South Kesteven house prices dropped slightly in October

House prices dropped slightly, by 1%, in South Kesteven in October, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.4% annual decline.

The average South Kesteven house price in October was £277,825, Land Registry figures show – a 1% decrease on September.

Over the month, the picture was similar to that across the East Midlands, where prices decreased 1.3%, but South Kesteven was lower than the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in South Kesteven fell by £1,100 – putting the area 21st 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 South Kesteven spent an average of £228,800 on their property – £1,100 less than a year ago, but £47,900 more than in October 2018.

By comparison, former owner-occupiers paid £310,200 on average in October – 35.5% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in South Kesteven in October – they dropped 1.4% in price, to £125,225 on average. Over the last year, prices dropped by 2.8%.

Among other types of property:

• Detached: down 0.9% monthly; up 0.1% annually; £395,593 average
• Semi-detached: down 0.8% monthly; up 0.1% annually; £254,081 average
• Terraced: down 1.2% monthly; down 1.1% annually; £202,041 average

How do property prices in South Kesteven compare?

Buyers paid 13.1% more than the average price in the East Midlands (£246,000) in October for a property in South Kesteven. 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 1.5 times the price as in South Kesteven. 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

• South Kesteven: £277,825
• The East Midlands:£245,632
• UK: £287,782

Annual change to October

• South Kesteven: -0.4%
• 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%