Lincoln house prices dropped slightly in May

By Sonja Tutty, Data Reporter
Published 19th Jul 2023, 11:51 BST
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
House prices dropped slightly, by 0.4%, in Lincoln in May, new figures show.

House prices dropped slightly, by 0.4%, in Lincoln in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 3.5% over the last year.

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The average Lincoln house price in May was £184,163, Land Registry figures show – a 0.4% decrease on April.

Over the month, the picture was different to that across the East Midlands, where prices increased 0.3%, and Lincoln was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Lincoln rose by £6,200 – putting the area 23rd among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Amber Valley, where property prices increased on average by 9.7%, to £234,000. At the other end of the scale, properties in West Lindsey lost 3% of their value, giving an average price of £200,000.

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First steps on the property ladder

First-time buyers in Lincoln spent an average of £162,400 on their property – £5,300 more than a year ago, and £30,300 more than in May 2018.

By comparison, former owner-occupiers paid £212,500 on average in May – 30.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Lincoln in May – they dropped 0.5% in price, to £300,181 on average. But over the last year, prices rose by 3.6%.

Among other types of property:

Semi-detached:
Terraced:
Flats:

How do property prices in Lincoln compare?

Buyers paid 25.5% less than the average price in the East Midlands (£247,000) in May for a property in Lincoln. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £286,000.

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The most expensive properties in the East Midlands were in Rutland – £394,000 on average, and 2.1 times the price as in Lincoln. Rutland properties cost 2.2 times the price as homes in Bolsover (£177,000 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 May

  • Lincoln: £184,163
  • The East Midlands:£247,242
  • UK: £285,861

Annual growth to May

  • Lincoln: +3.5%
  • The East Midlands: +3.4%
  • UK: +1.9%

Highest and lowest annual growth in the East Midlands

  • Amber Valley: +9.7%
  • West Lindsey: -3%