South Kesteven house prices increased in February

House prices increased by 1.4% in South Kesteven in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11% annual growth.

The average South Kesteven house price in February was £280,455, Land Registry figures show – a 1.4% increase on January.

Over the month, the picture was better than that across the East Midlands, where prices decreased 1.1%, and South Kesteven outperformed the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in South Kesteven rose by £28,000 – putting the area 12th among the East Midlands’s 35 local authorities with price data for annual growth.

The best annual growth in the region was in Broxtowe, where property prices increased on average by 14.1%, to £256,000. At the other end of the scale, properties in Hinckley and Bosworth gained just 4.5% in value, giving an average price of £282,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in South Kesteven in February – they increased 1.7%, to £399,644 on average. Over the last year, prices rose by 11.2%.

Among other types of property:

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £231,000 on their property – £23,000 more than a year ago, and £56,000 more than in February 2018.

By comparison, former owner-occupiers paid £313,000 on average in February – 35.4% more than first-time buyers.

How do property prices in South Kesteven compare?

Buyers paid 12.3% more than the average price in the East Midlands (£250,000) in February for a property in South Kesteven. Across the East Midlands, property prices are higher than those across the UK, where the average cost £288,000.

The most expensive properties in the East Midlands were in Rutland – £386,000 on average, and 1.4 times as much as more than in South Kesteven. Rutland properties cost 2.1 times as much as homes in Bolsover (£180,000 average), at the other end of the scale.

The highest property prices across the UK were in 160.

Factfile

Average property price in February

• South Kesteven: £280,455
• The East Midlands:£249,751
• UK: £287,506

Annual growth to February

• South Kesteven: +11%
• The East Midlands: +7.4%
• UK: +5.5%

Best and worst annual growth in the East Midlands

• Broxtowe: +14.1%
• Hinckley and Bosworth: +4.5%