Lincoln’s house prices lowest in the county

Lincoln has the lowest average house prices in the region, but also a poor number of sales, according to data from the City of Lincoln Council.

In 2009, the average price of a home in Lincoln cost £131,583, whereas in Lincolnshire the average cost was £149,839, and £153,601 in the East Midlands .

However, the number of sales of houses in Lincoln has dropped significantly.

In 2007 there were 2,605 sales in Lincoln, in 2008 there were 1,132 sales but in 2009 there were only 387 sales.

Lincolnshire has seen a fall in the number of sales as well, but more of a gradual decrease than the city.

In 2007 there were 18,878 sales in the county, down to 9,847 in 2008, which then slipped to 5,419 in 2009.

The data shows most wards in Lincoln have had a drop in house prices apart from Minster and Castle wards. Park remains the ward with the lowest average price.

Sales in every ward have decreased significantly, especially in Moorland, but the ward also had the highest average price of £149,282.

The City Council report says that despite cheaper house prices Lincoln, the city is still suffering due to the poor economic climate:

“Despite house prices in Lincolnshire increasing slightly over the past year, house prices in Lincoln have continued to fall.

“In spite of lower house prices, the availability of credit for mortgages still remains a problem causing a large number of would be buyers to remain unable to secure a mortgage through mainstream lenders.”

The report predicts the future of housing in Lincoln, estimating 470 new properties were completed in 2010, and a further 620 will be in 2011/2012.

However, it is difficult to predict if the prices will increase or decrease across the country, as interest rates stay at 0.5%.

It is predicted that house prices will either stagnate or decrease across the country in the near future.

Photo: Samantha Fisher for The Lincolnite.