North Kesteven house prices increased in November

House prices increased by 1.7% in North Kesteven in November, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 5% annual decline.

The average North Kesteven house price in November was £262,596, Land Registry figures show – a 1.7% increase on October.

Over the month, the picture was different to that across the East Midlands, where prices decreased 0.8%, and North Kesteven was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in North Kesteven fell by £14,000 – putting the area 32nd 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 North Kesteven spent an average of £223,000 on their property – £11,000 less than a year ago, but £43,000 more than in November 2018.

By comparison, former owner-occupiers paid £285,000 on average in November – 27.9% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in North Kesteven in November – they increased 2.6%, to £112,378 on average. Over the last year, prices dropped by 5.7%.

Among other types of property:

• Detached: up 1.7% monthly; down 5% annually; £320,861 average
• Semi-detached: up 1.6% monthly; down 4.7% annually; £217,607 average
• Terraced: up 1.4% monthly; down 5.7% annually; £176,702 average

How do property prices in North Kesteven compare?

Buyers paid 7.8% more than the average price in the East Midlands (£244,000) in November for a property in North Kesteven. 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 1.5 times the price as in North Kesteven. 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

• North Kesteven: £262,596
• The East Midlands:£243,577
• UK: £284,950

Annual change to November

• North Kesteven: -5%
• The East Midlands: -3%
• UK: -2.1%

Highest and lowest annual growth in the East Midlands

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