Boston house prices dropped more than East Midlands average in July

House prices dropped by 3.8% – more than the average for the East Midlands – in Boston in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.4% over the last year.

The average Boston house price in July was £192,843, Land Registry figures show – a 3.8% decrease on June.

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

Over the last year, the average sale price of property in Boston rose by £760 – putting the area 29th among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Rutland, where property prices increased on average by 15.1%, to £436,000. At the other end of the scale, properties in South Holland lost 3.4% of their value, giving an average price of £230,000.

First steps on the property ladder

First-time buyers in Boston spent an average of £165,890 on their property – £400 more than a year ago, and £35,570 more than in July 2018.

By comparison, former owner-occupiers paid £214,520 on average in July – 29.3% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Boston in July – they dropped 4.3% in price, to £91,274 on average. Over the last year, prices dropped by 1.8%.

Among other types of property:

• Detached: down 3.7% monthly; up 0.7% annually; £266,857 average
• Semi-detached: down 3.8% monthly; up 0.5% annually; £166,096 average
• Terraced: down 3.7% monthly; down 0.8% annually; £131,839 average

How do property prices in Boston compare?

Buyers paid 22.7% less than the average price in the East Midlands (£249,000) in July for a property in Boston. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £290,000.

The most expensive properties in the East Midlands were in Rutland – £436,000 on average, and 2.3 times the price as in Boston. Rutland properties cost 2.5 times the price as homes in Bolsover (£174,000 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

• Boston: £192,843
• The East Midlands:£249,484
• UK: £289,824

Annual growth to July

• Boston: +0.4%
• The East Midlands: +1.9%
• UK: +0.6%

Highest and lowest annual growth in the East Midlands

• Rutland: +15.1%
• South Holland: -3.4%