Property prices are on the rise again, after years of stagnation and reduced demand the scene is now one of stability and growth. Last year alone the average asking price in the UK increased 6.6 per cent, or the "equivalent of £67.86 a day or £9.17 an hour" , which suggests prices rose £20,000 in 2015. Across the UK as a whole, most indices reported a rise of between 5%-6%.
According to recent forecasts, prices are likely to continue to rise in 2016 and would surpass £300,000 in the near future. This could happen even if house price inflation slowed considerably this year. The scene in Lincolnshire is following national trend of increasing prices and growing demand.
Last year for example the property market in Lincolnshire experienced some of the fastest expansion in demand and prices since before The Great Recession.
So what does this mean for you? - Whether a seller, buyer, landlord or tenant the recent changes in the property market will affect you.
If, for example you are looking to sell your property in 2016, the current Lincolnshire market conditions are looking optimistic for you with demand up form last year due to a lack of supply as well as the average asking price reaching record highs. In October 2015, buyers made 37 per cent more inquiries to agents, while the number of properties coming onto the market was down five per cent compared to the same period last year. This shows that demand is increasing significantly not only in Lincolnshire, but nationwide. House prices in the market town of Stamford increased by almost twice the Lincolnshire average, and the volume of sales has increased by over 5% so overall putting your property on the market in 2016 will likely be more optimistic and see better click through rates than 2015.
If you are a buyer it is important to keep in mind that current forecasts show that we can expect 2016 to continue the trend with increases in prices and demand as consumer confidence reaches record highs courtesy of a strong economy and improved public finances.
So is this the right time to buy? Depending on your circumstances now is an opportune time of year to begin considering getting on the property ladder due to the recent changes in prices it remains true that the sooner you can get on the property ladder - the better.
What about the Rental Market?
The rental market in the UK and Linconshire shows similar trends to that of the sales market.
Higher demand and lower supply is resulting in prices increasing above inflation. We are however noticing more and more properties coming onto let in recent months, perhaps due to the surge is buy-to-let mortgages and increase in people wanting to let. So, if you are a landlord the current market conditions are positive and mean you will likely find a increase in rents across the board.
It is also a very competitive time for tenants with the click-through rates at all time highs, it is important to stay active by regularly checking the Martin and Co website or by registering your preferred property requirements with us so we can send you properties in the pipeline as soon as they come to market.
To conclude, it is clear that the recent momentum in the Lincolnshire and UK property market as a whole is very strong and will continue its current trends for 2016.
"We highly recommend that whether you are a buyer, seller, tenant or landlord that keep an eye out for the forecast increase in prices, rents and demand to allow you to decide whether now is the right time to move for you, either way we at Martin and Co in Stamford hope to help many more people find their dream home in 2016 and continue to offer a service that is tailored to you and your circumstances. Thank you for helping us make 2015 such a successful year for sales and lettings"