East Lindsey house prices increased in October
House prices increased by 2.6% in East Lindsey in October, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 15.1% over the last year.
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Hide AdThe average East Lindsey house price in October was £236,791, Land Registry figures show – a 2.6% increase on September.
Over the month, the picture was different to that across the East Midlands, where prices remained static, and East Lindsey was above the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in East Lindsey rose by £31,000 – putting the area 10th among the East Midlands’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in North West Leicestershire, where property prices increased on average by 18.3%, to £284,000. At the other end of the scale, properties in Rutland gained 7.1% in value, giving an average price of £375,000.
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Hide AdAverage UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.
The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.
The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.
Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.
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Hide Ad“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."
First steps on the property ladder
First-time buyers in East Lindsey spent an average of £198,000 on their property – £26,000 more than a year ago, and £55,000 more than in October 2017.
By comparison, former owner-occupiers paid £261,000 on average in October – 31.9% more than first-time buyers.
Property types
Owners of detached houses saw the biggest rise in property prices in East Lindsey in October – they increased 2.7%, to £295,081 on average. Over the last year, prices rose by 15%.
Among other types of property:
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Hide AdSemi-detached: up 2.6% monthly; up 15.9% annually; £201,816 averageTerraced: up 2.5% monthly; up 15.7% annually; £159,263 averageFlats: up 2.1% monthly; up 11.1% annually; £106,412 average
How do property prices in East Lindsey compare?
Buyers paid 6.8% less than the average price in the East Midlands (£254,000) in October for a property in East Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost £296,000.
The most expensive properties in the East Midlands were in Rutland – £375,000 on average, and 1.6 times as much as more than in East 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 Kensington and Chelsea.
Factfile
Average property price in October
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Hide AdEast Lindsey: £236,791The East Midlands:£254,079UK: £296,422
Annual growth to October
East Lindsey: +15.1%The East Midlands: +13.9%UK: +12.6%
Highest and lowest annual growth in the East Midlands
North West Leicestershire: +18.3%Rutland: +7.1%