East Lindsey house prices dropped more than East Midlands average in October

House prices dropped by 1.4% – more than the average for the East Midlands – in East Lindsey in October, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.1% over the last year.

The average East Lindsey house price in October was £232,951, Land Registry figures show – a 1.4% decrease on September.

Over the month, the picture was similar to that across the East Midlands, where prices decreased 1.3%, and East Lindsey was lower than the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in East Lindsey rose by £2,500 – putting the area 11th 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 10.9%, to £416,000. At the other end of the scale, properties in Oadby and Wigston lost 6.9% of their value, giving an average price of £263,000.

First steps on the property ladder

First-time buyers in East Lindsey spent an average of £194,500 on their property – £2,300 more than a year ago, and £45,600 more than in October 2018.

By comparison, former owner-occupiers paid £256,400 on average in October – 31.9% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in East Lindsey in October – they dropped 1.7% in price, to £104,018 on average. Over the last year, prices dropped by 0.5%.

Among other types of property:

• Detached: down 1.5% monthly; up 1% annually; £290,041 average
• Semi-detached: down 1.1% monthly; up 2% annually; £199,991 average
• Terraced: down 1.7% monthly; up 0.2% annually; £155,576 average

How do property prices in East Lindsey compare?

Buyers paid 5.2% less than the average price in the East Midlands (£246,000) in October for a property in East Lindsey. 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 – £416,000 on average, and 1.8 times the price as in East Lindsey. Rutland properties cost 2.3 times the price as homes in Mansfield (£182,000 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

• East Lindsey: £232,951
• The East Midlands:£245,632
• UK: £287,782

Annual change to October

• East Lindsey: +1.1%
• The East Midlands: -1.7%
• UK: -1.2%

Highest and lowest annual growth in the East Midlands

• Rutland: +10.9%
• Oadby and Wigston: -6.9%