increased more than East Midlands average in April

House prices increased by 1% – more than the average for the East Midlands – in South Kesteven in April, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 6% over the last year.

The average South Kesteven house price in April was £275,107, Land Registry figures show – a 1% increase on March.

Over the month, the picture was different to that across the East Midlands, where prices increased 0.3%, and South Kesteven was above the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in South Kesteven rose by £16,000 – 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 Melton, where property prices increased on average by 13.3%, to £316,000. At the other end of the scale, properties in West Lindsey lost 0.1% of their value, giving an average price of £208,000.

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £226,000 on their property – £12,000 more than a year ago, and £49,000 more than in April 2018.

By comparison, former owner-occupiers paid £307,000 on average in April – 35.9% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in South Kesteven in April – they increased 1.3%, to £126,320 on average. Over the last year, prices rose by 3.7%.

Among other types of property:

• Detached: up 1.1% monthly; up 6.4% annually; £392,950 average
• Semi-detached: up 1% monthly; up 6.2% annually; £250,380 average
• Terraced: up 0.7% monthly; up 5.3% annually; £198,616 average

How do property prices in South Kesteven compare?

Buyers paid 11.1% more than the average price in the East Midlands (£248,000) in April for a property in South Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost £286,000.

The most expensive properties in the East Midlands were in Rutland – £380,000 on average, and 1.4 times the price as in South Kesteven. Rutland properties cost 2.1 times the price as homes in Mansfield (£179,000 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 April

• South Kesteven: £275,107
• The East Midlands:£247,634
• UK: £286,489

Annual growth to April

• South Kesteven: +6%
• The East Midlands: +4.6%
• UK: +3.5%

Highest and lowest annual growth in the East Midlands

• Melton: +13.3%
• West Lindsey: -0.1%