Average house price revealed in the Harborough district - and how it compares to other areas

House prices increased in the Harborough district in May, new figures show.

​The ​increase ​contributes to the longer-term trend, which has seen property prices in the area ​achieve 0.7% annual growth​.

The average Harborough house price in May was £293,889, Land Registry figures show​ – a 1.5% increase on April.

Over the month, the picture was ​better than that across the East Midlands, where prices ​decreased 0.7%​, and the Harborough district outperformed the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Harborough ​​rose by £2,200 – putting the ​area 34th among the East Midlands’s 40 local authorities for annual growth.

​The best annual growth in the region was in Rutland, where properties increased on average by 9%, to £325,000. ​At the other end of the scale, properties in Lincoln dropped 2.2% in value, giving an average price of £154,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Harborough in May – they increased 1.6%, to £413,796 on average. Over the last year, prices rose by 1.4%.

Among other types of property:

- Semi-detached: up 1.5% monthly; up 0.8% annually; £249,931 average

- Terraced: up 1.1% monthly; down 0.3% annually; £208,730 average

- Flats: up 1.5% monthly; down 1.7% annually; £153,507 average

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First steps on the property ladder

First-time buyers in Harborough spent an average of £​234,100 on their property – ​£1,500 more than a year ago, ​and ​£46,900 more than in May 2015.

By comparison, former owner-occupiers paid £​335,300 on average in May​ – 43.2% more than first-time buyers.

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How do property prices in Harborough compare?

Buyers paid 48.8% more than the average price in the East Midlands (£198,000) in May for a property in Harborough. Across the East Midlands, property prices are high compared to those across the UK, where the average cost £236,000.

The most expensive properties in the East Midlands were in Rutland – £325,000 on average, and 1.1 times as much as in Harborough. Rutland properties cost 2.5 times as much as homes in Bolsover (£130,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.4 million could buy 16 properties in Burnley (average £88,000).

FACTFILE

Average property price in May

- Harborough: £293,889

- The East Midlands: £197,505

UK: £235,673

Annual growth to May

- Harborough: +0.7%

- The East Midlands: +2.9%

UK: +2.9%

Best and worst annual growth in the East Midlands

- Rutland: +9.0%

- Lincoln: -2.2%