Property prices in Harborough district fell in 2023 - while most of the East Midlands saw a rise

Property prices in the Harborough district fell by 2.4 per cent in 2023.

The latest figures from the Land Registry show that the average Harborough house price in December was £361,921 – a 0.3 per cent decrease on November.

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

Over the last year, the average sale price of property in Harborough fell by £8,800 – putting the area 23rd among the East Midlands’s 35 local authorities with price data for annual growth.

The highest annual growth in the East Midlands was in Broxtowe, where property prices increased on average by 5.4 per cent, to £261,000. At the other end of the scale, properties in Lincoln lost 7.7 per cent of their value, giving an average price of £174,000.

First steps on the property ladder

First-time buyers in Harborough spent an average of £287,400 on their property – £6,100 less than a year ago, but £54,500 more than in December 2018.

By comparison, former owner-occupiers paid £413,400 on average in December – 43.9 per cent more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Harborough in December – they dropped 0.6 per cent in price, to £252,872 on average. Over the last year, prices dropped by 4.3 per cent.

Among other types of property:

• Detached: down 0.5 per cent monthly; down 2.1 per cent annually; £514,430 average
• Semi-detached: up 0.3 per cent monthly; down 1.3 per cent annually; £311,391 average
• Flats: up 0.1 per cent monthly; down 3.1 per cent annually; £172,129 average

How do property prices in Harborough compare?

Buyers paid 45.7 per cent more than the average price in the East Midlands (£248,000) in December for a property in Harborough. Across the East Midlands, property prices are lower than those across the UK, where the average cost is £285,000.

The most expensive properties in the East Midlands were in Rutland – £397,000 on average, and 10 per cent in Harborough. Rutland properties cost 2.3 times the price as homes in Lincoln (£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 December

• Harborough: £361,921
• The East Midlands: £248,390
• UK: £284,691

Annual change to December

• Harborough: -2.4 per cent
• The East Midlands: -1 per cent
• UK: -1.4 per cent

Highest and lowest annual growth in the East Midlands

• Broxtowe: +5.4 per cent
• Lincoln: -7.7 per cent