Lincolnshire bucks the trend as property market is thriving

Lincolnshire is bucking the national trend towards a slowdown in the housing market.

While recent statistics show a subdued picture nationally, the East Midlands region witnessed the second largest rate of house price growth in the year up to June, 2017.

A recent report from the Office of National Statistics (ONS) revealed house price growth in our region was 7.1 per cent, a mere .1 of a per cent behind the star performer, the East of England. National average was up by 4.9 per cent.

Estate agents in South Holland confirmed the picture.

Tim Downing, director at Lincolnshire-based Pygott & Crone, said: “We have seen a large increase in those coming into the region looking to relocate – 40 per cent of our sales over the last 18 months have been from commuters realising how much they can get for their money in our area.

“This has pushed up demand and property prices have reacted to this accordingly.

“Lincolnshire, in particular, really is the county of choice within the East Midlands; with the continued investment from large companies such as Siemens we’re seeing improved communications from the capital.”

A William H Brown spokesman in Spalding said: “I think the market is pretty good around here. It’s a buyers’ market now, a lot of first time buyers are trying to get on the ladder.” He said they were seeing plenty of first-time buyers and investors interested in buy to let deals.

At Hill and Clark, Lucy Spencer said: “Prices have definitely gone up.”

She said the relatively cheap standard of living drew people into the area, and there were plenty of jobs in Lincolnshire. She agreed it was a buyers’ market now.

While the summer was a good time for buyers, she expected a lull in the winter before things pick up again early in the new year.

Lincolnshire’s continued growth pattern is in direct contrast to that of much of the country.

The Royal Institute of Chartered Surveyors (RICS) said new sales instructions were decreasing. While price expectations were “marginally positive” new buyer inquiries had decreased.

The Bank of England’s summary of business conditions for the second quarter of 2017 in the housing market was “subdued in most parts of the United Kingdom as demand weakened relative to supply”.