Budget, Stamp Duty, Brexit and a changing Prime Minister… How has all this affected our local Lincolnshire property market?
Looking back over the first six months of 2016, we have seen a number of key factors that have changed attitudes and some forecasts towards the residential property market. The first quarter saw changes to stamp duty on buy to let purchases along with amendments to legislation for houses of multiple occupancy; both of which had an impact on our local property market, especially Lincoln. During the second quarter, we have had the debate on, and now conclusion of, the referendum on Europe.
I think the first key point to make to our clients is that most of the media on all of the above usually focus on London and The South which can be very misleading to us in the East Midlands. Pygott and Crone has over 25 years’ experience in the local market and with 12 offices throughout Lincolnshire we are able to access the local markets for our clients.
The second quarter of this year has seen nearly a 50% drop in investors registering to purchase buy to let properties, a factor expected following the frenzy experienced prior to the March stamp duty change. Our general applicant/buyer registration fell by 13% and the number of property viewings fell by 9%. However, our actual offers across all properties are up by 11.5% against the first quarter and the number of sales agreed increased by 17.5%.
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