North East Lincolnshire house prices dropped in July

House prices dropped by 1.3% in North East Lincolnshire in July, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.4% annual decline – the worst in Yorkshire and the Humber.

The average North East Lincolnshire house price in July was £150,366, Land Registry figures show – a 1.3% decrease on June.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices increased 1.5%, and North East Lincolnshire was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in North East Lincolnshire fell by £3,700 – putting the area bottom among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.

The highest annual growth in the region was in Calderdale, where property prices increased on average by 7.8%, to £188,000.

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £134,100 on their property – £3,700 less than a year ago, but £24,600 more than in July 2018.

By comparison, former owner-occupiers paid £167,500 on average in July – 24.9% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in North East Lincolnshire in July – they dropped 1.8% in price, to £74,908 on average. Over the last year, prices dropped by 4.1%.

Among other types of property:

• Detached: down 1.4% monthly; down 1.2% annually; £242,581 average
• Semi-detached: down 1.4% monthly; down 2.1% annually; £154,425 average
• Terraced: down 1.2% monthly; down 3.3% annually; £112,191 average

How do property prices in North East Lincolnshire compare?

Buyers paid 29.3% less than the average price in Yorkshire and the Humber (£213,000) in July for a property in North East Lincolnshire. Across Yorkshire and the Humber, property prices are low compared to those across the UK, where the average cost is £290,000.

The most expensive properties in Yorkshire and the Humber were in York – £325,000 on average, and 2.2 times the price as in North East Lincolnshire. York properties cost 2.3 times the price as homes in Hull (£139,000 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 July

• North East Lincolnshire: £150,366
• Yorkshire and the Humber:£212,730
• UK: £289,824

Annual change to July

• North East Lincolnshire: -2.4%
• Yorkshire and the Humber: +2.5%
• UK: +0.6%

Highest and lowest annual growth in Yorkshire and the Humber

• Calderdale: +7.8%
• North East Lincolnshire: -2.4%