Savills Lincoln & Stamford Home Truths

Home , Ketton, Little Humby, Market Overton, Rutland, Scothern

Tuesday 11 May 2021

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1 Welcome

James Abbott Faisal Choudhry Rupert Fisher

Head of North East & East Residential Head of Residential Midlands Region Research Lincoln

[email protected] [email protected] [email protected] 07929 022 901 07967 555 720 07971 798 819

2 Q&A Panelists

Charlotte Paton Tim Phillips

Residential Sales Country House Stamford Department

[email protected] [email protected] 07807 999 469 07870 867 218

3 Residential Market Outlook Faisal Choudhry - Residential Research 2020 anything but a normal housing market

1st modern-day Resulting in a recession where market driven by the economy those with and housing financial security market have rather than those moved in Government exposed to the different intervention on economic fallout directions jobs, earnings and Stamp Duty and a Low preceding benevolent price growth, approach to For whom a ultra-low interest mortgage reassessment of rates and early repayments housing needs expectations of a and priorities sharp V-shaped essentially recovery overrode marked it out as economics different

5 Exceptional market performance

East Midlands market activity between June 2019 and April 2020 compared with June 2020 to April 2021

Net agreed sales Price reductions 160% 157% 140% 149% 120% 123% 100%

80%

Apr Apr 2021 -

60% 70%

Apr Apr 2020 versus - 40% 54%

Jun Jun 2020 20% 30% 7% 17% 16% Jun Jun 2019 0% 1% -7% -20% -33% -40% Under £100k £100k-£200k £200k-£300k £300k-£500k £500k-£1m Above £1 million

Source: Savills Research using TwentyCi 6 Sales agreed between June 2020 and April 2021 versus June 2019 and April 2020

Derbyshire Lincolnshire 47% 61%

Nottinghamshire 43%

Leicestershire Peterborough 45% 46%

Rutland 48%

Fenland and Northamptonshire Huntingdonshire 58% 73%

Source: Savills Research using TwentyCi 7 The movers and the stickers

87% 1/3 51% 55% 44%

of those in The proportion of of those living in medium/ large of those in central of those living in those living in city the countryside towns or city London would small towns, centres or who are suburbs/ centres like their next villages or the suburbs who downsizing would like to home to be in a countryside would prefer their would prefer to remain in an city centre would like to next home to be in move into a urban area Increasing to 47% remain in one of a village or the village or small Increasing to 69% amongst the these locations countryside town of downsizers under 40s

Source: Savills Research Client Survey November 2020 8 Supply and Demand imbalance across East Midlands

Agreed sales New Instructions +35% -6% (Q1 2021 v Q1 2020) (Q1 2021 v Q1 2020)

Source: Savills Research using TwentyCi 9 The impact on mainstream prices

UK East Midlands 15%

10%

-5%

-10% Annual Annual house growth price -15%

-20% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Source: Nationwide 10 North North East Lincolnshire Lincolnshire £170K £158K +4% +5%

Lincoln East Lindsey £173K £206K +3% +4%

North Kesteven Rutland £228K £365K +4% +5%

South Kesteven Peterborough £261K £226K +4% +3%

Source: Savills Research using Land Registry 11 The impact on prime prices

Lincoln Stamford +4.7% +3.8% (Q1 2021 v Q1 2020) (Q1 2021 v Q1 2020)

Source: Savills Research 12 The importance of locality

Now Prior to Covid-19 60%

50%

40%

30% 55% 48% 20% 37% 28% 10%

17% 15% Proportion of respondents who ranked as 1 or 2 1 or as ranked who respondents of Proportion 0% Open space Family Shops/ local amenities Transport connection School(s) Place of work

Source: Savills Research Client and Applicant Survey March 2021 13 Vaccine & relaxation of lockdown looks to boost confidence further

Net balance of opinion on commitment to move

Greater commitment to move in the short, medium & longer term +25% +23% +20% +19%

Suggests demand is likely to remain strong throughout all of this year and into next Over the next 3 Over the next 6 Over the next 12 Over the next 24 months months months months

Source: Savills Research Client and Applicant Survey March 2021 14 Housing market outlook

5 years 2021 2022 2023 2024 2025 to 2025

Prime UK Regional +20.5% +5.0% +4.0% +3.5% +3.0% +3.5%

Prime Midlands +21.1%

+4.5% +4.0% +4.0% +3.0% +4.0%

Mainstream UK +21.1% +4.0% +5.0% +4.0% +3.5% +3.0%

Mainstream East Midlands +24.0% +4.5% +5.5% +5.0% +4.0% +3.0%

Source: Savills Research 15 Thank you

17 The Stamford & Lincoln Markets

Buyer Sales Multiple Buyers from Guide price registrations agreed offers London achieved +103% +196% +73% +54% 99%

Source: Combined average statistics for Savills Lincoln and Savills Stamford markets. Savills Data, 2020-2021 18 Sold properties across the Stamford and North Lincolnshire area

Little Humby, Lincolnshire Guide £975,000 100% of guide price achieved

Rutland Terrace, Lincolnshire Guide £1.1 million 100% of guide price achieved

Minting, Lincolnshire Guide £995,000 98% of guide price achieved

Louth, Lincolnshire Guide £899,950 100% of guide price achieved

Source: Savills Residential Sales 19 Understanding current timelines – Ketton, Rutland

• On the market at guide £3.85 million

• Multiple interest from London, Cambridge and locally

• Amazingly, the buyer and seller lived within half a mile of each other

• Sale agreed in January and completed in March

Source: Savills Residential Sales 20 Contemporary rural living - Horncastle, Lincolnshire

Guide £995,000

Source: Savills Residential Sales 21 What do you get for £1.25 million in the Stamford area?

Ketton, Rutland

• Listed, character property • Seven bedrooms, including a detached cottage • Sought after village location • 4,156 sq ft

Source: Savills Residential Sales What do you get for £1.25 million in the Lincoln area?

Eagle, Lincolnshire

• Stunning architect-designed 6 bedroom family house • Fantastic views across open countryside • Office/games room complete with air conditioning • Two double garages • Amazing open plan living over 5,600 sq ft • Approx. 17 acres with equestrian facilities

Source: Savills Residential Sales What does £1.25 million buy you in London?

Fulham Road, London

• 701 sq ft (65.13 sq m) • Recently refurbished apartment • Popular mansion block in the heart of Chelsea • 2 bedrooms, 1 bathroom • 1 bright and spacious reception room

Source: Savills Residential Sales New Instructions - Stamford

New or coming soon to the market

Market Overton, Rutland Stamford, Lincolnshire MarketStamford, Overton, Lincolnshire Rutland

Werrington, Peterborough BurleyStamford, on theLincolnshire Hill, Rutland Kingscliffe, Northamptonshire

Source: Savills Residential Sales 25 New Instructions - Lincoln

New or coming soon to the market

Scothern, Lincolnshire Bardney, Lincolnshire Dorrington, Lincolnshire

Welton, Lincolnshire Welton, Lincolnshire Torksey, Lincolnshire

Source: Savills Residential Sales 26 Thank you