With the General Election upon us, we are seeing little effect on the property market at Starkey&Brown in Lincoln and Scunthorpe.
A previous article covered the political ramifications of the ballot box but in this editorial, we thought we’d hold a property magnifying glass up to our two towns and answer why now is a good time to sell.
Traditionally, Easter is a busy time in estate agency and we’ve found the same across Lincolnshire.
Our properties for sale are being snapped up at close to asking price – we achieve 98% of the price, which means when we give your Scunthorpe or Lincoln property a valuation, it’s accurate.
Unlike many of the online agents, you don’t pay a penny upfront which means we work harder to sell your property for as high a price as possible and see offers through to exchange and completion.
So why is May such a good time to sell?
Here’s five reasons:
- PROPERTY REMAINS IN SHORT SUPPLY – A national statistic that was floated around some time ago is that there are 11 buyers, on average across the UK, chasing each property for sale. Obviously there are regional variations, but we would say Lincolnshire is buoyant. More often than not, when a property comes to the market we have good quality buyers waiting and arrange viewings immediately.
- PROPERTIES ARE SELLING QUICKLY – Across our two offices, we have around 110 properties sold subject to contract. Many of these went under offer quickly. In April alone, we managed to sell seven properties before they even hit the internet!
- UNIVERSITY – Lincoln University is expanding and with it is growing demand for properties as part of landlord investment portfolios. With students up and down the country revising for A levels and considering university, this has a knock-on effect in cities like ours, for both properties for sale and to let.
- THE SEASON – With mercury rising, longer days and the garden being ventured into, people often look at upsizing or downsizing in spring. It’s no coincidence that April and May are two of our busiest times of the year.
- INTEREST RATES – These remain at historic lows, meaning the cost of borrowing for mortgages is much more affordable. What we’re finding too, in conversations with home sellers and home buyers, is that many are paying off capital on mortgages over a shorter period than 25 or 30 years leaving a bigger pot of equity to move on with. With this going towards a deposit and move, the housing market in Lincoln and Scunthorpe is performing well.
If you’d like a professional valuation of your property in and around Lincoln or Scunthorpe, please contact Starkey&Brown today.