East Lindsey house prices dropped slightly in May

House prices dropped slightly, by 0.7%, in East Lindsey 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 2.5% over the last year.

The average East Lindsey house price in May was £229,679, Land Registry figures show – a 0.7% decrease on April.

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

Over the last year, the average sale price of property in East Lindsey rose by £5,600 – putting the area 27th 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.

First steps on the property ladder

First-time buyers in East Lindsey spent an average of £191,600 on their property – £4,900 more than a year ago, and £49,200 more than in May 2018.

By comparison, former owner-occupiers paid £253,000 on average in May – 32% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in East Lindsey in May – they dropped 0.9% in price, to £286,278 on average. But over the last year, prices rose by 2.4%.

Among other types of property:

How do property prices in East Lindsey compare?

Buyers paid 7.1% less than the average price in the East Midlands (£247,000) in May for a property in East Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £286,000.

The most expensive properties in the East Midlands were in Rutland – £394,000 on average, and 1.7 times the price as in East Lindsey. 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

• East Lindsey: £229,679
• The East Midlands:£247,242
• UK: £285,861

Annual growth to May

• East Lindsey: +2.5%
• The East Midlands: +3.4%
• UK: +1.9%

Highest and lowest annual growth in the East Midlands

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