Lancaster Property Market Report

What a surprising month October was.  Following on from a sluggish September,  October brought serious house hunters out in force, delivering its best performance since October 2020.   Many people thought October might be slow due to a combination of school holidays and the wait for the Autumn budget.

What’s happening in the Lancaster Housing Market, and why is it not tracking the way the national housing market is?    

The Lancaster housing market in August 2024 is experienced the typical seasonal slowdown, as the city's activity tapered off with the onset of the summer holidays.  

This period is often marked by fewer listings and reduced buyer engagement, as many residents are either away on vacation, preparing for upcoming trips, or just returning from their travels. Additionally, as a university city, Lancaster becomes noticeably quieter in August, with a significant portion of the student population having returned home for the summer.

The Lancaster housing market is currently navigating a dynamic period, influenced by a confluence of seasonal and political factors. With a new government recently coming into power, policy shifts and economic strategies are beginning to shape market expectations and consumer confidence.  This though will take some time,  however, the announcement of the interest rate being cut to 5% can only have a positive effect.

April was as dismal as the weather.   May perked back into life and June,  well let’s say June has been a very mixed month.  Last month we said we didn’t think that a snap election would cause too much disruption for the Lancaster Housing Market, and for JDG clients it didn’t.  We sold more than we listed!

However looking across the city, the picture painted is very different.

After a dismal April,  the Lancaster Housing Market has bounced back with sales across the city exceeding May last year and surpassing 2022.   May is always a busier month in Lancaster,  the universities are back from their extended Easter break and people look to get moved in what they deem to be the ‘better’ weather. 

What’s going on in the Lancaster Housing market?  

New listings are up on year but what has happened to the property sales?   We know there are buyers out there looking,  however, are now they are so spoilt for choice so they are taking longer to decide?   

If you read the national newspapers you could be forgiven for thinking that the housing market is much busier than it was this time last year, however in Lancaster, April was slower for sales for all agents across the city.

12 months we talked about how the Lancaster Housing market was steadying.  We talked about how it was a calmer market place and the great news is, we were right.

Over the past 12 months, the local market has ticked over nicely.  Buyers still want to buy.  Sellers still want to sell.   Homes that are sensibly priced are selling, and those which have optimistic asking prices are sticking.  It’s as simple as that. 

Sales are up.  New instructions are up.  Even property prices are up (marginally).    There is a feeling of Spring in the air.   Last month sales in Lancaster were up by 5% year on year.  

This month they are up by a whopping 27% as buyers start to commit to property purchases.   

The 2024 housing market has come back strong.   Across the UK, sales are up, new instructions are up and interest rates, whilst held this month by the Bank of England are still predicted to head in a downward direction.

2023 will always be known as the year the housing market calmed and returned to what has been dubbed a more “normal” market.    Normal is good, especially after all the ups and downs and uncertainty 2022 caused!

Has the Lancaster Housing Market stabilised?   It is certainly feeling that way.  The predictions of a dramatic drop in prices haven’t happened, with Lancaster House Prices tracking at just £67 lower than they were 12 months ago.

Autumn is officially here and I am beginning to sound like a broken record!   New instructions are marginally up, sales are marginally down and the number of people reducing their house prices in a bid to get sold grows.

Like many parts of the UK,  The Lancaster Housing Market boomed in 2020/21 as buyers rushed to the market to take advantage of the stamp duty holiday.  It has since calmed and whilst property prices may have dipped from their peak levels which we saw at the start of the year,  they haven’t dramatically dropped, defying many of economists out there. 

It’s been 12 month’s since Liz Truss’s mini budget that changed the course of interest rates and it’s impact on the housing market.    The media predicted that the housing market would crash, however in Lancaster it has proven to be quite resilient.  Year on year sales activity is down by 10% and whilst,  prices are still 6% higher than they were 12 months ago, they’ve just now started to drop from their peak at the end of last year.   

Is the Lancaster Property Market going back to a seasonal market?   It’s a question we have to ask.    The last couple of years have been exceptional when it comes to property sales however this August has felt somehow quieter.

