South Kesteven house prices increased in July

House prices increased by 3.7% in South Kesteven in July, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.5% over the last year.

The average South Kesteven house price in July was £276,361, Land Registry figures show – a 3.7% increase on June.

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

Over the last year, the average sale price of property in South Kesteven rose by £9,200 – putting the area 14th 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 15.1%, to £436,000. At the other end of the scale, properties in South Holland lost 3.4% of their value, giving an average price of £230,000.

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £227,600 on their property – £7,100 more than a year ago, and £50,000 more than in July 2018.

By comparison, former owner-occupiers paid £308,600 on average in July – 35.6% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in South Kesteven in July – they increased 3.9%, to £200,967 on average. Over the last year, prices rose by 2.8%.

Among other types of property:

• Detached: up 3.8% monthly; up 4% annually; £393,290 average
• Semi-detached: up 3.7% monthly; up 3.4% annually; £251,477 average
• Flats: up 3.2% monthly; up 1.6% annually; £126,737 average

How do property prices in South Kesteven compare?

Buyers paid 10.8% more than the average price in the East Midlands (£249,000) in July for a property in South Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £290,000.

The most expensive properties in the East Midlands were in Rutland – £436,000 on average, and 1.6 times the price as in South Kesteven. Rutland properties cost 2.5 times the price as homes in Bolsover (£174,000 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 July

• South Kesteven: £276,361
• The East Midlands:£249,484
• UK: £289,824

Annual growth to July

• South Kesteven: +3.5%
• The East Midlands: +1.9%
• UK: +0.6%

Highest and lowest annual growth in the East Midlands

• Rutland: +15.1%
• South Holland: -3.4%