Spalding is one of the top ten cities and towns in England and Wales for booming house sales.
A Lloyds Bank survey shows house sales grew at their fastest annual rate in ten years during the six months to September.
A list of the top ten hot spots puts Spalding’s increase in sales – 46 per cent year on year – at joint ninth with Dorchester while a London borough, Newham, takes first place with 62 per cent.
One Spalding estate agent – Hill and Clark – reports selling a bungalow within 24 hours and says there’s a shortage of properties in certain sectors.
Lewis Brooks, manager at Pygott and Crone, said: “We have certainly seen a big increase in and around Spalding with buyers coming from out of area, especially from the Peterborough location.”
He says sales in the £200,000 to £250,000 bracket are showing an increase as a knock on effect of the lower end of the market doing well.
“The market is flooded with investment buyers at the moment,” he said. “There’s a lot of people looking to buy to rent out or looking to renovate a property.”
Some of those buying in Spalding are cashing in properties in more affluent areas to move here.
Mr Brooks said: “People capitalise on the fact that they can clear their mortgage or buy a larger property for their money.”
He’s not surprised Spalding’s sales are so high and says: “It’s always had the potential to be up there.”
Low interest rates and Government schemes like Help to Buy are fuelling sales.
There were 396,756 house sales in the six months to September, a rise of more than 20 per cent on the same period in 2012. But the number of homes sold in 2013 was still 40 per cent below the number in the 2006 boom.