South Holland house prices dropped in May

House prices dropped by 3.2% in South Holland in May, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.5% annual decline.

The average South Holland house price in May was £231,065, Land Registry figures show – a 3.2% decrease on April.

Over the month, the picture was different to that across the East Midlands, where prices increased 0.3%, and South Holland was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in South Holland fell by £1,200 – putting the area 34th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Amber Valley, where property prices increased on average by 9.7%, to £234,000. At the other end of the scale, properties in West Lindsey lost 3% of their value, giving an average price of £200,000.

First steps on the property ladder

First-time buyers in South Holland spent an average of £195,020 on their property – £670 less than a year ago, but £36,050 more than in May 2018.

By comparison, former owner-occupiers paid £251,740 on average in May – 29.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in South Holland in May – they dropped 3.2% in price, to £288,193 on average. Over the last year, prices dropped by 0.7%.

Among other types of property:

How do property prices in South Holland compare?

Buyers paid 6.5% less than the average price in the East Midlands (£247,000) in May for a property in South Holland. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £286,000.

The most expensive properties in the East Midlands were in Rutland – £394,000 on average, and 1.7 times the price as in South Holland. Rutland properties cost 2.2 times the price as homes in Bolsover (£177,000 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 May

• South Holland: £231,065
• The East Midlands:£247,242
• UK: £285,861

Annual change to May

• South Holland: -0.5%
• The East Midlands: +3.4%
• UK: +1.9%

Highest and lowest annual growth in the East Midlands

• Amber Valley: +9.7%
• West Lindsey: -3%