West Lindsey house prices increased more than East Midlands average in June
House prices increased by 1.9% – more than the average for the East Midlands – in West Lindsey in June, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.9% over the last year.
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Hide AdThe average West Lindsey house price in June was £217,896, Land Registry figures show – a 1.9% increase on May.
Over the month, the picture was similar to that across the East Midlands, where prices increased 1.7%, and West Lindsey was above the 1% rise for the UK as a whole.
Over the last year, the average sale price of property in West Lindsey rose by £23,000 – putting the area 19th among the East Midlands’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in High Peak, where property prices increased on average by 17%, to £262,000. At the other end of the scale, properties in Rutland gained 5% in value, giving an average price of £376,000.
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Hide AdAn imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
But activity is starting to slow, with soaring inflation putting household budgets under pressure.
First steps on the property ladder
First-time buyers in West Lindsey spent an average of £182,000 on their property – £20,000 more than a year ago, and £45,000 more than in June 2017.
By comparison, former owner-occupiers paid £243,000 on average in June – 33.3% more than first-time buyers.
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Owners of terraced houses saw the biggest rise in property prices in West Lindsey in June – they increased 2.7%, to £150,747 on average. Over the last year, prices rose by 10.9%.
Among other types of property:
Detached: up 1.4% monthly; up 12.3% annually; £288,560 averageSemi-detached: up 2.3% monthly; up 12.6% annually; £186,271 averageFlats: up 2.4% monthly; up 6.8% annually; £107,314 average
How do property prices in West Lindsey compare?
Buyers paid 11.4% less than the average price in the East Midlands (£246,000) in June for a property in West Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost £286,000.
The most expensive properties in the East Midlands were in Rutland – £376,000 on average, and 1.7 times as much as more than in West Lindsey. Rutland properties cost 2.2 times as much as homes in Bolsover (£172,000 average), at the other end of the scale.
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Factfile
Average property price in June
West Lindsey: £217,896The East Midlands:£245,911UK: £286,397
Annual growth to June
West Lindsey: +11.9%The East Midlands: +9.3%UK: +7.8%
Highest and lowest annual growth in the East Midlands
High Peak: +17%Rutland: +5%