South Kesteven house prices dropped more than East Midlands average in November

House prices dropped by 1.8% – more than the average for the East Midlands – in South Kesteven in November, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.3% annual decline.

The average South Kesteven house price in November was £269,098, Land Registry figures show – a 1.8% decrease on October.

Over the month, the picture was different to that across the East Midlands, where prices decreased 0.8%, and South Kesteven was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in South Kesteven fell by £6,300 – putting the area 18th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in North East Derbyshire, where property prices increased on average by 8%, to £257,000. At the other end of the scale, properties in Ashfield lost 7.5% of their value, giving an average price of £182,000.

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £221,600 on their property – £5,700 less than a year ago, but £40,300 more than in November 2018.

By comparison, former owner-occupiers paid £300,400 on average in November – 35.6% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in South Kesteven in November – they dropped 2.2% in price, to £195,274 on average. Over the last year, prices dropped by 3.2%.

Among other types of property:

• Detached: down 1.6% monthly; down 1.9% annually; £383,196 average
• Semi-detached: down 1.8% monthly; down 1.8% annually; £246,200 average
• Flats: down 1.4% monthly; down 4.1% annually; £121,938 average

How do property prices in South Kesteven compare?

Buyers paid 10.5% more than the average price in the East Midlands (£244,000) in November 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.

The most expensive properties in the East Midlands were in Rutland – £403,000 on average, and 1.5 times the price as in South Kesteven. Rutland properties cost 2.4 times the price as homes in Bolsover (£167,000 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

• South Kesteven: £269,098
• The East Midlands:£243,577
• UK: £284,950

Annual change to November

• South Kesteven: -2.3%
• The East Midlands: -3%
• UK: -2.1%

Highest and lowest annual growth in the East Midlands

• North East Derbyshire: +8%
• Ashfield: -7.5%