Lincoln house prices increased in June

House prices increased by 1.1% in Lincoln in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.4% over the last year.

The average Lincoln house price in June was £184,909, Land Registry figures show – a 1.1% increase on May.

Over the month, the picture was similar to that across the East Midlands, where prices increased 1.3%, but Lincoln was above the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Lincoln rose by £6,100 – putting the area 17th 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 11%, to £407,000. At the other end of the scale, properties in South Holland lost 2.2% of their value, giving an average price of £232,000.

First steps on the property ladder

First-time buyers in Lincoln spent an average of £163,000 on their property – £5,100 more than a year ago, and £31,600 more than in June 2018.

By comparison, former owner-occupiers paid £213,400 on average in June – 30.9% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Lincoln in June – they increased 1.3%, to £114,721 on average. Over the last year, prices rose by 3.3%.

Among other types of property:

• Detached: up 0.8% monthly; up 3.8% annually; £300,950 average
• Semi-detached: up 0.9% monthly; up 3.9% annually; £202,661 average
• Terraced: up 1.3% monthly; up 2.7% annually; £153,569 average

How do property prices in Lincoln compare?

Buyers paid 25.6% less than the average price in the East Midlands (£249,000) in June for a property in Lincoln. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £288,000.

The most expensive properties in the East Midlands were in Rutland – £407,000 on average, and 2.2 times the price as in Lincoln. Rutland properties cost 2.3 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, with an average price of £1.3 million.

Factfile

Average property price in June

• Lincoln: £184,909
• The East Midlands:£248,678
• UK: £287,546

Annual growth to June

• Lincoln: +3.4%
• The East Midlands: +2.4%
• UK: +1.7%

Highest and lowest annual growth in the East Midlands

• Rutland: +11%
• South Holland: -2.2%