We bring you the latest trends in the UK’s housing market, with a detailed focus on Lincolnshire.
UK house price growth softened in April, the average price of a property rising by 3.9% in the year to April, down from 4.2% in the year to March. Growth remains strongest across Scotland, the West Midlands and South West.
Local Market Round Up
Over the last 12 full months there have been 15,613 sales in Lincolnshire. This is a 5% change on the previous 12 month period. The average sales price was £156,109. 5% of sales in the past 12 months were flats, achieving an average sales price of £93,966 . Houses achieved an average price of £160,184. The total value of sales was £2,702,696,469. The highest value recorded by the Land Registry over the past 12 months was £500,000 for a flat and£1,150,000 for a house.
Economy
Interest rates remain at 0.5% but an August rate rise looks more likely than previously thought. The ninemember MPC panel was split 6-3 on the decision while government borrowing figures fell more than expected in May. This has boosted hopes among some economists that the economy is gaining momentum.
Transactions
Sales volumes remain muted. Provisional estimates from the HMRC indicate there were 99,590 residential transactions during May, down slightly on a year ago and the sixth consecutive month that transaction volumes have languished below the 100,000 level.
Demand
Gross mortgage lending reached £22.4 billion in May up 6.2% on a year ago according to the Bank of England. Approvals for new house purchases were at their highest level since January, but remain subdued, down 2.1% compared to a year ago. The rise in lending is driven by robust remortgage activity, up 16% year on year.
Investment
Average private rents across Great Britain rose by 1.0% in the 12 months to May 2018, unchanged from April according to the ONS private rental index. Rental values fell by -0.2% across London, the first time prices have fallen over the year since September 2010. Over the last 12 months, the average rent achieved for properties let in Lincolnshire was £547 per month. This is a +3% change on the previous 12 month period. 48% of tenants are aged between 18 and 29.
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