I love property data.  It really helps us let our clients know what is really happening in the Lancaster Housing Market.

The press always reports on a national level, however, the UK has so many different markets so I feel it is really important to know what is happening locally.  

Late June, saw the interest rate rise in the UK by 0.5%.   It caused concern for many and not just current homeowners whose mortgage deals are coming to an end.

The Lancaster Housing Market has surprised everyone this month,  given everything that is happening in the wider economy, especially with interest rates.  People expected the Lancaster housing market to become flooded with properties.  They expected fewer houses to sell.  And they expected house prices to drop.

Talk to any property expert, and the chances are they will tell you that across the UK, activity in the property market has returned to normal pre-pandemic levels.  

It’s true.  I took a look a the figures from May 2019, and as you can clearly see, the activity is very similar with the number of homes listed,  those selling and the choice available are all on par.

Are first-time buyers and first-time sellers keeping the housing market going?   It is certainly looking that way with 78% of all property sales under £250,000!

April has been an interesting month.  Normally after Easter, the property market sees a rush of homes coming to the market, fuelling the Spring market and a desire to get moved.   This year this hasn’t happened.    New instructions are down in Lancaster by 27%.   In fact, more homes sold than actually went up for sale.   We haven’t seen that for a while!

When will the media leave the property market alone?   Headlines of prices dropping seem to dominate the news, yet the reality on the street is that they are holding out quite well.

Sure, sellers are starting to have to negotiate with buyers however property prices are still above what they were 12 months ago.   The big difference now is that buyers aren’t having to bid for homes in the same way were doing last year.    It’s a calmer market place.

Let’s discuss the elephant in the room.    Property prices.   Everybody seems to be asking what is happening with them and various numbers are being banded around.

Welcome to the first Lancaster housing market report for 2023.    

January has got off to flying start, far better than we anticipated, especially after reading the doom and gloom in the media.   The mortgage market is easing (fixed-rate mortgages are actually coming down) and buyers are back out looking!  

What a year 2022 has been.  3 prime ministers,  the sad passing of The Queen,  A new King,  a war in Ukraine and a cost of living crisis.   I’m sure quite a few people will be hoping for a better 2023!

The Lancaster and Morecambe  Housing Market has also seen its fair share of twists and turns and so, as 2022 ends and 2023 starts, we thought we would take a moment to look back on the Lancaster and Morecambe Housing Market, how it has performed and what’s predicted for 2023.

Do you read the national newspapers?   I find it intriguing that they always seem to report bad news.   There’s rarely a good news story to be found.

Ever since Liz Truss and her now infamous mini-budget,  the media has been full of bad news where the housing market has been concerned.  It’s true that the housing market has changed.  The last 2 years will always be known as boom years, however, we all knew it was unstainable.  Everyone knew the market would slow down,  it was just when that time would be.

Last month's market update finished by saying that for anyone who is wanting to sell their Lancaster home,  sensible, fair pricing has just become the most important thing you can do.  

 This month,  I am repeating this message and I think I will be for many months to come.   

November brought another new prime minister and hopefully one that has a much better grip on the economy, however, we all need to accept that higher mortgage rates are here to stay.    The next few months are going to be tough as the housing market adjusts.

Welcome to the Lancaster Property Market Update for September 2022

September has been a very strange and very unexpected month for many.   It started with a new prime minister.   Within 48 hours we had the sad death of Her Majesty The Queen followed 11 days later by a Royal Funeral.   Just days later, the government held a mini-budget and now as we head into October, the whole UK Economy including the mortgage market is in turmoil.

Welcome to the Lancaster Property Market Update for August 2022

What a mixed month August has been.  The sun has shone, many people have enjoyed holidays abroad and the city has had a buzz about it, despite the university being closed.    Many of us have enjoyed the normality freedom gives.  

July has always been an interesting month in the housing market.   

It’s the start of Summer holidays and peoples attention turn to planning for their summer break.  The university breaks up, students go home and the city takes on a different feel.    Then there are major sporting events ranging from Wimbledon through to the Womens World Cup.  No wonder there are less people looking on at homes online.      

