Lincolnshire Property Boom: What You Should Know
In 2020, in the heat of the lockdown restrictions, Lincolnshire saw double-digit house price increases. That’s quite the property boom. In this guide, we’re looking at whether the Lincolnshire property boom is set to continue and what this might mean for you.
According to an article published by the Lincolnshire Chamber of Commerce, there was a further 10% rise in Lincolnshire house prices in 2021. This was 2% higher than the national average.
The boom refers to house prices. A lack of supply to meet demand is fuelling the county’s property boom. The Stamp Duty holiday is also partly attributed to the rise in prices.
The Central Lincolnshire Local Plan has identified a requirement for approximately 1,323 dwellings per annum between 2020 and 2044.
With the population of the county expected to increase, properties could be snapped up pretty quickly. It’s believed this growth is in part response to people choosing rural or coastal locations over urban cityscapes in the aftermath of the pandemic.
With more people working remotely, people can afford to be choosy over where they live. The Lincolnshire Wolds, the historic city of Lincoln, Stamford and the Natural Coast are all hotspots of the county that offer a quieter landscape.
What about Lincoln?
While official numbers point to a potential shortage in properties, in the city of Lincoln, there have been a number of new property developments sprouting up, including apartments on Brayford Wharf and the new family-friendly Roman Gate development on Flavian Road. More developments are also in the pipeline.
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