A recent announcement has put Lincoln on the commuters map!
Virgin Trains has confirmed in May 2019 every day there will be 5 direct trains to London as well as 6 return trains back to Lincoln. The new virgin Azuma trains, recently unveiled by Sir Richard Branson, are set to cut journey times considerably, ensuring Lincoln will now be considered as a commutable destination for city workers seeking a life outside the big smoke.
Over the years southern and London buyers have obsessively hunted for the ‘hidden’ commuting paradise, the holy grail that ticks all the boxes; quality lifestyle, good schools and of course lots of brick for your buck, all within easy reach of the capital. Properties around Grantham and Newark valued between £300,000 and £800,000 have seen huge increases in what buyers are willing to pay for them, and now Lincoln is the next big deal when it comes to county living.
But will this change make an impression on the Lincoln property market? 2017 saw a huge 8% increase in the Lincoln average house price compared to the 2.7% national average increase. The current average house price in Lincoln stands at £171,926, but how does this stack up against other commuter hot spots?
Average house price £482,000
Commute average 61 minutes
Price per commuter minute: £7,902
Average house price £631,976
Commute average 50 minutes
Price per commuter minute: £12,640
Average house price £313,000
Commute average 26 minutes
Price per commuter minute: £12,038
Average house price £374,662
Commute average 58 minutes
Price per commuter minute: £6,460
Average house price £471,000
Commute average 23 minutes
Price per commuter minute: £20,478
Once the new service is up and running, the commuting time is anticipated to be around 1hr 25 mins. Applying the same calculation, this will put Lincoln:
Price per commuter minute: £2,022
This currently makes Lincoln considerably better value and highly attractive to buyers. With supply still remaining low, and demand now set to increase significantly, this can only push prices up and up. Mount & Minster, Lincoln’s award winning estate agents, have already seen signs of this with our London office registering significant interest from wealthier, cash buyers from the capital looking to acquire a home in Lincoln or within 20 minutes of the station.
In recent months Lincoln has been flooded with investment including £29 million bus transport and car parking hub, £35 million Siemens Global Service Operations Centre and a £1 million discover England fund to attract further American tourism.
Coupled with a new speedy commute, tourism investments and attractive property prices, Lincoln and the surrounding villages are now highly sought-after for attracting savvy property buyers. With the 2018 market now in full swing, owners looking to sell are in an excellent position to get a premium price for their property with anyone of our registered buyers from the south and London.