This July we have also had a mini heatwave, a prime minister resign and series of strikes in a variety of industries.   People are still concerned about the cost of living rises and increasing mortgage rates.   Yet still homes continue to sell…

Last month we reported that whilst the Lancaster Housing Market is stabilising and activity is starting to slow, we still had to feel very positive about the Summer ahead for the Lancaster housing market.  

At JDG, the month didn’t disappoint, with 32.5% of all Lancaster homes selling through our agency,  however for our market reports we like to look at the bigger picture and this means looking at the market as a whole, not just our own internal results! 

Don’t you just love the media and their contradicting headlines?   Sky News talks about a housing market cooling as mortgage borrowing drops by 36% yet on the same day,  the Financial Times reports that the UK Housing Market remains strong!

Here at JDG, we report on what is happening locally.   There is no doubt about it,  property prices are levelling off.   For the fourth month in a row, we have seen a small decrease in the average property price in Lancaster,  however, prices are still 3.3% higher than there were 12 months ago.  

Welcome to the Lancaster Property Market Update for April 2022

For the 3rd month in a row, we are seeing signs that the Lancaster housing market is changing.   

New instructions are down, sales levels are down and the average length of time it takes to sell a home is getting longer.   The latest report from Rightmove states that the average length of time it is taking to find a buyer in Lancaster is now 37 days.   12 months ago it was 13 days.   Buyers are starting to take their time, wanting to view a few properties before committing.   The heat is starting to come out of the market.  

Whilst houses sell all year round in Lancaster,  Spring is considered by many as the time to start thinking about moving home.  March is always a month full of activity and is always a month when our valuation diaries get busy!

Welcome to the Lancaster Property Market Update for February 2022.  New instructions up, sales down. What is going on in the Lancaster Housing Market?  Last month we asked the question, is the Lancaster Housing Market starting to shows signs of stabilising? It’s certainly looking that way.

For the 2nd month in a row, there have been more properties listed for sale than are actually selling. The level of choice for buyers is still low, but slowly the choice is starting to grow.

Welcome to the first housing market report for 2022.   It’s been a busy start to the New Year, busier than many people expected after a seasonal slow down in December.  When we re-opened after the New Year on January 4th, it has felt like those house buyers have been back out looking in full force.

Many buyers are now starting to get frustrated - it is not unusual to hear that over 15/20 viewings have been booked on a home in Lancaster and that they are all proceedable buyers.    We have had buyers upset that they have missed out and other buyers saying they are getting desperate.

As 2021 ends and 2022 starts, we thought we would take a moment to look back on the Lancaster and Morecambe Housing Market, how it has performed and what’s predicted for 2022. To be able to predict the future, you need to also understand the past.

What a strange month November has been.  Buyers desperate to buy,  Sellers nervous to sell.   The number of homes for sale on the Lancaster market is at an all time low - almost half of where it normally would be. 

If you read our monthly updates, you’ll remember we asked the question - is the Lancaster Housing Market starting cool?  There is no doubt about it, the number of property sales in Lancaster has dropped, however, this is due, in the main, to the lack of properties coming available for sale.

Is the Lancaster housing market starting to cool?  

It is a question many people are asking, now that the stamp duty holiday deadline has come to end.   For conveyancers, mortgage lenders, removal companies and estate agents,  September 2021 has been one of the busiest months on record as buyers scrambled to complete their sale and save up to £2500 in stamp duty.   In the last week of the month, our own agency completed on a whopping 24 sales!

If people expected the housing market to start to slow and prices dip after the June stamp duty deadline,  I think we are safe to say they were wrong.   The national press may have reported that property completions fell off a cliff in July, but when you look closer, it is only because many homer movers pushed for an earlier completion in June (before the £500,000 deadline expired.)

It’s hard to believe it’s been a full year since the chancellor announced the beginning of the stamp duty holiday.  Within 30 minutes of the announcement last year, Rightmove saw its traffic jump 22% on its website.   

