The Lancaster Housing Market Update - October 2023

What’s actually happened in Lancaster is that house price growth has slowed.   Two years ago we had a market where there were more buyers than sellers.  Today the market is more balanced.  

Homes in Lancaster are still selling.  As I say to many of my clients,  we all still need to live somewhere - life events dictate that!

Here are your figures for October 2023

Property Prices

Last month we saw house prices dip in Lancaster by over £3000.   As we all know,  prices go up, prices go down, and no two months are ever the same.    This month the average property price is showing at £175,663.    It’s a small drop of just £241 from last month. 

Prices in Lancaster are still up by £2785 from where they were 12 months ago.     They are though down from their peak in January when they hit £179,108

Buyer Demand

Despite the dip in property sales,  buyers are still looking.   If you look at the chart below,  you can see how it has remained quite level since May.    Sales levels may have dropped since last year and also last month,  if we look back,  in August 66 homes sold in Lancaster,  in September it jumped to 83.   This October it was 74 homes.  The Lancaster housing market isn’t seasonal.   Homes do sell at all times of the year!

Buyers also have 25% more choice than they did 12 months ago, hence they are taking longer to decide as they opt to view several homes before making a decision.  What are you doing to make sure your property stands out?  

As we head into November there are 376 homes available for sale in the Lancaster market giving buyers more choice.   The average home is now taking 59 days to sell  (12 months ago it was 37 days).   The market though is very mixed.   Of the 376 homes for sale in Lancaster, 244 homes are struggling to sell, having been on the market for 12 weeks.   This is over 64% of all homes for sale.    It is a worry.     

Some homes though are still getting snapped up quickly -  Craiglands Court,  Ushers Meadow, Wyresdale Gardens and Waterside were all JDG properties that sold in a matter of under 2 weeks.

18 different estate agents we involved with the 74 property sales in October.   

I’m going to continue to repeat the previous month’s message to any potential sellers.  The market has changed and will continue to change as we head into the Winter.    Be realistic with your expectations.  Compare your home to others that are both up for sale and recently sold.   Make sure your home stands out for all the right reasons.   

Are you thinking of moving?   Think JDG.   We would love to help.  Our proven results and client reviews make us the best sellers for you in Lancaster and Morecambe.

Call us on 01524 843322 or email me direct at michelle@jdg.co.uk

Thanks for reading

Michelle 

Ps.  If you are thinking of selling, this is quite important.   For the 2nd year in a row,  we have been ranked as the No.1 Estate Agent in the UK Best Estate Agent Guide.   We have also made the finals for this year!   You do not pay to enter, every single estate agent in the UK is automatically entered.  There are 15,000 different companies entered.  

This is the highest award any estate agent in the UK can win.  It is judged on 3 key elements - marketing, service and results.  The results are the important part for you.  On average we achieve 2% more for our clients than other agents in our area.   

PPS.  The graph below shows the sales results for all agents in Lancaster so far this year.  As you can see,  homes are selling with JDG!