Lancaster & Morecambe 01524 843322
Posted on Thursday, August 20, 2020
The Marsh Estate in Lancaster is one of the regions most affordable areas. This is an ex-local authority estate which is conveniently located just a 10-minute walk from the city centre. In December 2019, a 2-bed semi-detached home in good decorative order sold for just £55,000.
A typical 3 bedroom home on this estate costs under £80,000.
Less than 1 mile away as the Crow flies is Haverbreaks, one of Lancaster’s most prestigious addresses. This exclusive, private development dates back to 1898 when some of the original homes were first built. It is not unusual to find homes on this estate for selling upwards of £500,000, some commanding prices in excess of £1 million.
Back in 2018, The Water Tower, a large 6-bed family home which was once the home of the Pinnington Family and had large gardens backing onto Lancaster Canal sold for £800,000.
Homes in nearby Aldcliffe, also part of LA1 5 also fetch superb prices. Homes on Park Meadow, a relatively new and exclusive development sold for over £750,000.
When we look at the average price in this postcode, things get really interesting. Overall prices have only increased on average by 3% over a 5 year period, however, when not many of the larger properties exchange hands, figures easily become distorted and it is only by really knowing an area that you can actually say street by street how property prices have changed.
To give you an example, based upon property sales the average property price in LA1 5 over the last 12 months has been just £153,869, yet as an agency, we are seeing many properties sell for considerably higher. In June 2020, Land registry recorded the average price to be £179,980.
If we look back to 1995, when land registry public records became available, the average price was £50,075. Today it is £179,980. Prices have increased by almost 360% in the past 25 years.
LA1 5 is a unique postcode. It is one which spans the River and the Canal. It covers all prices ranges, all house styles and features some of the cities oldest homes to it’s newest. Wherever you choose to live in LA1 5, you will be no more than 2 miles of the city centre (many homes are within walking distance ).
If you would like to know about this postcode and what it offers, please check out our area guides where we focus on the different communities in this part of the city.
