House prices down again in West Lindsey

House prices have fallen again in West Lindsey
House prices have fallen again in West Lindsey

House prices dropped in West Lindsey in June, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.8 per cent annual decline .

The average West Lindsey house price in June was £167,173, Land Registry figures show – a 2.3 per cent decrease on May.

Over the month, the picture was worse than that across the East Midlands, where prices increased 1.6 per cent , and West Lindsey underperformed compared to the 0.7 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in West Lindsey remained level – putting the area 36th among the East Midlands’ 40 local authorities for annual growth.

The best annual growth in the region was in Derbyshire Dales, where properties increased on average by 8.8 per cent, to £279,000.

At the other end of the scale, properties in south Northamptonshire dropped 5.6 per cent in value, giving an average price of £303,000.

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Owners of flats fared worst in West Lindsey in June – they dropped 2.4 per cent in price, to £90,623 on average – but over the last year, prices dropped by three per cent.

Elsewhere, detached property prices were down 2.3 per cent monthly and 0.7 per cent annually to an average price of £220,146.

Semi-detached properties also dropped 2.3 per cent in value monthly and 0.6 per cent annually to an average price of £142,924, while terraced houses are down in price 2.2 per cent monthly and 1.1 per cent annually to now be an average price of £115,929.

First-time buyers in West Lindsey spent an average of £ 139,700 on their property – £1,300 less than a year ago, and £21,300 more than in June 2014.

By comparison, former owner-occupiers paid £ 186,300 on average in June – 33.4 per cent more than first-time buyers.

Buyers in West Lindsey paid 14.4 per cent less than the average price in the East Midlands (£195,000) in June for a property.