North Kesteven house prices dropped more than East Midlands average in September

House prices dropped by 1.9% – more than the average for the East Midlands – in North Kesteven in September, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.3% annual decline – the worst in the East Midlands.

The average North Kesteven house price in September was £260,425, Land Registry figures show – a 1.9% decrease on August.

Over the month, the picture was different to that across the East Midlands, where prices decreased 0.6%, and North Kesteven was lower than the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in North Kesteven fell by £12,000 – putting the area bottom among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in North East Derbyshire, where property prices increased on average by 7.4%, to £257,000.

First steps on the property ladder

First-time buyers in North Kesteven spent an average of £221,000 on their property – £9,600 less than a year ago, but £43,500 more than in September 2018.

By comparison, former owner-occupiers paid £283,200 on average in September – 28.2% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in North Kesteven in September – they dropped 2.5% in price, to £111,023 on average. Over the last year, prices dropped by 5.7%.

Among other types of property:

• Detached: down 1.8% monthly; down 4.1% annually; £318,484 average
• Semi-detached: down 1.9% monthly; down 4.3% annually; £215,217 average
• Terraced: down 2.1% monthly; down 5% annually; £175,669 average

How do property prices in North Kesteven compare?

Buyers paid 3.7% more than the average price in the East Midlands (£251,000) in September for a property in North Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £291,000.

The most expensive properties in the East Midlands were in Rutland – £403,000 on average, and 1.5 times the price as in North Kesteven. Rutland properties cost 2.3 times the price as homes in Bolsover (£175,000 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 September

• North Kesteven: £260,425
• The East Midlands:£251,068
• UK: £291,385

Annual change to September

• North Kesteven: -4.3%
• The East Midlands: +0.4%
• UK: -0.1%

Highest and lowest annual growth in the East Midlands

• North East Derbyshire: +7.4%
• North Kesteven: -4.3%