Lancaster & Morecambe 01524 843322
Posted on Sunday, September 1, 2024
Despite this seasonal slowdown, the housing market has shown resilience. Across the city we have seen 79 homes sold this month—a 20% increase from last year. Additionally, new listings have risen by 22%, offering buyers the best selection of homes since 2021.
However, it's important to recognise that while choice has expanded and interest rates have recently decreased, the market remains price-sensitive.
The number of buyers actively looking has mostly stayed the same from August 2023, making accurate pricing more critical than ever.
Here are your figures for August 2024
The average property price in Lancaster is currently £176,832. While prices have decreased compared to 12 months ago, they have shown an increase of £2,314 since the beginning of the year.
The price per square foot, a more precise measure, remains at £207 in Lancaster. (12 months ago it was £210.). Breaking it down further, terrace homes average £190 per square foot, whereas detached homes continue to average at £280.
For those interested in the higher-end market, there were only 2 sales over £500,000 in July.
Daily property views on Rightmove give us a clear snapshot of buyer demand, offering real-time insight into market interest. It’s not unusual to see a dip in the summer, as many people are away on holiday, but overall viewing numbers still help us gauge property appeal and adjust our strategies accordingly. This data is invaluable for staying ahead of market trends.
In Lancaster, it currently takes an average of 66 days to find a buyer and an additional 113 days to complete the sale. With just 115 days left until Christmas, now is the perfect time to act if you want to move before the festive season. To speed up the process, consider looking for homes that are not in a chain, which can significantly increase your chances of being settled in your new home by Christmas.
In August, 16 estate agents facilitated 79 property sales, and we’re proud to have been involved in 27 of these, representing 34.2% of the market. As we enter September, there are now 438 homes for sale, giving buyers 28% more choice than they had last year. Of these, 232 have been on the market for 12 weeks or longer, accounting for 53% of all available properties. Now that the seasons are changing, these homes should consider re-vamping their marketing to reflect the time of year.
If you’re considering a move, choose JDG – our proven track record and positive client reviews make us the top choice for sellers in Lancaster and Morecambe.
Get in touch with us at 01524 843322 or michelle@jdg.co.uk.
Thank you 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.
On average we achieve 2% more for our clients than other agents in our area, a key reason to_ choose us for a successful property sale!
