West Lindsey house prices dropped more than East Midlands average in November

House prices dropped by 3.7% – more than the average for the East Midlands – in West Lindsey in November, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.2% annual decline.

The average West Lindsey house price in November was £209,120, Land Registry figures show – a 3.7% decrease on October.

Over the month, the picture was different to that across the East Midlands, where prices decreased 0.8%, and West Lindsey was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in West Lindsey fell by £9,100 – putting the area 28th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in North East Derbyshire, where property prices increased on average by 8%, to £257,000. At the other end of the scale, properties in Ashfield lost 7.5% of their value, giving an average price of £182,000.

First steps on the property ladder

First-time buyers in West Lindsey spent an average of £174,700 on their property – £7,200 less than a year ago, but £34,700 more than in November 2018.

By comparison, former owner-occupiers paid £233,200 on average in November – 33.5% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in West Lindsey in November – they dropped 4.1% in price, to £142,605 on average. Over the last year, prices dropped by 5.4%.

Among other types of property:

• Detached: down 3.5% monthly; down 3.9% annually; £278,179 average
• Semi-detached: down 3.6% monthly; down 3.2% annually; £179,920 average
• Flats: down 3.3% monthly; down 6.4% annually; £100,222 average

How do property prices in West Lindsey compare?

Buyers paid 14.1% less than the average price in the East Midlands (£244,000) in November for a property in West Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

The most expensive properties in the East Midlands were in Rutland – £403,000 on average, and 1.9 times the price as in West Lindsey. Rutland properties cost 2.4 times the price as homes in Bolsover (£167,000 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 November

• West Lindsey: £209,120
• The East Midlands:£243,577
• UK: £284,950

Annual change to November

• West Lindsey: -4.2%
• The East Midlands: -3%
• UK: -2.1%

Highest and lowest annual growth in the East Midlands

• North East Derbyshire: +8%
• Ashfield: -7.5%