West Lindsey house prices increased in October

House prices increased by 3% in West Lindsey in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.7% over the last year.

The average West Lindsey house price in October was £219,963, Land Registry figures show – a 3% increase on September.

Over the month, the picture was different to that across the East Midlands, where prices decreased 1.3%, and West Lindsey was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in West Lindsey rose by £3,700 – putting the area eighth among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Rutland, where property prices increased on average by 10.9%, to £416,000. At the other end of the scale, properties in Oadby and Wigston lost 6.9% of their value, giving an average price of £263,000.

First steps on the property ladder

First-time buyers in West Lindsey spent an average of £183,800 on their property – £3,700 more than a year ago, and £40,600 more than in October 2018.

By comparison, former owner-occupiers paid £245,300 on average in October – 33.5% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in West Lindsey in October – they increased 3.3%, to £189,183 on average. Over the last year, prices rose by 2.6%.

Among other types of property:

• Detached: up 3.1% monthly; up 1.9% annually; £292,327 average
• Terraced: up 2.8% monthly; up 0.7% annually; £150,413 average
• Flats: up 2.4% monthly; down 1.3% annually; £104,729 average

How do property prices in West Lindsey compare?

Buyers paid 10.5% less than the average price in the East Midlands (£246,000) in October for a property in West Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £288,000.

The most expensive properties in the East Midlands were in Rutland – £416,000 on average, and 1.9 times the price as in West Lindsey. Rutland properties cost 2.3 times the price as homes in Mansfield (£182,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

• West Lindsey: £219,963
• The East Midlands:£245,632
• UK: £287,782

Annual change to October

• West Lindsey: +1.7%
• The East Midlands: -1.7%
• UK: -1.2%

Highest and lowest annual growth in the East Midlands

• Rutland: +10.9%
• Oadby and Wigston: -6.9%