Lincoln house prices increased more than East Midlands average in April
House prices increased by 1.7% – more than the average for the East Midlands – in Lincoln in April, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.6% over the last year.
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Hide AdThe average Lincoln house price in April was £183,678, Land Registry figures show – a 1.7% increase on March.
Over the month, the picture was different to that across the East Midlands, where prices increased 0.3%, and Lincoln was above the 0.5% rise for the UK as a whole.
Over the last year, the average sale price of property in Lincoln rose by £2,900 – 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 Melton, where property prices increased on average by 13.3%, to £316,000. At the other end of the scale, properties in West Lindsey lost 0.1% of their value, giving an average price of £208,000.
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Hide AdFirst steps on the property ladder
First-time buyers in Lincoln spent an average of £161,900 on their property – £2,300 more than a year ago, and £28,900 more than in April 2018.
By comparison, former owner-occupiers paid £212,100 on average in April – 31.1% more than first-time buyers.
Property types
Owners of flats saw the biggest rise in property prices in Lincoln in April – they increased 2%, to £113,491 on average. Over the last year, prices rose by 0.5%.
Among other types of property:
- Detached: up 1.7% monthly; up 1.8% annually; £299,702 average
- Semi-detached: up 1.9% monthly; up 2.2% annually; £201,818 average
- Terraced: up 1.4% monthly; up 1.1% annually; £152,325 average
How do property prices in Lincoln compare?
Buyers paid 25.8% less than the average price in the East Midlands (£248,000) in April for a property in Lincoln. Across the East Midlands, property prices are lower than those across the UK, where the average cost £286,000.
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Hide AdThe most expensive properties in the East Midlands were in Rutland – £380,000 on average, and 2.1 times the price as in Lincoln. Rutland properties cost 2.1 times the price as homes in Mansfield (£179,000 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 April
- Lincoln: £183,678
- The East Midlands:£247,634
- UK: £286,489
Annual growth to April
- Lincoln: +1.6%
- The East Midlands: +4.6%
- UK: +3.5%
Highest and lowest annual growth in the East Midlands
- Melton: +13.3%
- West Lindsey: -0.1%