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

House prices increased by 0.8% – more than the average for the East Midlands – in South Kesteven in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.2% over the last year.

The average South Kesteven house price in August was £278,283, Land Registry figures show – a 0.8% increase on July.

Over the month, the picture was similar to that across the East Midlands, where prices increased 0.6%, and South Kesteven was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in South Kesteven rose by £8,600 – putting the area 12th 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 13.3%, to £430,000. At the other end of the scale, properties in South Holland lost 4.8% of their value, giving an average price of £232,000.

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £229,100 on their property – £6,700 more than a year ago, and £49,200 more than in August 2018.

By comparison, former owner-occupiers paid £310,800 on average in August – 35.6% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in South Kesteven in August – they increased 0.9%, to £253,658 on average. Over the last year, prices rose by 3.3%.

Among other types of property:

• Detached: up 0.8% monthly; up 3.7% annually; £395,914 average
• Terraced: up 0.8% monthly; up 2.3% annually; £202,347 average
• Flats: up 0.1% monthly; up 1.2% annually; £127,193 average

How do property prices in South Kesteven compare?

Buyers paid 11% more than the average price in the East Midlands (£251,000) in August for a property in South Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £291,000.

The most expensive properties in the East Midlands were in Rutland – £430,000 on average, and 1.5 times the price as in South Kesteven. Rutland properties cost 2.4 times the price as homes in Bolsover (£179,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

• South Kesteven: £278,283
• The East Midlands:£250,818
• UK: £291,044

Annual growth to August

• South Kesteven: +3.2%
• The East Midlands: +0.5%
• UK: +0.2%

Highest and lowest annual growth in the East Midlands

• Rutland: +13.3%
• South Holland: -4.8%