The biggest fall in house prices since 2008 has arrived with house prices falling by 2.3% between October and November, says Halifax.
In data supplied from house seller advisor PropCast, there are predictions that Lincolnshire’s house prices are going to plummet with already having a 13.6% drop in house prices this year.
A Lincolnshire valuer fears that the worst is yet to come for Lincolnshire’s housing market, adding that the next few months will be very telling.
Ben Lafferty, a valuer at Mark Rice Estate Agents in Sleaford, said: “The housing market has been a lot quieter recently when you compare it to last year, but we are expecting next year to be worse, and we are already seeing many of the estate agencies bringing their prices down.
“However, many people are relocating from the South such as Cambridgeshire, and moving up North to Lincolnshire, as it is usually cheaper to live up here.”
“With the mini budget, inflation and the cost of living crisis spiralling out of control, it’s as though the housing market has fallen off its cliff edge,” he said.
Dale Sawyer, estate agent at Bairstow Eves in Boston, had similar views.
“We are seeing the housing market become slower, but not a massive change yet, we are still selling quite a few.
“I do believe that the combination of the cost-of-living crisis and this economic crash has definitely effected the cost of houses,” he said.
Harrison Gardiner, 27, who is a mature student at the University of Lincoln, is looking to buy a house in the city and said with the cost of living, he is rethinking his options.
“I had saved up money to buy a house in Lincoln after university, but it feels impossible now to afford it.
“Finding a house as well as being able to afford to live is something that feels very out of reach now,” he said.
The economic crisis following former Prime Minister Liz Truss’s mini budget, which reduced taxes but caused financial chaos, inflation and the cost of living crisis has caused this drop in house prices due to the soaring interest rates.