North Kesteven house prices dropped more than East Midlands average in February

House prices dropped by 1.8% – more than the average for the East Midlands – in North Kesteven in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 9.3% annual growth.

The average North Kesteven house price in February was £271,030, Land Registry figures show – a 1.8% decrease on January.

Over the month, the picture was worse than that across the East Midlands, where prices decreased 1.1%, and North Kesteven underperformed compared to the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in North Kesteven rose by £23,000 – putting the area 20th among the East Midlands’s 35 local authorities with price data for annual growth.

The best annual growth in the region was in Broxtowe, where property prices increased on average by 14.1%, to £256,000. At the other end of the scale, properties in Hinckley and Bosworth gained just 4.5% in value, giving an average price of £282,000.

Winners and Losers

Owners of terraced houses fared worst in North Kesteven in February – they dropped 2.1% in price, to £182,263 on average. But over the last year, prices rose by 9.5%.

Among other types of property:

• Detached: down 1.6% monthly; up 9.2% annually; £331,774 average
• Semi-detached: down 2% monthly; up 9.8% annually; £223,973 average
• Flats: down 1.8% monthly; up 5.7% annually; £115,466 average

First steps on the property ladder

First-time buyers in North Kesteven spent an average of £230,000 on their property – £20,000 more than a year ago, and £61,000 more than in February 2018.

By comparison, former owner-occupiers paid £295,000 on average in February – 28.4% more than first-time buyers.

How do property prices in North Kesteven compare?

Buyers paid 8.5% more than the average price in the East Midlands (£250,000) in February for a property in North Kesteven. Across the East Midlands, property prices are higher than those across the UK, where the average cost £288,000.

The most expensive properties in the East Midlands were in Rutland – £386,000 on average, and 1.4 times as much as more than in North Kesteven. Rutland properties cost 2.1 times as much as homes in Bolsover (£180,000 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 Kesteven: £271,030
• The East Midlands:£249,751
• UK: £287,506

Annual growth to February

• North Kesteven: +9.3%
• The East Midlands: +7.4%
• UK: +5.5%

Best and worst annual growth in the East Midlands

• Broxtowe: +14.1%
• Hinckley and Bosworth: +4.5%