South Kesteven house prices dropped slightly in September

House prices dropped slightly, by 0.4%, in South Kesteven in September, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.7% over the last year.

The average South Kesteven house price in September was £279,531, Land Registry figures show – a 0.4% decrease on August.

Over the month, the picture was similar to that across the East Midlands, where prices decreased 0.6%, and South Kesteven was above the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in South Kesteven rose by £2,000 – putting the area 22nd 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 7.4%, to £257,000. At the other end of the scale, properties in North Kesteven lost 4.3% of their value, giving an average price of £260,000.

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £230,200 on their property – £1,300 more than a year ago, and £47,600 more than in September 2018.

By comparison, former owner-occupiers paid £312,100 on average in September – 35.5% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in South Kesteven in September – they dropped 1% in price, to £127,003 on average. Over the last year, prices dropped by 1.1%.

Among other types of property:

• Detached: down 0.3% monthly; up 1.3% annually; £398,071 average
• Semi-detached: down 0.3% monthly; up 0.8% annually; £254,634 average
• Terraced: down 0.4% monthly; down 0.1% annually; £203,508 average

How do property prices in South Kesteven compare?

Buyers paid 11.3% more than the average price in the East Midlands (£251,000) in September for a property in South Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £291,000.

The most expensive properties in the East Midlands were in Rutland – £403,000 on average, and 1.4 times the price as in South Kesteven. Rutland properties cost 2.3 times the price as homes in Bolsover (£175,000 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 September

• South Kesteven: £279,531
• The East Midlands:£251,068
• UK: £291,385

Annual change to September

• South Kesteven: +0.7%
• The East Midlands: +0.4%
• UK: -0.1%

Highest and lowest annual growth in the East Midlands

• North East Derbyshire: +7.4%
• North Kesteven: -4.3%