The Lincolnshire housing market is currently experiencing a period of stagnation, mirroring wider economic anxieties and a decrease in job market activity. The Halifax house price index discloses that house prices in June remained the same as those in May, a trend that is being seen nationwide. This standstill is particularly impactful in Lincolnshire where residents are grappling with affordability issues, particularly those approaching the end of their fixed-rate mortgage agreements.
Despite a 2.5% rise in house prices over the last year, monthly variance points to an underlying unease about the economic landscape. Amanda Bryden from Halifax highlighted the continuous financial pressure, observing that despite a slight ease in inflation, it still exceeds target levels. This is being exacerbated by indications of a deteriorating job market.
Recent statistics indicate that the UK’s jobless rate has risen to 4.6% in the three-month period up to April. This equates to a four-year high and is mirrored in the regional job market. This uncertainty, together with recent monetary policies, has engendered caution amongst many in Lincolnshire.
Acknowledgement of the potential effect of nationwide economic strategies on employment and salaries from the Bank of England has seen the local housing market struggle to find stable ground. This sentiment is further supported by Nationwide data, pointing to a 0.8% drop in average home prices, contradicting predictions of a moderate increase.
Local estate agents and residents are closely monitoring these trends, hoping for a stabilisation in the housing and employment markets.
This story is a derivative of original reporting by The Telegraph.
