The Lancaster Market update - May 2020

We spent that week getting ourselves ready to re-open the following  Monday under strict safety procedures.   We had a backlog of over 200 viewings to arrange although in reality, this ended up being 102 as some people were not in a position to proceed and not all homeowners felt ready to open their homes up to visitors.

Since then, we have registered 154 new people on our buyer's lists and we’ve booked a further 186 viewings for clients who can proceed.  We have also agreed on 18 new sales since lockdown began and completed on 24 sales.   People still wish to move.  

What is selling and where?

Seeing as we are in new times and people move around Lancaster, Morecambe and the villages,  I thought this month I would report on the area as a whole.  

In 2019, 189 properties sold across the region.  This May it was just 79 homes.   However, estate agents have only been viewing since May 18th.  32% of these sales have been semi-detached homes, as families look to move, many of them wanting a garden.

Lancaster

In Lancaster 32 properties sold in May.  46 were listed for sale.  The most expensive home to sell was a detached home on Westbourne Road, listed for sale at £600,000.

78% of all the property sales in LA1 were under £200,000

Morecambe

In Morecambe,  30 properties sold.  53 were listed for sale.  The most expensive home was a detached home on Heysham Road, marketed at £650,000.    

80% of all the property sales in LA3 and LA4 were under £200,000.

The Villages

In Villages which include the Slyne, Hest Bank,  Bolton Le Sands,  Galgate and Wray, there were 20 new property listings.  What is really interesting is that there were also 17 sales.   A recent report from dataloft about how buyers habits have changed since Covid-19 stated that there has been over a 30% increase in interest of people wanting to move out of towns and cities.   

The most expensive home to sell was a former farmhouse in Quernmore set 0.78 acres.  It was marketed at £450,000.

Only 41% of the property sales in the villages were under £200,000.

Nobody truly knows what will happen in the UK housing market as the week's progress, lockdown eases and the furlough schemes to come to an end.   All I can tell you is that buyer demand is currently here.  Rightmove have reported their busiest day EVER on May 27th with over 6 million visits to their property site.   This morning alone, we have taken 3 new offers and agreed on a sale already from the weekend's viewings. 

It’s going to be an interesting time,  but with interest rates at an all-time low,  the government trying hard to protect peoples incomes and buyers now realising what they truly want from their next home,  as there actually been a better time to move?

My name is Michelle Gallagher.  If you’d like to chat about the local property market, or even receive a free personalised report on your home and it’s potential value,  please get in touch.  My number is 01524 843322 or you can email me at michelle@jdg.co.uk

Ps.   The link below takes you to the land registry reports for May.  These update every month.

Click here - The Land Registry reports, the average price per square foot and changes to the housing market