South Holland house prices dropped slightly in October

House prices dropped slightly, by 0.3%, in South Holland in October, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.7% annual decline.

The average South Holland house price in October was £234,316, Land Registry figures show – a 0.3% decrease on September.

Over the month, the picture was different to that across the East Midlands, where prices decreased 1.3%, and South Holland was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in South Holland fell by £11,000 – putting the area 34th 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 South Holland spent an average of £197,800 on their property – £9,400 less than a year ago, but £35,800 more than in October 2018.

By comparison, former owner-occupiers paid £255,200 on average in October – 29% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in South Holland in October – they dropped 0.8% in price, to £91,578 on average. Over the last year, prices dropped by 7.6%.

Among other types of property:

• Detached: down 0.3% monthly; down 4.7% annually; £292,094 average
• Semi-detached: down 0.2% monthly; down 4% annually; £200,783 average
• Terraced: down 0.6% monthly; down 5.3% annually; £159,608 average

How do property prices in South Holland compare?

Buyers paid 4.6% less than the average price in the East Midlands (£246,000) in October for a property in South Holland. 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 South Holland. 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

• South Holland: £234,316
• The East Midlands:£245,632
• UK: £287,782

Annual change to October

• South Holland: -4.7%
• 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%