House prices falling in West Lindsey

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

House prices in West Lindsey decreased by two per cent in December, contributing to an overall 1.8 per cent fall across the last 12 months.

The latest data from the Office of National Statistics shows that the average property in the area sold for £164,333 – significantly lower than the UK average of £230,776.

However, the average homeowner in West Lindsey will have seen their property jump in value by around £23,000 in the last five years.

The figures also showed that buyers who made their first step onto the property ladder in West Lindsey in December spent an average of £137,309 – around £19,000 more than it would have cost them five years ago.

Between November 2017 and October last year, the most recent 12 months for which sales volume data is available, 1,672 homes were sold in West Lindsey - five per cent fewer than in the previous year.

Across the East Midlands, property prices have risen by 4.2 per cent in the last year, to £192,748 on average.

The region outperformed the UK as a whole, which saw the average property value increase by 2.5 per cent.