House prices falling in West Lindsey

House prices are down in West Lindsey
House prices are down in West Lindsey

House prices in West Lindsey fell by two per cent in May, despite witnessing a 0.2 per cent rise overall over the last 12 months.

The latest data from the Office of National Statistics (ONS) shows that the average property in the area sold for £167,947 – significantly lower than the UK average of £229,431.

Across the East Midlands, property prices have risen by 0.4 per cent in the last year, to £189,622.

The region under-performed compared to the UK as a whole, which saw the average property value increase by 1.2 per cent.

READ THIS: Working families in West Lindsey spending almost a third of wages on rent.

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.

The average homeowner in West Lindsey will have seen their property jump in value by around £27,000 in the last five years.

The figures also showed that buyers who made their first step onto the property ladder in West Lindsey in May spent an average of £140,636 – around £22,000 more than it would have cost them five years ago.

Lawrence Bowles, residential research analyst at estate agent Savills, said: "The average UK house price rose by 1.2 per cent in the year to May 2019, down from 1.5 per cent in the year to April.

SEE ALSO: More new homes being built in West Lindsey.

"With house prices lower relative to earnings, lower deposit requirements, and strong economic growth prospects, we would expect to see stronger growth in the north, particularly the north west, over the next few years."

Between April last year and March this year, the most recent 12 months for which sales volume data is available, 1,804 homes were sold in West Lindsey , 4.5 per cent more than in the previous year.