The Lancaster Property Market Update - February 2023

There is some confusion.  Land Registry records still show prices as rising in Lancaster.  However, this is based on property completions, in other words, the past.    The reality is they have dropped.   However, they have ONLY dropped by 3.7% from their peak in August 2022 and are still considerably higher than they were 12 months ago!

What is interesting in Lancaster is that sellers aren’t rushing to put their homes on the market, but equally, buyers aren’t looking for homes in the droves they were.   There isn’t a supply and demand imbalance.   It’s simply a calmer market, a more normal market and a market that is very similar to what it was in pre-pandemic days, albeit with high property prices.  

Those that are property hunting are starting to see a choice of homes come available and that is both in the new home sector and re-sale market.   

Luckily at JDG, the buyers that are looking are talking to us.   Buyer demand might be down on the property portals,  however, at JDG we have registered over 400 new buyers this year.   It’s one of the main reasons that 35% of all homes in February sold via our agency.   We have the buyers looking!

Here are your figures for February 2023

Property Prices

The average price of a home in Lancaster (LA1) now stands at £177,944. Property prices may have dipped in the past few months, however over the past 12 months, they have still risen by 8.97%.

Land Registry is behind when recording completed house prices, so given that it is a known fact prices have dipped, we do expect this to fall slightly. The reality is that prices have across the UK dropped by 3.7% since August 2022 (source Nationwide).

My message again is clear, sensible pricing is key.

For those interested in the premium market, the highest price property to sell (SSTC) so far this year is a home in Freehold at £450,000. This was marketed by our agency. Only 6 homes above £400,000 have sold in Lancaster so far this year.

Buyer demand

As you can clearly see, buyer demand has fallen back again. We had the January pick up however it has calmed. Back in 2022, buyer demand was 2.5 times higher. Luckily those that are looking, do seem keen to move. The positive for you is that at JDG we have registered over 400 new buyers looking this year and we know what they are looking for!

Struggling Properties

As we head into March there are 309 homes available for sale in the Lancaster market. It is a concern though that 50% of these (154) have been for sale for 12 weeks or longer. For reference, the average time it is taking to find a buyer is now 62 days across the UK.  What is even more interesting though is that homes that sell within the first 9 days of marketing, are proven to be achieving better prices.  Remember sensible pricing is key!

15 different estate agents we involved with the 67 property sales in February. At JDG, we had a superb month. 35.8% of all the property sales in Lancaster were with our company. We have the buyers registered and with our carefully crafted launch strategy, we are still achieving excellent results for our clients.

Property sellers now need to be aware that the property market is changing.  It has turned back to pre-pandemic levels and whilst homes are still selling well, the days when 30-plus people wanted to see a house and numerous people were bidding against each other are pretty much over.  Justified asking prices are now key.

If we can help you move, please call us on 01524 843322 or email me 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 The Property Academy.   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 in February for all agents in Lancaster.  As you can see,  homes are selling with JDG!