In my 25 years at Pygott & Crone I have seen a lot of changes across the Lincolnshire property market
It’s been a year of considerable ups and downs for all industries and we’re still charting the impact of Brexit and the announcements made during the Autumn Statement. If there’s one thing I’ve learnt after 25 years at Pygott & Crone, it’s that life in the property market is never dull.
Lincolnshire remains a fantastic location when it comes to growth and investment in property. While the government works to realise plans for a £2 billion loan to build 15,000 homes on public sector land, we’re already working toward that potential in Lincolnshire, particularly in Gainsborough. The council continues to drive inward investment in differentiated housing which is crucial for first and second time buyers.
Recently, we’ve seen Cleethorpes and Grimsby become real hot spots with more that £5.5 million worth of sales across our branches in one month alone.
If property comes to market accurately priced and well presented, whilst being marketed to the widest possible audience with great mortgage rates, prices achieved and sales will remain consistently strong.
One reason for this is that, unlike many other locations, we still offer properties for under £100,000 with mortgage rates also remaining affordable. We haven’t seen Brexit or any other changes greatly impact this of yet and thankfully Lincolnshire will never have the same steep peaks and troughs as London when it comes to property value.
Market and transaction levels may slow, but we share the view of many experts that positive growth of these values will continue over the next five years. If property comes to market accurately priced and well presented, whilst being marketed to the widest possible audience with great mortgage rates, prices achieved and sales will remain consistently strong.
The Autumn Statement held good news in terms of the £542 million that will be shared with Local Enterprise Partnerships in the Midlands and East of England. Lincolnshire is full of affordable land this isn’t currently being taken advantage of. However, I can see this changing thanks to a planned boost in tourism and increased trains from Lincoln to London.
It won’t all be easy going of course. Some uncertainty in the market is likely; I suspect this will come from the expected tax changes and see landlords taxed on rental income, rather than rental profit.
All of these market changes and predictions are shaping our plans for the next 25 years. Our priority during the recession was keeping all of our branches and this proved to be the right move. It meant that our presence in Lincolnshire has remained strong and we currently enjoy a 35% market share. Our branches are and will always be crucial to our success and the familiarity that locals have with our brand and what we offer.
The Lincolnshire property market remains very affordable with an average price of £130,000 compared to the national £280,000, which is much more achievable for first time buyers to generate a deposit
This all ties into the high level of value we attribute to our role as a Lincolnshire employer. Our expansion continues with our recent 13th opening in Holbeach and a customer services centre; meaning we’ve recruited around 30 new employees over a six month period to take us to around 140 team members in total.
We also have a London office to champion the region to a wider audience. We need to proactively encourage investment coming up from the south and other parts of the county Otherwise, builders will not consider the county and companies won’t open up businesses and create jobs here.
Competing on a national and regional scale is important to us and replicates the work that Lincolnshire is doing to rightfully gain attention from investors and businesses across the UK. We were recently named the UK’s best medium-sized agency at The Times and Sunday Times Estate Agency of the Year Awards. We’ve come a long way in the last 25 years, and we’re determined to keep up this pressure on London agencies.
Ultimately, the success of Pygott & Crone has been driven by the unique strengths of the Lincolnshire property market. It remains very affordable with an average price of £130,000 compared to the national £280,000, which is much more achievable for first time buyers to generate a deposit. We need to continue maximising these strengths to ensure that affordable housing and amenities continue to be available to local people.
To sign off for the year, I’ll leave you with some interesting statistics we have collated here at Pygott & Crone.
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