North Kesteven house prices increased slightly in August

House prices increased slightly, by 0.2%, in North Kesteven in August, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.7% annual decline.

The average North Kesteven house price in August was £265,747, Land Registry figures show – a 0.2% increase on July.

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

Over the last year, the average sale price of property in North Kesteven fell by £2,000 – putting the area 32nd 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 North Kesteven spent an average of £225,400 on their property – £1,600 less than a year ago, but £47,600 more than in August 2018.

By comparison, former owner-occupiers paid £289,100 on average in August – 28.3% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in North Kesteven in August – they increased 0.4%, to £220,038 on average. Over the last year, prices dropped by 0.5%.

Among other types of property:

• Detached: up 0.2% monthly; down 0.7% annually; £324,494 average
• Terraced: up 0.2% monthly; down 1.4% annually; £179,301 average
• Flats: down 0.3% monthly; down 2.3% annually; £114,074 average

How do property prices in North Kesteven compare?

Buyers paid 6% more than the average price in the East Midlands (£251,000) in August for a property in North 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 1.6 times the price as in North 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

• North Kesteven: £265,747
• The East Midlands:£250,818
• UK: £291,044

Annual change to August

• North Kesteven: -0.7%
• The East Midlands: +0.5%
• UK: +0.2%

Highest and lowest annual growth in the East Midlands

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