The housing market in Lancaster has not stopped since.  There have been lots more changes since, not only did the stamp duty holiday get extended until September this year, but mortgage rates got better and 95% mortgages returned to the market.   It’s all created for a very active market.

Welcome to the Lancaster Property Market Update for June 2021

What a month.  If people thought the Lancaster housing market was going to slow in June, their prediction was wrong.   The first of the stamp duty holidays may have come to an end,  but that didn’t stop people house hunting.   

May 18th 2021 marked the 1st anniversary of the Lancaster Housing Market being back open for business. It’s hard to believe we are still under some lockdown restrictions and that our hospitality sector is only just re-opening.

Whilst holidays to green list countries are now allowed, many people have opted to have a summer staycation. Many others have chosen to use the money they have saved to either move home or improve their home. Because of this the Lancaster housing market is still exceptionally active and is showing little signs of slowing.

What a difference a full year makes.  Just 12 month ago we were in a full lockdown and viewing of homes were not permitted.   The few sales last year made were mainly from viewings that had taken place before lockdown, although at JDG we did have a couple of sales that purely viewed virtually!

Who would have thought 12 months on from the first lockdown,  the UK would be still in a lockdown?   This is month 3 of our 3rd lockdown, however when it comes to the Lancaster housing market,  12 months makes a huge difference, especially now the kids are back at school!

Sales in Lancaster are more than double.  New instructions are up and property demand is at an all-time high.   The average daily views on Rightmove have almost trebled in 12 months,  and they aren’t that far from being double January this year.

It’s now month 2 of lockdown 3.0 and also the last month we can compare property sales when it comes to life before lockdown 1.0. 

Back in February 2020, the UK housing market was already set for an excellent year.  It was the first month the Lancaster Housing Market had hit over 100 sales in a month in considerable time.   People who had put plans on hold due to Brexit had begun their moving plans.   

Welcome to the first property report of January 2021 where we report on what is really happening in the Lancaster property market. 

Each month we compare what is happening this year, to the same period last year.   What we need to note though is we are now in a completely different market, with a completely different set of circumstances and even a different way of working. 

As 2020 comes to an end it is time to look back on the Lancaster Housing Market, the twists and turns and the bumpy ride that we have all had to endure.   It’s been a year like no other.

We began the year with a Brexit decision and high hopes.  The housing market was forecast to perform well  (transactions in 2019 were 10% down compared to 2018).  Economists were predicting a Boris Bounce and the North West was predicted as a property growth spot.   We were due to move office (thankfully we now have) and there was a feeling of positivity in the air.

It is interesting how the UK Housing Market has defied lockdown.  Many people thought it was unsustainable, how can property prices increase and houses sell when the UK economy is struggling so badly?   It is a question on people minds.

City am are reporting that house prices have risen at their fastest rate since November 2015. The Daily Express expects the market to boom in 2021 and The Property Eye has reported the housing market recovery is set to be shaped like the Nike swoosh.    Even over in Australia the housing market is performing exceptionally well,  in fact - even better than the UK market.  Property is in demand.

Stamp duty cuts, pent up demand and sadly an increase in separations and divorce, have kept the Lancaster housing market exceptionally busy with a record number of sales when compared to previous years.

It was only last week that it was announced that new mortgage approvals are at a 13 year high - the highest they have reached since September 2007 with 91,500 new mortgages agreed.  This is 25% higher than it was in February this year  (which was the month befor the pandemic started).

It’s four months now since the Housing Market has been back open since lockdown measures eased.  Traditionally September has always been one of the busier months of the year.  School Holidays come to end and peoples thoughts turn to getting moved before Christmas.   

This year though it is different.  Holiday plans have been delayed.  Whilst the kids are back at school,  nobody truly knows what the future holds, we can only hope for the best as a 2nd wave of Covid hits the UK.

The Lancaster Housing market has now been back fully open for 3 full months since lockdown started to ease in May.

It’s been an interesting time.   Month by month,  the number of new instructions have increased.  The first few weeks were all about pent up demand.  This was people who were already planning on moving but lives had been put on hold because of lockdown. 

