North East Lincolnshire house prices dropped slightly in December

House prices dropped slightly, by 0.4%, in North East Lincolnshire in December, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.8% annual decline.

The average North East Lincolnshire house price in December was £147,611, Land Registry figures show – a 0.4% decrease on November.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices increased 0.1%, and North East Lincolnshire was lower than the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in North East Lincolnshire fell by £7,400 – putting the area 14th among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.

The highest annual growth in the region was in Wakefield, where property prices increased on average by 2.7%, to £203,000. At the other end of the scale, properties in York lost 4.9% of their value, giving an average price of £308,000.

First steps on the property ladder

First-time buyers in North East Lincolnshire spent an average of £131,900 on their property – £6,900 less than a year ago, but £22,700 more than in December 2018.

By comparison, former owner-occupiers paid £164,200 on average in December – 24.5% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in North East Lincolnshire in December – they dropped 0.8% in price, to £109,698 on average. Over the last year, prices dropped by 6.1%.

Among other types of property:

• Detached: down 0.4% monthly; down 3.9% annually; £237,774 average
• Semi-detached: down 0% monthly; down 3.7% annually; £152,705 average
• Flats: down 0.3% monthly; down 6.7% annually; £72,885 average

How do property prices in North East Lincolnshire compare?

Buyers paid 28.9% less than the average price in Yorkshire and the Humber (£208,000) in December 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 £285,000.

The most expensive properties in Yorkshire and the Humber were in York – £308,000 on average, and 2.1 times the price as in North East Lincolnshire. York properties cost 2.3 times the price as homes in Hull (£133,000 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 December

• North East Lincolnshire: £147,611
• Yorkshire and the Humber:£207,501
• UK: £284,691

Annual change to December

• North East Lincolnshire: -4.8%
• Yorkshire and the Humber: -1.2%
• UK: -1.4%

Highest and lowest annual growth in Yorkshire and the Humber

• Wakefield: +2.7%
• York: -4.9%