House prices spike in Spalding

The average price for a property in Spalding now stands at £218,753 as prices across the district spike.

That figure - from property portal Zoopla - is a rise of 2.15 % in the last three months (since March 2021) and up 7.45% from12 months ago.

This matches the national levels where, according to Nationwide’s House Price Index, annual house price growth rose to 10.9 per cent in May, the highest level in nearly seven years. The new average price of £242,832 is a record and is up £23,930 over the past twelve months.

Marcus Doncaster, sales manager of Belvoir Spalding incorporating Munton & Russell, said prices for the whole district are spiking.

He said: “We’re in interesting times at the moment and I think we’re certainly seeing a revival of the property market.

“Prices are spiking at the moment but I think they will flatten out as we go on - really, as the vaccination roll out continues and the country continues to come out of lockdown restrictions we should have a good, stable market.

“We are also definitely seeing that we do not have enough supply of properties on the market to meet the demand but this could change at any point.”

The Stamp Duty Holiday, which was introduced last July to boost the economy, comes to an end on June 30.

While it has been beneficial to many, with a maximum saving of £15,000 possible, Marcus feels that this won’t put an end to property sales.

Marcus added: “There has been a bit too much emphasis on the Stamp Duty Holiday.

“While it has been a help to many, I think for people who are moving for a specific purpose are seeing it more as a benefit and not a deciding factor - the house prices in our area aren’t extortionate anyway.

“Realistically, if you’re looking to buy a home due to work, family circumstances or are looking for your forever home, that saving is welcome but once the extended Stamp Duty Holiday comes to an end it’s not going to stop people looking or buying.”