South Kesteven house prices increased slightly in June

House prices increased slightly, by 0.1%, in South Kesteven in June, new figures show.

The rise maintains the longer-term trend, which has seen property prices in the area remain level.

The average South Kesteven house price in June was £263,803, Land Registry figures show – a 0.1% increase on May.

Over the month, the picture was different to that across the East Midlands, where prices increased 1.3%, and South Kesteven was lower than the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in South Kesteven rose by £12 – putting the area 31st 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 11%, to £407,000. At the other end of the scale, properties in South Holland lost 2.2% of their value, giving an average price of £232,000.

First steps on the property ladder

First-time buyers in South Kesteven spent an average of £217,380 on their property – £200 less than a year ago, but £41,070 more than in June 2018.

By comparison, former owner-occupiers paid £294,400 on average in June – 35.4% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in South Kesteven in June – they increased 0.4%, to £191,196 on average. Over the last year, prices dropped by 0.8%.

Among other types of property:

• Detached: down 0.1% monthly; up 0.3% annually; £375,202 average
• Semi-detached: up 0.2% monthly; up 0.3% annually; £240,513 average
• Flats: up 0.4% monthly; down 1.3% annually; £121,636 average

How do property prices in South Kesteven compare?

Buyers paid 6.1% more than the average price in the East Midlands (£249,000) in June for a property in South Kesteven. 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 – £407,000 on average, and 1.5 times the price as in South Kesteven. Rutland properties cost 2.3 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, with an average price of £1.3 million.

Factfile

Average property price in June

• South Kesteven: £263,803
• The East Midlands:£248,678
• UK: £287,546

Annual growth to June

• South Kesteven: 0%
• The East Midlands: +2.4%
• UK: +1.7%

Highest and lowest annual growth in the East Midlands

• Rutland: +11%
• South Holland: -2.2%