It’s now 2 full months since estate agents across the region could re-commence physical viewings.     It’s been an interesting time as estate agents adapt to a new normal.  Most people are understanding of the government guidelines.  Facemask and gloves have become mandatory and only people from the same household can view.  Every home now has to have a video or walkthrough tour.  It is all about minimising the risk of Covid-19.  After all,  your home is deemed to be your safe place and estate agents we have the responsibility to make sure we keep it this way.  

June is the first month since lockdown started to ease in May, that estate agents  (in the UK) have had a full month of trading, and whilst some have had to take extra time to adjust, for those who were prepared early, what a month it has been.    

It was the 12th of May when Boris Johnson announced that the Housing Market could re-open.  Estate Agents were caught unaware,  there was no notice - just an announcement around 8.30 pm that we could start showing houses once again from the morning.    By 9 pm we had 3 viewing requests, all wanting to view the following the day!

The UK housing market has been put hold.  Sales have dropped dramatically,  physical viewings have been banned and only a handful of new properties have appeared for sale.   Across the country, life has literally been put on hold.

It’s strange the difference just two weeks can make.  I’m sure you’ll agree, we wake up in the morning and everything looks the same, except it isn’t really is it?   Life is on hold, whilst we focus on what really matters.  Staying at home and saving lives.  

This month the Lancaster housing market has become a story of two halves.   Before COVID-19 took a grip in the UK and after.

Welcome to the first edition of the Lancaster Housing Market report for 2020.  

January has been a very interesting month, one which is full of hope and optimism for the year ahead.   Following on from the general election, there is a renewed confidence in the UK housing market, one which has been seen across the country and dubbed by industry experts as the Boris Bounce.

As 2019 has come to an end, it’s time to look back at the year as well as the month of December for the Lancaster Housing Market.

2019 was a year of some uncertainty with many people opting to put there moving plans on hold due to the ongoing saga of Brexit. It was a rather unexpected year in government with two Brexit deadlines missed, Theresa May resigning and the announcement of the general election - which took place in December.

Welcome to the November’s Housing Market for the Lancaster Housing Market.  November is one of my favourite months in the Lancaster Housing Market.  I love how the Autumn is truly here and that the seasons have changed.  I love the fact that it is also the only month in the 2nd half of the year that is not affected by school holidays.

Welcome to the October property update for 2019.  Each month we report on the facts and figures as reported by Rightmove, Zoopla and Land registry data. 

This month has been very interesting and whether we like it or not,  conservations around Brexit have come back to the forefront, despite the fact that the general opinion out there is that majority of people want it over and done with.  

To look at what is happening in the Lancaster Housing Market, sometimes you need to look further back than this time last year.

Month on month, the housing market is certainly up. If you recall, August 2019 was a whopping 40% down in sales activity compared to August 2018. September 2019 is up, not by any great deal year on year, but at 73 sales agreed, it is up by 33% on August.

August has been a strange month, and the first time I have had to write a report that feels a little doom and gloom.  The facts though are the facts and we have to look closely as to what is happening in Lancaster especially for those people who truly want to get moved.

This month the housing market has been described by National Press as a bit of roller coaster with more ups and down, than the big dipper at Blackpool Pleasure Beach.

It’s certainly been an interesting July.  Ask a local agent how the Lancaster market is performing,  and you are likely to get a mixed response.  13 estate agents sold only 4 properties or less.  Only two of us made it to double figures.   How can an agent say it is great if they only sold 4 properties?   

Welcome to the Lancaster housing market report for June 2019.  June has been a very mixed month - similar to the British weather really!

 The national and even industry press is still reporting conflicting stories as to how the housing market is performing, hence we prefer to look at things on a more a local basis.   

Despite the high level of property reductions in the first 6 months of the year (there have been 281),  Lancaster selling prices are holding strong.  The average property price in LA1 today stands at £174,478. 

Welcome to May's housing report for Lancaster ( LA1 ).   This months report really is a story of two halves.  On one hand, you have properties which are getting snapped up in a matter of just a few days.  On the other you have a Lancaster Housing Market which is struggling, with over half of the available properties for sale, still sat on the market now for over 12 weeks.  What is going on? 

