Lincoln house prices dropped in December

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped by 1.1% in Lincoln in December, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 7.7% annual decline – the worst in the East Midlands.

The average Lincoln house price in December was £173,939, Land Registry figures show – a 1.1% decrease on November.

Over the month, the picture was different to that across the East Midlands, where prices increased 1.6%, and Lincoln was lower than the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Lincoln fell by £15,000 – 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 Broxtowe, where property prices increased on average by 5.4%, to £261,000.

First steps on the property ladder

First-time buyers in Lincoln spent an average of £154,000 on their property – £13,000 less than a year ago, but £19,000 more than in December 2018.

By comparison, former owner-occupiers paid £200,000 on average in December – 30.5% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Lincoln in December – they dropped 1.4% in price, to £144,525 on average. Over the last year, prices dropped by 8.6%.

Among other types of property:

Detached: down 1.1% monthly; down 7.2% annually; £282,489 average
Semi-detached: down 0.6% monthly; down 6.6% annually; £192,295 average
Flats: down 0.9% monthly; down 8.3% annually; £106,550 average

How do property prices in Lincoln compare?

Buyers paid less for properties in Lincoln than anywhere else in the East Midlands in December. The average price paid in Rutland (£397,000), at the other end of the scale, would buy 2.3 homes in Lincoln.

The highest property prices across the UK were in Kensington and Chelsea.

Across the East Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

Factfile

Average property price in December

Lincoln: £173,939
The East Midlands:£248,390
UK: £284,691

Annual change to December

Lincoln: -7.7%
The East Midlands: -1%
UK: -1.4%

Highest and lowest annual growth in the East Midlands

Broxtowe: +5.4%
Lincoln: -7.7%