The Lancaster Property Market Update | April 2024

Some people might blame this on the uncertainty in the mortgage market and the surprise increase in mortgage rates, but, in theory, that should affect all regions.   Others could blame the fact we are a university city and the Easter holidays slow things down,  however, we are comparing year on year.      Could it be a property pricing issue?     We’ll address that further on.

Whatever the reason, sales activity is down.  And it’s down by 27%

Here are your figures for April 2024

Property Prices

Prices remain stable in Lancaster with the average selling prices standing at  £172,551.  It is just £284 lower than it was in March.  

The price achieved per square foot in Lancaster currently averages at £208.  This does vary considerably between house type and also price range however it is a good indication of average prices.  In April last year, it was £211.  

Buyer Demand

Buyer demand on the property portals has remained steady.   It’s lower than it was 12 months ago, as many house hunters have started to realise that agents like ourselves post our new properties on social media prior to them going on websites such as Rightmove and Zoopla

Buyer Choice

Is buyer choice what is slowing the market down in Lancaster?   It certainly feels that way.   The choice available for buyers is at a 5-year high.   Buyers have 71% more homes to choose from,  yet fewer buyers are looking.   2 years ago it was a seller’s market.  It is now turning into a buyer’s market.  

As we head into May there are 373 homes available for sale in Lancaster which is 5% higher than last month.     On average,  in LA1 it takes 70 days to find a buyer and a further 109 days to complete a sale.

Property prices continue to remain stable, however I will continue to stress that the market is still price-sensitive.  Make sure any agent you talk to can justify the price of your home with comparable evidence.  

Of the 373 homes available,  195 properties have been for sale for 12 weeks or longer.  This equates to 52% of homes for sale. 

In March, 18 estate agents were involved with the property 62 property sales.     It’s more important now than ever for Lancaster home sellers to sensibly price their homes if they wish to get sold.    The market is moving but at different speeds.   Home sellers need to be motivated and this includes correct pricing,  great marketing and choosing to work with an agent which has a proven track record of success.  

If you're thinking of moving, think JDG - our proven results and client reviews make us the best choice for sellers in Lancaster and Morecambe. 

Contact us at 01524 843322 or michelle@jdg.co.uk. 

Thanks for reading.

Michelle

Important notice for potential sellers 

We're proud to inform you that we've been ranked among the top 2% of all estate agents in the UK for the fourth consecutive year. Additionally, we've been declared the UK's Number 1 estate agent for both 2022 and 2023. 

This is the highest accolade any UK estate agent can receive, and it's based on marketing, service, and results and is judged against all other agents across the country.