Welcome to April’s housing market report.  It’s starting to feel like Brexit is catching up with the Lancaster housing market as the level of new properties coming to the market takes a dip.

Homeseller’s are still holding off, many taking a let’s wait and see what happens attitude.  The result is, the level of new instructions year on year has nosedived by 20.5%.  This, of course, has a knock-on effect on the level of sales, which (year on year) is down by 14%.

Welcome to March’s housing market report.  It’s been a very strange month.  Earlier in March, I was actually thinking this could be my first doom and gloom report.  In the first week of March, the Lancaster Housing Market was almost as a flat as a pancake.   By the 5th March (pancake day),  only 5 homes, in total, had sold across the city.  Thankfully, it’s not ended that way!

Welcome to February’s housing market report. It’s been a fantastic month at JDG - the best we have had since 2014 - with a house selling every single day!

Before we look at what happened in the month across Lancaster, I thought I would take a look at the UK picture. I’ve spoken with agents across the country and checked the reported news. The South East and Surrey seem to be a struggle, whilst over in Lincoln, Leicester and Manchester, it seems to be a booming market.

Welcome to the first edition of the local housing market for 2019. If you read our annual round up, you will, by now know that December and January are generally the quietest months of the year when it comes to house sales. Would it, therefore, surprise you to hear that in January 2019, Lancaster outperformed January 2018?

In many regions across the UK, the housing market is still being reported as subdued. In London and the South East Agents have been reporting sales falling through and prices starting to fall, yet The Guardian newspaper reports that the North is having the fastest house price growth since the referendum.

 I have never truly understood New Years.  Why people make resolutions for a new year?  I’ve always believed why put off what you can do today.  Why plan change only on January 1st?  It’s all mighty odd to me! It’s been explained to me that people see it as hope.  Hope for something better.  Change of some type.   Many people decide in the New Year to move house. 

Welcome to November’s local property report where we tell you exactly what is happening in the Lancaster property market.  As normal - we focus primarily on LA1.

November is always a strange month.   Those who have been actively looking to move since the summer develop a sense of urgency.    Those who are just starting to think about moving debate if they should put their plans on hold until the New Year.   People talk about it being a quiet time - Christmas is approaching after all.   

Welcome to October’s Property Market update. Each month we look at what is happening in our local property market. We look at the facts and figures based on real-time data made available by Rightmove and Zoopla.

In LA1, October has been a very positive month. The government may be struggling to agree on a deal on Brexit, the national housing market has reported a slowing market per se yet in Lancaster house sales are actually up, both month on month ( 11% ) and also annually ( 8.5% ).

There is no doubt about it - the Lancaster housing market is changing.  We have felt it happening over past couple of months and despite some agents claiming to have had a great month, the reality is that as a city, buying activity has taken a nose dive.   Year on year the Lancaster housing market is down by 25%.  

Welcome to August’s local housing market update.  This is the report that spells out the facts and looks at what is really happening in the Lancaster Housing Market.

This month we begin with a really positive message, although I don’t want us all to get too excited or misled by it.  Housing activity is up by almost 24% month on month.  In Lancaster, we bucked the national trend.  The city itself was up 10% year on year.   The question is why?

Welcome to July’s local housing market update.  Once again we focus on LA1 as we let you know what is happening in the local housing market. This month I wanted to begin highlighting what is happening nationally.  I think it’s important we are all aware of this and it is worth keeping a watchful eye on.

Welcome to this month's local property report where we tell you exactly what is happening in the local property market.  Open the national newspapers and you will read conflicting reports. Is the housing market sizzling like the weather? Have prices really dropped? Are there fewer buyers around?

Welcome to our local property report where we tell you exactly what is happening in the local property market.  This report is based on fact and figures using the information we get from our Rightmove and Zoopla intelligence reports.  

Estate agents will tell you different things.  Some will report that the housing market is subdued.  Others will report it is busy.   We have broken it down for you so you can see exactly what is happening and will continue to do so each month.   This month we focus on LA1