North Lincolnshire house prices dropped in November

House prices dropped by 3.2% in North Lincolnshire in November, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.5% annual decline.

The average North Lincolnshire house price in November was £181,157, Land Registry figures show – a 3.2% decrease on October.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices remained static, and North Lincolnshire was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in North Lincolnshire fell by £4,700 – putting the area 11th among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.

The highest annual growth in the region was in Barnsley, where property prices increased on average by 5.4%, to £175,000. At the other end of the scale, properties in North East Lincolnshire lost 4.7% of their value, giving an average price of £149,000.

First steps on the property ladder

First-time buyers in North Lincolnshire spent an average of £153,700 on their property – £4,200 less than a year ago, but £30,100 more than in November 2018.

By comparison, former owner-occupiers paid £205,300 on average in November – 33.6% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in North Lincolnshire in November – they dropped 3.7% in price, to £127,494 on average. Over the last year, prices dropped by 3.9%.

Among other types of property:

• Detached: down 2.9% monthly; down 2% annually; £246,715 average
• Semi-detached: down 3.3% monthly; down 2.3% annually; £156,423 average
• Flats: down 2.9% monthly; down 4.9% annually; £76,115 average

How do property prices in North Lincolnshire compare?

Buyers paid 13.5% less than the average price in Yorkshire and the Humber (£210,000) in November for a property in North Lincolnshire. Across Yorkshire and the Humber, property prices are low compared to those across the UK, where the average cost is £285,000.

The most expensive properties in Yorkshire and the Humber were in York – £315,000 on average, and 1.7 times the price as in North Lincolnshire. York properties cost 2.3 times the price as homes in Hull (£135,000 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 November

• North Lincolnshire: £181,157
• Yorkshire and the Humber:£209,526
• UK: £284,950

Annual change to November

• North Lincolnshire: -2.5%
• Yorkshire and the Humber: -0.8%
• UK: -2.1%

Highest and lowest annual growth in Yorkshire and the Humber

• Barnsley: +5.4%
• North East Lincolnshire: -4.7%