Find out if your neighbourhood is booming or seeing prices plummet!

New data from online estate agent Purplebricks has revealed which areas in Lincolnshire are experiencing soaring house prices – and which are seeing values tumble.

Overall, the average house price in Lincolnshire has risen by a healthy 2% compared to this time last year. However, while detached, semi-detached, and terraced houses all saw increases, the average price of flats dipped slightly by 0.2%.

South Kesteven Races Ahead with Biggest Price Surge

The South Kesteven region, popular with commuters and home to towns such as Stamford, Grantham, Bourne, and Market Deeping, experienced the most impressive growth. House prices here shot up by an impressive 4.8%, pushing the average property price to £273,969.

Semi-detached houses in South Kesteven were the star performers, enjoying a 6.1% increase in value, followed closely by terraced houses at 5.3%.

East Lindsey Enjoys Strong Growth Across the Board

East Lindsey also witnessed a significant jump in property values, with an average increase of 3.9% since July 2023. Detached homes saw a respectable 3.1% rise, while semi-detached properties surged by 5.6%. Terraced houses and flats also enjoyed healthy increases of 4.6% and 2.1% respectively.

Lincoln and North Kesteven See Steady Growth

The City of Lincoln saw a respectable 2.2% rise in average house prices. Meanwhile, North Kesteven experienced a slightly higher increase of 2.7%.

In Boston, where the average house price is a more affordable £190,821, homeowners saw a 1.3% increase.

South Holland Suffers a Dip

However, it’s not all rosy in the Lincolnshire property market. South Holland stands out as the only district to experience a decline, with house prices dropping by 3.5% over the past year. This brings the average property price in the area down to £219,945.

Detached homes in South Holland took the biggest hit, experiencing a 4.4% drop in value. Flats also struggled, with prices down by 7.4%.

Experts Weigh In

Jason Treadwell, managing director at estate agency Newton Fallowell, which operates across the region, offered some insights into the data. He pointed out a significant gap between asking prices and actual selling prices.

“Properties will sell anywhere from five to six percent below the asking price to a 16% reduction,” he revealed.

He believes sellers are adapting to the shifting market: “Sellers are starting to acclimatise to pricing their homes with a more sensible asking price.”

Treadwell suggests that realistically priced homes are still attracting buyers. “If you reduce it down to a more affordable price, people are prepared to offer slightly higher. If you price something correctly, it will sell – the housing market is no different.”

Cost of Living Crisis Bites in South Holland

When it comes to South Holland’s struggles, Treadwell points to the impact of the cost of living crisis.

“People were very used to having a good level of disposable income, but with the cost of everything across the board, it’s reduced. Mortgage lenders have become less flexible,” he explained.

He highlights that South Holland’s economy, with its higher proportion of “mainstream workers”, is particularly vulnerable.

“South Holland has a lot more mainstream workers, and employers aren’t able to increase salary rates. The cost of living has increased far higher than salaries.”