West Lindsey house prices increased more than East Midlands average in January
House prices increased by 2.9% – more than the average for the East Midlands – in West Lindsey in January, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12% annual growth.
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Hide AdThe average West Lindsey house price in January was £202,665, Land Registry figures show – a 2.9% increase on December.
Over the month, the picture was better than that across the East Midlands, where prices increased 1.8%, and West Lindsey outperformed the 0.4% rise for the UK as a whole.
Over the last year, the average sale price of property in West Lindsey rose by £22,000 – putting the area 16th among the East Midlands’s 35 local authorities with price data for annual growth.
The best annual growth in the region was in South Derbyshire, where property prices increased on average by 16.5%, to £242,000. At the other end of the scale, properties in Derbyshire Dales gained just 3.7% in value, giving an average price of £310,000.
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Hide AdWinners and Losers
Owners of flats saw the biggest improvement in property prices in West Lindsey in January – they increased 3.1%, to £100,552 on average. Over the last year, prices rose by 6.2%.
Among other types of property:
Detached: up 2.7% monthly; up 12.8% annually; £270,262 averageSemi-detached: up 3.1% monthly; up 12.1% annually; £172,463 averageTerraced: up 3% monthly; up 10.4% annually; £138,386 average
First steps on the property ladder
First-time buyers in West Lindsey spent an average of £168,000 on their property – £18,000 more than a year ago, and £40,000 more than in January 2017.
By comparison, former owner-occupiers paid £227,000 on average in January – 34.7% more than first-time buyers.
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Hide AdHow do property prices in West Lindsey compare?
Buyers paid 13.9% less than the average price in the East Midlands (£236,000) in January for a property in West Lindsey. Across the East Midlands, property prices are lower than those across the UK, where the average cost £274,000.
The most expensive properties in the East Midlands were in Harborough – £352,000 on average, and 1.7 times as much as more than in West Lindsey. Harborough properties cost 2.2 times as much as homes in Bolsover (£158,000 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 January
West Lindsey: £202,665The East Midlands:£235,503UK: £273,762
Annual growth to January
West Lindsey: +12%The East Midlands: +11.6%UK: +9.6%
Best and worst annual growth in the East Midlands
South Derbyshire: +16.5%Derbyshire Dales: +3.7%