Lincoln house prices dropped more than East Midlands average in September

House prices dropped by 2.4% – more than the average for the East Midlands – in Lincoln in September, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3% annual decline.

The average Lincoln house price in September was £179,272, Land Registry figures show – a 2.4% decrease on August.

Over the month, the picture was different to that across the East Midlands, where prices decreased 0.6%, and Lincoln was lower than the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in Lincoln fell by £5,500 – putting the area 33rd 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 Lincoln spent an average of £158,200 on their property – £5,000 less than a year ago, but £23,900 more than in September 2018.

By comparison, former owner-occupiers paid £206,700 on average in September – 30.7% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Lincoln in September – they dropped 3% in price, to £109,806 on average. Over the last year, prices dropped by 3.5%.

Among other types of property:

• Detached: down 2.2% monthly; down 2.1% annually; £291,430 average
• Semi-detached: down 2.3% monthly; down 2.6% annually; £196,419 average
• Terraced: down 2.4% monthly; down 3.6% annually; £149,665 average

How do property prices in Lincoln compare?

Buyers paid 28.6% less than the average price in the East Midlands (£251,000) in September for a property in Lincoln. 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 2.3 times the price as in Lincoln. 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

• Lincoln: £179,272
• The East Midlands:£251,068
• UK: £291,385

Annual change to September

• Lincoln: -3%
• 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%