North East Lincolnshire house prices increased in October

House prices increased by 3% in North East Lincolnshire in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.4% over the last year.

The average North East Lincolnshire house price in October was £158,413, Land Registry figures show – a 3% increase on September.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices decreased 0.2%, and North East Lincolnshire was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in North East Lincolnshire rose by £2,200 – putting the area fourth among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.

The highest annual growth in the region was in Wakefield, where property prices increased on average by 2.2%, to £202,000. At the other end of the scale, properties in Calderdale lost 3% of their value, giving an average price of £181,000.

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £141,500 on their property – £1,800 more than a year ago, and £30,500 more than in October 2018.

By comparison, former owner-occupiers paid £176,300 on average in October – 24.6% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in North East Lincolnshire in October – they increased 3.3%, to £255,358 on average. Over the last year, prices rose by 2.4%.

Among other types of property:

How do property prices in North East Lincolnshire compare?

Buyers paid 23.9% less than the average price in Yorkshire and the Humber (£208,000) in October for a property in North East Lincolnshire. Across Yorkshire and the Humber, property prices are low compared to those across the UK, where the average cost is £288,000.

The most expensive properties in Yorkshire and the Humber were in York – £323,000 on average, and twice the price as in North East Lincolnshire. York properties cost 2.3 times the price as homes in Hull (£140,000 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

• North East Lincolnshire: £158,413
• Yorkshire and the Humber:£208,188
• UK: £287,782

Annual change to October

• North East Lincolnshire: +1.4%
• Yorkshire and the Humber: -1.2%
• UK: -1.2%

Highest and lowest annual growth in Yorkshire and the Humber

• Wakefield: +2.2%
• Calderdale: -3%