The housing market in Lincolnshire is strong and buying levels are on the up despite Brexit uncertainties, a leading Lincolnshire estate agent has claimed.
In analysis of selling prospects in the lead up to the New Year, the company said there are three times the number of buyers registered on their system looking for a home than properties for sale – a positive outlook for vendors.
In a recent survey conducted by the RICS, 19% of Chartered Surveyors in the East Midlands have seen activity levels in buyer enquiries increase during September, the first rise since March 2016.
Mundys’ Chris Laughton said: “With recent investments in Lincoln and Lincolnshire, like the new transport hub and the continued investment in the university, we feel this is an excellent time to sell.
“We may see a slight rise in prices over the next few weeks and months due to the lack of properties for sale.”
Mark Hayward, Managing Director, National Association of Estate Agents (NAEA) said: “Following a few months of uncertainty in the market, it is more than encouraging to see things moving in the right direction”.
Steven Spivey, Partner in the commercial department, said: “Despite the uncertain economic climate, the Lincoln economy remains buoyant with demand for commercial property and small businesses being stronger than last year.
“I would definitely recommend now as being a good time to buy or sell a small business.
“Commercial transactions are slower than residential so it can take time to sell but whilst demand is strong and the cost of borrowing is cheap, now is the time!”
What’s changed according to Mundys:
• Mortgage interest rates are the lowest they have been in recent times with the base rate at 0.25%
• Rental prices continue to rise with the average rental property costing £650 to £700 pcm in September 2017
• Seasonal increase usually affects the market as buyer enquiries increase in September and October with buyers hoping to move before Christmas