North Kesteven house prices dropped more than East Midlands average in July

House prices dropped by 2.2% – more than the average for the East Midlands – in North Kesteven in July, new figures show.

The drop maintains the longer-term trend, which has seen property prices in the area remain level.

The average North Kesteven house price in July was £262,137, Land Registry figures show – a 2.2% decrease on June.

Over the month, the picture was different to that across the East Midlands, where prices decreased 0.5%, and North Kesteven was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in North Kesteven fell by £84 – putting the area 31st 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 15.1%, to £436,000. At the other end of the scale, properties in South Holland lost 3.4% of their value, giving an average price of £230,000.

First steps on the property ladder

First-time buyers in North Kesteven spent an average of £222,260 on their property – £120 less than a year ago, but £46,560 more than in July 2018.

By comparison, former owner-occupiers paid £285,220 on average in July – 28.3% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in North Kesteven in July – they dropped 2.6% in price, to £112,973 on average. Over the last year, prices dropped by 1.4%.

Among other types of property:

• Detached: down 2.2% monthly; up 0.1% annually; £320,334 average
• Semi-detached: down 2.2% monthly; down 0.1% annually; £216,561 average
• Terraced: down 2% monthly; down 0.5% annually; £176,961 average

How do property prices in North Kesteven compare?

Buyers paid 5.1% more than the average price in the East Midlands (£249,000) in July for a property in North Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £290,000.

The most expensive properties in the East Midlands were in Rutland – £436,000 on average, and 1.7 times the price as in North Kesteven. Rutland properties cost 2.5 times the price as homes in Bolsover (£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 July

• North Kesteven: £262,137
• The East Midlands:£249,484
• UK: £289,824

Annual change to July

• North Kesteven: 0%
• The East Midlands: +1.9%
• UK: +0.6%

Highest and lowest annual growth in the East Midlands

• Rutland: +15.1%
• South Holland: -3.4%