We often hear what’s happening to the property market in national news media reports, but I find these reports rarely reflect what’s actually happening in our local, Lincoln property market.
The main reason for this is that reporting on averages – which often include data from our capital city of London or areas like Scotland and Wales – is not likely to reflect the Lincoln market as our economy is completely different. And, in my view, we definitely don’t perform ‘on average’!
For example, you might not know that we have 550km2 of outstanding natural beauty which helps us to be the fourth most popular tourist resort in the whole of the UK, attracting 31 million visitors to our area every year. From a property investment perspective, this means we attract good demand for hotels, serviced accommodation and holiday lets.
On the other hand, we produce a quarter of the country’s vegetables through our thriving agricultural sector, and we have the biggest Siemens plant in the UK. Sectors like this – and additional investment from one company most people have never heard of called ‘Northrop Grunman’, which is quoted as the “fifth largest defence contractor in the world – mean we also have a thriving rental sector which relies on budget lets through to high quality rental properties for their executives.
In addition to local agricultural and big international businesses, we also have an amazingly successful university which the Guardian has ranked as the 22nd best in the country for students starting in 2019. This swells the city’s population by over 10,000 people per year, making it, on the one hand ripe to consider for anyone keen on investing in the student market, however in some areas and for some student lets we know that the market has been overinvested in. So knowing which roads and properties students are happy to live on and local licensing laws that are likely to apply, means securing expert advice before you consider investing is essential.
If you are already investing or letting in the Lincoln area or thinking about doing so, do get in touch. I know the area well and am aware of the property investment and letting dos and don’ts, so will be happy to help you find new properties to invest in or assess how well your current portfolio is doing and work with you to maximise the returns.
Contact me on 01522 544999 or becci.munro@belvoir.co.uk
