West Lindsey house prices dropped more than East Midlands average in February
House prices dropped by 1.7% – more than the average for the East Midlands – in West Lindsey in February, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 5.3% annual growth.
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Hide AdThe average West Lindsey house price in February was £219,778, Land Registry figures show – a 1.7% decrease on January.
Over the month, the picture was worse than that across the East Midlands, where prices decreased 1.1%, and West Lindsey underperformed compared to the 1% drop for the UK as a whole.
Over the last year, the average sale price of property in West Lindsey rose by £11,000 – putting the area 31st among the East Midlands’s 35 local authorities with price data for annual growth.
The best annual growth in the region was in Broxtowe, where property prices increased on average by 14.1%, to £256,000. At the other end of the scale, properties in Hinckley and Bosworth gained just 4.5% in value, giving an average price of £282,000.
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Hide AdWinners and Losers
Owners of terraced houses fared worst in West Lindsey in February – they dropped 2% in price, to £150,736 on average. But over the last year, prices rose by 5.1%.
Among other types of property:
- Detached: down 1.4% monthly; up 5.5% annually; £292,614 average
- Semi-detached: down 1.8% monthly; up 5.7% annually; £187,493 average
- Flats: down 1.6% monthly; up 1.9% annually; £106,609 average
First steps on the property ladder
First-time buyers in West Lindsey spent an average of £183,100 on their property – £9,400 more than a year ago, and £45,500 more than in February 2018.
By comparison, former owner-occupiers paid £245,700 on average in February – 34.2% more than first-time buyers.
How do property prices in West Lindsey compare?
Buyers paid 12% less than the average price in the East Midlands (£250,000) in February for a property in West Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost £288,000.
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Hide AdThe most expensive properties in the East Midlands were in Rutland – £386,000 on average, and 1.8 times as much as more than in West Lindsey. Rutland properties cost 2.1 times as much as homes in Bolsover (£180,000 average), at the other end of the scale.
The highest property prices across the UK were in 160.
Factfile
Average property price in February
- West Lindsey: £219,778
- The East Midlands:£249,751
- UK: £287,506
Annual growth to February
- West Lindsey: +5.3%
- The East Midlands: +7.4%
- UK: +5.5%
Best and worst annual growth in the East Midlands
- Broxtowe: +14.1%
- Hinckley and Bosworth: +4.5%