With the last 12 months seeing significant house price growth in Lincoln and the surrounding villages, with some enjoying a significant lift of 12.89% (UK average 9.24%), those seeking to move in 2022 may well be wondering what they can expect in the coming year.
With new Omicron restrictions and the potential for further more in the New Year, nothing is predictable in the current climate, however there are definitely some positive forecasts for the UK property sector that look very plausible. As we entered 2021 we were subject to far more onerous and severe lockdown restrictions, yet the rate of growth in the following months were unprecedented and the country’s housing market remained remarkably resilient.
Mount & Minster estate agents anticipate that the local Lincoln property market will continue to grow in 2022, with price increases of around 3% over the next 12 months. Some of this will be as a result of a growing gap between demand from proceedable buyers and the stock available. However, with the uncertainty associated with Omicron and possible announcements from the Government applicable to the New Year, there will undoubtedly be an initial slump in the first few weeks of 2022 until 'normality' is restored, or at least increased transparency. Then, with pent-up demand and a bottle-neck of listings waiting to go live, this will alleviate quite suddenly and prove to be the catalyst for a huge surge in activity.
This isn't necessarily a good thing. With a delay in listings later in the year, sellers who jump on the band wagon too late will be up against a lot more competition from other sellers, with buyers enjoying more choice and alternatives to what's being offered. Whereas, getting on the market early, before the surge, will mean sellers can enjoy a similar market to what we've witnessed throughout the previous 12 months, with properties selling quickly and for a premium due to far fewer options or alternatives available to the long list of buyers looking locally in and around Lincoln.