House prices in Grantham increased more than East Midlands average in April. They rose by 1% in South Kesteven in April, latest data from the Land Registry shows.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 6% over the last year.
The average South Kesteven house price in April was £275,107– 1% more than in March.
Over the month, the picture was different to that across the East Midlands, where prices increased 0.3%, and South Kesteven was above the 0.5% rise for the UK as a whole.
Over the last year, the average sale price of property in South Kesteven rose by £16,000 – putting the area 15th in the East Midlands’s 35 local authorities with price data for annual growth.
First-time buyers in South Kesteven spent an average of £226,000 on their property – £12,000 more than a year ago, and £49,000 more than in April 2018.
By comparison, former owner-occupiers paid £307,000 on average in April – 35.9% more than first-time buyers.
Owners of flats saw the biggest rise in property prices in South Kesteven in April – they increased 1.3%, to £126,320 on average. Over the last year, prices rose by 3.7%.
Other data…
- Detached: up 1.1% monthly; up 6.4% annually; £392,950 average
- Semi-detached: up 1% monthly; up 6.2% annually; £250,380 average
- Terraced: up 0.7% monthly; up 5.3% annually; £198,616 average
- How do property prices in South Kesteven compare?
- Buyers paid 11.1% more than the average price in the East Midlands (£248,000) in April for a property in South Kesteven. Across the East Midlands, property prices are lower than those across the UK, where the average cost £286,000.
The most expensive properties in the East Midlands were in Rutland – £380,000 on average, and 1.4 times the price as in South Kesteven. Rutland properties cost 2.1 times the price as homes in Mansfield (£179,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
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