Drop in Lincolnshire house prices

House prices dropped slightly in Lincolnshire in the autumn.
House prices dropped slightly in Lincolnshire in the autumn.

House prices in Lincolnshire declined slightly, by 0.7 pecent, accoriding to latest figures to the end of October.

This was despite house prices seeing an overall five per cent rise in the last 12 months.

The latest data from the Office of National Statistics (ONS) shows that the average property in the area sold for £185,078 – significantly lower than the UK average of £231,095.

Across the East Midlands, property prices have risen by 4.3% in the last year, to £191,993.

The region outperformed the UK as whole, which saw the average property value increase by 2.7 per cent.

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 Lincolnshire will have seen their property jump in value by around £42,000 in the last five years.

The figures also showed that buyers who made their first step onto the property ladder in Lincolnshire in October spent an average of £154,868 – around £35,000 more than it would have cost them five years ago.

Frances Clacy, research analyst at estate agents Savills, “House prices across the UK increased by an average of 2.7 per cent in the 12 months to October 2018, according to the latest ONS house price index.

"This annual growth figure represents a slow down when compared to last month.

"We are continuing to see house price growth slow because of the uncertainty surrounding the UK’s negotiations for leaving the EU, as well as tighter lending criteria and increases to mortgage regulation which mean it’s harder for buyers to borrow against their incomes."

Between September last year and August this year, the most recent 12 months for which sales volume data is available, 13,728 homes were sold in Lincolnshire, one per cent fewer than in the previous year.