The number of agreed UK property sales until Saturday, 22nd November 2024, is 18% higher than a year ago.
Breaking those stats down even further, as of 22nd November 2024, 1,009,340 UK homes had been sold subject to contract (STC), an 18% increase from the 855,083 homes sold STC in the same period of 2023. The average UK selling price has risen significantly, reaching £362,017 in 2024, compared to £326,125 in 2023 (a rise of 11%).
That doesn’t mean UK house prices have risen 11%; just that more higher-valued properties have sold in 2024 than in 2023. The £ per square foot is a better judge of house price changes. The pound per square foot has risen only by 2.7% over the last year, climbing from £331 to £340 (which is in line with the major house price indicators).
Every UK region saw an increase in the number of properties selling (STC) in 2024 compared to 2023 in that January to November window:
• East Anglia: Up 22.2% (highest growth in the UK)
• East Midlands: Up 21.5%
• South East: Up 19.6%
• North West: Up 18.5%
• London: Up 18.3%
• West Midlands: Up 18.2%
• Yorkshire & Humber: Up 17.6%
• North East: Up 15.7%
• South West: Up 15.6%
• Wales: Up 14.6%
• Scotland: Up 12.9%
• Northern Ireland: Up 12%
Whilst we have had increased properties sold STC, the supply of UK properties on the market is very similar to last year, (643,327 for sale in November 2024 versus 630,307 for sale in November 2023).
So, whilst Buyers Have the Advantage, Challenges Remain
The current market presents opportunities for Lincoln home buyers but also lingering challenges. While mortgage rates are improving, they are still higher than many prefer. However, affordability is reasonable, with some banks and building societies offering rates below 4% for those with larger deposits.
Buyers today have more choice than a few years ago, and in some parts of Lincoln, properties are spending longer on the market. This allows for more time to consider options and even negotiate favourable terms. That said, competition still exists for highly desirable Lincoln homes, and properties in prime locations or with unique features for sale with Walters are still attracting multiple offers.
Securing a mortgage agreement, in principle, is vital to give any Lincoln buyers an edge in these competitive scenarios. Having that mortgage agreement in place not only streamlines the property buying process, but also makes a strong impression on sellers, particularly in situations where speed is of the essence.
Lincoln Sellers Must Focus on Pricing and Presentation
On the other hand, sellers face a market where realism is key. Here are our local key facts and numbers.
As of 22nd November 2024, 3,687 Lincoln homes had been sold, a 19.4% increase from the 3,089 homes sold, in the same period of 2023. The average Lincoln selling price has risen slightly, reaching £253,923 in 24, compared to £251,747 in 23, which is a rise of 0.9%.
The £ per square foot on the homes sold for Lincoln has been £242 per square foot in 2024, compared to £243 per square foot in 2023, so very little change in actual prices achieved.
In 2023, 51.57% of Lincoln homes that came to market were successfully sold (completed and exchanged). In 2024, that figure has slipped slightly to 50.07%. This change reflects buyer expectations and affordability shifts, emphasising the need to follow our careful pricing strategies.
National figures showed that 52.96% of properties were sold (exchanged and completed) in 2023, only slightly improving to 53.62% in 2024.
If you think about it, you have just over one in two chances of selling if you put your home on the market; therefore, accurate pricing is more important than ever, but it isn’t the only factor. Homes that stand out in today’s market often do so because of our exceptional marketing. All our properties received 4K video tours, high-quality professional photography, and targeted social media campaigns, These are no longer optional – they’re essential. For sellers looking to maximise interest and achieve a strong price, presenting their property in the best possible light is a non-negotiable step.
Lincoln’s property market has always had its quirks, and 2024 is no exception. Different postcode areas are experiencing varying levels of activity. In some areas of the city (and villages), homes are selling quickly, while in others, buyers have more room to negotiate, whether on price, fixtures, or even completion dates.
This means that flexibility can be an asset for buyers. Expanding your search radius or considering properties slightly outside your initial criteria could reveal opportunities that others have overlooked. For sellers, understanding these local variations is critical to setting the right price and crafting an effective marketing plan.
A Balanced Perspective: The Seller-Buyer Dynamic
It’s worth remembering that over four out of five sellers are also buyers. This dual role often means that what might be perceived as a loss on one side of the transaction can be recouped on the other. A slightly lower sale price on your current property may open the door to negotiating a better deal on your next purchase, which Walters can support via our Onward Negotiation service.
External Factors Shaping the Lincoln Market
No property market operates in isolation, and Lincoln is no exception. National and global trends will inevitably influence it. That said, Lincoln’s property market has shown resilience in the past, which is likely to continue. While challenges remain, stabilising mortgage rates and a steady economy offer hope for a more active market in the coming months.
Final Thoughts
As Lincoln’s property market moves into 2025, success will hinge on understanding the current dynamics and being prepared to adapt. For buyers, this means having your finances in order and being ready to act quickly when the right property comes along. For sellers, setting a realistic asking price for your Lincoln home ensures your property is effectively marketed from day one.
The journey requires a thoughtful approach, whether buying, selling or keeping an eye on the market. There are both opportunities and challenges ahead – but with the right strategy, the path forward is clear.
What’s your perspective on Lincoln’s property market? Have you noticed similar trends, or do you see things differently?
To ensure ALL our clients get the absolute best experience, and a total marketing strategy as unique as their homes, we only list twenty properties per month, our January 2025 market appraisal slots are now available to book, we ensure that you are always a name and not just a number, with Walters.
