Lincoln house prices increased more than East Midlands average in December
House prices increased by 0.8% – more than the average for the East Midlands – in Lincoln in December, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 7.8% over the last year.
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Hide AdThe average Lincoln house price in December was £188,815, Land Registry figures show – a 0.8% increase on November.
Over the month, the picture was similar to that across the East Midlands, where prices increased 0.5%, and Lincoln was above the 0.4% drop for the UK as a whole.
Over the last year, the average sale price of property in Lincoln rose by £14,000 – 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 Broxtowe, where property prices increased on average by 16.5%, to £256,000. At the other end of the scale, properties in Rushcliffe gained 7.1% in value, giving an average price of £360,000.
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Hide AdThe average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.
It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.
First steps on the property ladder
First-time buyers in Lincoln spent an average of £167,000 on their property – £13,000 more than a year ago, and £38,000 more than in December 2017.
By comparison, former owner-occupiers paid £217,000 on average in December – 30.2% more than first-time buyers.