Patrick White

Plans to help promote business growth could see Lincolnshire create 6,000 jobs and £4 million in additional business rates by 2015.

The business plans have been proposed by the Greater Lincolnshire Local Enterprise Partnership, following the arrival of two new members.

Formed at the end of 2010, the Greater Lincolnshire LEP is a partnership of private and public sector organisations working together to promote economic growth.

The partnership has recently submitted a bid to the Government for the creation of a South Humber Bank Gateway Enterprise Zone.

Other proposals will see developments at Cadwell Park racing track, near Louth, a National Centre for Agronomy, and an International Food Centre in Spalding, according to The Lincolnshire Echo.

The Government has received 29 bids for enterprise zones from around the country of which up to 10 will be approved.

Chairman of the Greater Lincolnshire Enterprise Partnership Ursula Lidbetter, said: “It’s great news that we’ve achieved a successful bid for government funding at this early stage, and this £165,000 will help us start to put our ideas into action.

“We’ll be using the money to fund consultations with businesses, research our key industries and develop our policies for boosting the local economy.

“This will put us in a strong position to support our local businesses and work on the issues that matter to them,” Lidbetter added.

The announcement follows the recent news that North and North East Lincolnshire councils have joined the partnership.

An LEP spokesperson said: “Our goal is to create prosperity through growth.

“The enterprise zone will benefit from simplified planning rules, super-fast broadband and business tax breaks, helping attract new companies to the county.

“There’s going to be tough competition from other LEPs, but we’re confident our plans will meet the Government’s aims of delivering growth and jobs, while also providing excellent value for money.”

Source: Lincolnshire County Council | Photo: S Falkow | Related Report: Lincolnshire Echo

The average house price in Lincoln rose by £3,498 in the last three months, according to a report from property website Zoopla.

Although Lincoln has seen a 2.3% rise, house prices in the area are currently £10,361 cheaper than they were four years ago. The average asking price for a house in Lincoln is now £177,577.

Nationally, Lincoln is £51,423 below the UK average and £237,423 below that of London. Other neighboring city averages were different, with £170,405 in Nottingham, £157,511 in Birmingham and £140,895 in Scunthorpe.

There are currently 1,066 Lincoln houses on the market and, according to a national heat map, Lincoln is relatively cold compared with nearby areas such as Nottingham and Sheffield.

Nationwide have found that national house prices have increased by 0.2% in July and that the price of a typical home in July is 0.4% lower than one year ago.

Robert Gardner, Nationwide’s Chief Economist, said: “Stability has been the watchword for the UK housing market over the past 12 months.

“Sluggish demand for homes, combined with only a gradual rise in the supply of available properties, has helped to keep property prices relatively stable.

“As the economic outlook brightens, labour market conditions strengthen and housing affordability becomes less stretched, so demand for housing should improve.

“Time will tell whether a greater preference for renting will remain in evidence or the desire for home-ownership once again asserts itself.”

The Lincoln climate

Marc Jones of Iglu Lettings, said: “Lincoln has not seen the dramatic price adjustments that some areas have seen across the country over recent years but has still felt very firmly the change in the market brought about by the lack of willingness to lend by banks and the general nervousness by people to take on a larger mortgages at a time of reduced job security.

“The greater Lincoln area is earmarked as a growth point with tens of thousands of new properties planned and it’s without question that the high demand for the current limited supply of properties has contributed to the stable prices that we have seen.

“While some Estate Agents have struggled to keep going though what has been the slowest sales period for two decades, the letting market has been operating at an all time high with a lot of people choosing to let rather than buy.

“So my advice would be keep your property if you can, let it for a few years through a reputable agent then rejoin the sales market at a time when mortgage lending is more fluid and capital growth has started to increase once again.”