The Lincolnshire housing market continues to defy expectations with the combined number of house sales agreed in Stamford and Lincoln increasing by a staggering 196 percent during the first three months of this year compared to the same period last year, agents have said.
However, according to new research from Savills, new instructions in the first quarter of 2021 were down six percent at a regional level across the East Midlands, compared to the same period last year, underlining what has been labelled ‘prime conditions for sellers’ with demand far exceeding supply.
The number of buyers registering with Savills in both Stamford and Lincoln has risen by 103 percent during the first three months of this year compared to the same period last year, with a 73 percent annual increase in multiple offers received for properties which have either been sold or sales have been agreed on, during the last 12 months.
This, and the growing emphasis placed on locality to open space, family and local amenities, was the message from local and national property experts, who presented analysis of the Lincoln and Stamford housing markets to local buyers and sellers at a recent online event.
Driven by changing buyer needs as a result of Covid-19, there was a 61 percent increase in sales agreed between June 2020 and April 2021 in Lincolnshire compared to June 2019 and April 2020.
This figure is higher than those for the same period in the likes of Nottinghamshire (43 percent), Derbyshire (47 percent), Peterborough (46 percent) and Rutland (48 percent). Savills’ Lincoln and Stamford offices recorded a 54 percent increase in buyers from London during the last 12 months.
According to the Nationwide house price index, prime values in Lincoln and Stamford increased annually by 4.7 percent and 3.8 percent during the first three months of this year, respectively.
However, despite the strong growth, prime values across the Midlands are 4.3 percent below the peak of the market in 2007 demonstrating not only the capacity for further growth but also the value for money on offer, particularly when property size is considered.
Rupert Fisher, head of residential sales for Savills in Lincoln, adds: “We term a ‘bull market’ one where there are two buyers for every house on the market but there have been times this year where there have been as many as eight for every available property.
"It is the perfect storm as far as property goes, with a combination of record low interest rates, a stamp duty holiday, a shift in buyer attitude as result of Covid-19 and we are now entering the most favourable season of the year.
"Added to this is the amazing value for money that the Lincolnshire housing market offers, which is certainly being recognised across the country with many buyers outside of the local area registering their interest in moving to Lincolnshire.”