3, THE DRIVE, SKEGNESS, PE25 1RF - £165,000

Based on the August 2024 Price Paid Data (released on 27th September 2024), the July 2024 House Price Index (released on 18th September 2024), and the August 2024 Energy Performance of Buildings Data (released on 3rd October 2024). Sources

3 THE DRIVE is a very small semi-detached house of 65m², built sometime between 1950 and 1966. It was last sold for £165,000 in October 2022, which was around 41% below the average October 2022 detached price in the East Lindsey local authority area. The most recent EPC inspection was July 2016, where the current energy rating was D, and the potential energy rating was B.

3 THE DRIVE Sold Prices

Land registry data shows five sales for 3 THE DRIVE since 1^st January 1995. The below table shows the price paid for the five sales, along with the average detached price in the East Lindsey local authority area for the corresponding sale date. All of the five 3 THE DRIVE sales were for below the average price. The average price is sourced from the Office for National Statistics' House Price Index (HPI).

Date	Price	HPI Price	Variation from HPI
2022 31 OCT	£165,000	£279,885	41% below HPI
2018 24 SEP	£128,000	£222,708	43% below HPI
2017 27 OCT	£115,000	£209,258	45% below HPI
2012 7 NOV	£97,000	£157,343	38% below HPI
2003 12 DEC	£89,000	£144,620	38% below HPI

3 THE DRIVE Price Paid vs. HPI Average

The below graph shows the average detached house price in the East Lindsey local authority area over time, sourced from the HPI. The five 3 THE DRIVE sales between December 2003 and October 2022 have been plotted on the graph. A line has been extrapolated to show what the value of the property might have been over time, following each sale, had it maintained the same margin above or below the HPI (as a percentage). For example, the September 2018 sale was for 43% below the HPI. So the extrapolation line tracks at 43% below the HPI over time, until the October 2022 sale, where it rises to 41% below the HPI. The line then continues to track at 41% below the HPI.

How Large is 3 THE DRIVE?

3 THE DRIVE is 65m² according to the EPC inspection conducted in July 2016. This puts it in the smallest 20% of detached houses in Skegness, based on EPC data. The below chart shows the distribution of detached houses by size in Skegness, and where 3 THE DRIVE lies on this distribution: 12% of detached houses are smaller than 3 THE DRIVE, and 87% of houses are larger. Note that EPC data is not available for all properties in Skegness.

3 THE DRIVE: Plot and Title Map

3 THE DRIVE sits on a plot of roughly 0.048 of an acre, or 194m². The below map shows the location of 3 THE DRIVE, an approximate outline of the building(s), and the indicative extent of the property. The plot extent is a Land Registry INSPIRE Index Polygon, and it is important to note that a title may include more than one polygon, whereas only one polygon is shown on the map (the polygon which intersects with the position of 3 THE DRIVE). The full extent of the land contained in any registered title can only be identified from the individual title plan. The maps on this page should not be relied upon to establish the extent of a title.

Where is 3 THE DRIVE?

3 THE DRIVE is located in SKEGNESS, in the PE25 postcode district. The below map shows the position of No. 3 on THE DRIVE.