West Lindsey house prices dropped in May

By Sonja Tutty, Data Reporter
Published 19th Jul 2023, 11:51 BST
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
House prices dropped by 2.9% in West Lindsey in May, new figures show.

House prices dropped by 2.9% in West Lindsey in May, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3% annual decline – the worst in the East Midlands.

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The average West Lindsey house price in May was £200,372, Land Registry figures show – a 2.9% decrease on April.

Over the month, the picture was different to that across the East Midlands, where prices increased 0.3%, and West Lindsey was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in West Lindsey fell by £6,200 – putting the area bottom among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Amber Valley, where property prices increased on average by 9.7%, to £234,000.

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First steps on the property ladder

First-time buyers in West Lindsey spent an average of £167,200 on their property – £4,800 less than a year ago, but £26,900 more than in May 2018.

By comparison, former owner-occupiers paid £223,700 on average in May – 33.8% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in West Lindsey in May – they dropped 3% in price, to £266,900 on average. Over the last year, prices dropped by 2.9%.

Among other types of property:

Semi-detached:
Terraced:
Flats:

How do property prices in West Lindsey compare?

Buyers paid 19% less than the average price in the East Midlands (£247,000) in May for a property in West Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £286,000.

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The most expensive properties in the East Midlands were in Rutland – £394,000 on average, and twice the price as in West Lindsey. Rutland properties cost 2.2 times the price as homes in Bolsover (£177,000 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 May

  • West Lindsey: £200,372
  • The East Midlands:£247,242
  • UK: £285,861

Annual change to May

  • West Lindsey: -3%
  • The East Midlands: +3.4%
  • UK: +1.9%

Highest and lowest annual growth in the East Midlands

  • Amber Valley: +9.7%
  • West Lindsey: -3%