South Kesteven house prices dropped in December
House prices dropped by 2.9% in South Kesteven in December, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.6% annual decline.
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Hide AdThe average South Kesteven house price in December was £263,561, Land Registry figures show – a 2.9% decrease on November.
Over the month, the picture was different to that across the East Midlands, where prices increased 1.6%, and South Kesteven was lower than the 0.1% rise for the UK as a whole.
Over the last year, the average sale price of property in South Kesteven fell by £13,000 – 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 Broxtowe, where property prices increased on average by 5.4%, to £261,000. At the other end of the scale, properties in Lincoln lost 7.7% of their value, giving an average price of £174,000.
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Hide AdFirst steps on the property ladder
First-time buyers in South Kesteven spent an average of £217,000 on their property – £11,000 less than a year ago, but £40,000 more than in December 2018.
By comparison, former owner-occupiers paid £294,000 on average in December – 35.1% more than first-time buyers.
Property types
Owners of detached houses saw the biggest fall in property prices in South Kesteven in December – they dropped 3.1% in price, to £373,819 on average. Over the last year, prices dropped by 4.4%.
Among other types of property:
How do property prices in South Kesteven compare?
Buyers paid 6.1% more than the average price in the East Midlands (£248,000) in December for a property in South Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £285,000.
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Hide AdThe most expensive properties in the East Midlands were in Rutland – £397,000 on average, and 1.5 times the price as in South Kesteven. Rutland properties cost 2.3 times the price as homes in Lincoln (£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 December
- South Kesteven: £263,561
- The East Midlands:£248,390
- UK: £284,691
Annual change to December
- South Kesteven: -4.6%
- The East Midlands: -1%
- UK: -1.4%
Highest and lowest annual growth in the East Midlands
- Broxtowe: +5.4%
- Lincoln: -7.7%