One in four homes in the UK found a buyer in less than a week during March, the highest rate ever recorded by Rightmove.
In Lincolnshire and the East Midlands, the average price for a home now stands at £209,297, after an annual increase of 7.6%, according to the UK House Price Index.
However, that hasn’t put people off buying, as HM Land Registry reported that over 280,000 properties were sold in Lincolnshire in the last year.
Also, buyers are looking to capitalise on stamp duty savings, after the government extended the holiday to June 30, with a threshold of £500,000.
Mark Nicholson, estate agent and owner of Nicholson’s in the East Midlands, says the surge in prices can be attributed to a range of factors.
“There is a number of reasons why people have gotten that desire and itch to move house.
“During the lockdown lots of people realised reasons why they wanted to move house. So, some were because of the travel restrictions and they wanted to be closer to family, others realised they wanted to upsize or downsize.
“When we were released from the first lockdown, there was a surge in activity and what you got was multiple buyers competing for each properties, which has resulted in the increase of value.”
Siobhan Gibbings is a first-time buyer in Lincoln who has been planning to move house with her boyfriend since 2020.
The gym instructor says she began looking at properties around March last year, and has found it stressful after realising the increase in houses and the type of property she wants weren’t available.
“It’s just a long process and finding something that suits what we want as a couple, like having a nice drive and garden is hard to find at the moment.
“I remember looking on places like Rightmove a couple of years and realise now how some of the houses around our area have increased, but at the same time many of them have become more desirable.”
Miss Gibbings still believes that she will move house this year, after “saving money and planning for so long”.
“We are still hopeful we will find our house this year, but the market is so far and few that it is turning into a waiting game.”
Prices of properties are still expected to rise, as Rightmove has predicted a 4% increase by the end of 2021, making house in Lincolnshire around £220,000.
To find out more about the changing property market, visit the Office for National Statistics website.
