North Lincolnshire house prices increased slightly in February

House prices increased slightly, by 0.7%, in North Lincolnshire in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.7% annual growth.

The average North Lincolnshire house price in February was £189,913, Land Registry figures show – a 0.7% increase on January.

Over the month, the picture was better than that across Yorkshire and the Humber, where prices remained static, and North Lincolnshire outperformed the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in North Lincolnshire rose by £18,000 – putting the area second among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.

The best annual growth in the region was in York, where property prices increased on average by 11.5%, to £332,000. At the other end of the scale, properties in North East Lincolnshire gained just 3.6% in value, giving an average price of £148,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in North Lincolnshire in February – they increased 1%, to £258,235 on average. Over the last year, prices rose by 10.9%.

Among other types of property:

First steps on the property ladder

First-time buyers in North Lincolnshire spent an average of £161,000 on their property – £16,000 more than a year ago, and £45,000 more than in February 2018.

By comparison, former owner-occupiers paid £215,000 on average in February – 33.6% more than first-time buyers.

How do property prices in North Lincolnshire compare?

Buyers paid 8.4% less than the average price in Yorkshire and the Humber (£207,000) in February for a property in North Lincolnshire. Across Yorkshire and the Humber, property prices are lower than those across the UK, where the average cost £288,000.

The most expensive properties in Yorkshire and the Humber were in York – £332,000 on average, and 1.7 times as much as more than in North Lincolnshire. York properties cost 2.4 times as much as homes in Hull (£136,000 average), at the other end of the scale.

The highest property prices across the UK were in 160.

Factfile

Average property price in February

• North Lincolnshire: £189,913
• Yorkshire and the Humber:£207,220
• UK: £287,506

Annual growth to February

• North Lincolnshire: +10.7%
• Yorkshire and the Humber: +5.5%
• UK: +5.5%

Best and worst annual growth in Yorkshire and the Humber

• York: +11.5%
• North East Lincolnshire: +3.6%