North Kesteven house prices increased more than East Midlands average in May

House prices increased by 0.4% – more than the average for the East Midlands – in North Kesteven in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.9% over the last year.

The average North Kesteven house price in May was £265,356, Land Registry figures show – a 0.4% increase on April.

Over the month, the picture was similar to that across the East Midlands, where prices increased 0.3%, and North Kesteven was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in North Kesteven rose by £10,000 – putting the area 20th 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 North Kesteven spent an average of £225,000 on their property – £8,800 more than a year ago, and £52,800 more than in May 2018.

By comparison, former owner-occupiers paid £288,700 on average in May – 28.3% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in North Kesteven in May – they increased 1%, to £114,810 on average. Over the last year, prices rose by 3.1%.

Among other types of property:

• Detached: up 0.3% monthly; up 3.9% annually; £324,674 average
• Semi-detached: up 0.4% monthly; up 4.3% annually; £219,403 average
• Terraced: up 0.7% monthly; up 3.5% annually; £178,116 average

How do property prices in North Kesteven compare?

Buyers paid 7.3% more than the average price in the East Midlands (£247,000) in May for a property in North Kesteven. 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 1.5 times the price as in North Kesteven. 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

• North Kesteven: £265,356
• The East Midlands:£247,242
• UK: £285,861

Annual growth to May

• North Kesteven: +3.9%
• The East Midlands: +3.4%
• UK: +1.9%

Highest and lowest annual growth in the East Midlands

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