Lancaster & Morecambe 01524 843322
Posted on Sunday, February 4, 2024
Confidence is returning to the housing market. Buyers are back out looking with demand on the property portals in Lancaster is up. This is reflected in the number of new buyers we have registered in January - a whopping 184 new families looking to buy.
Whilst the Lancaster housing market didn’t have the same kick start as some parts of the UK, it still performed well. New instructions are 10% up. Sales were 5% up. And new valuations booked are at the highest rate in a long time! There’s a positive feeling out there!
Here are your figures for January 2024
The average price paid for a property in Lancaster is currently £172,652. At the beginning of 2023, it was higher at £181,293. This does not mean property prices are falling, if you look at the table below you can see the average price per sq ft has risen.
What it means is that there have been more sales at the lower end of the market as first-time buyers and investors are slowly returning. Looking at the graph above, it is interesting to note that 76.8% of all the property sales in Lancaster were under £250,000.
Seeing buyer demand double what it was in December as motivated buyers return to the market is encouraging. A new year is often seen as a new start and many people who put their plans on hold as Christmas approached, come back to the market with a renewed motivation.
A recent report from Rightmove showed that February is one of the most active months for sales agreed and with the highest number of online views in over 12 months, we feel very positive for the months ahead.
As we head into February there are 343 homes available for sale in Lancaster giving buyers are healthy choice. The average home is now taking 71 days to sell (12 months ago it was 52 days). Property prices are stable, however sensible pricing is still key. It’s worth noting the increased demand at the lower to mid-market levels.
Of the 343 homes available, 210 of these have been for sale for 12 weeks or longer. This equates to 61% of all homes for sale. These homes need their marketing refreshing and possible price adjustments, it could even mean a change of agent.
On the flip side, there are still homes that are selling quickly. JDG properties such as New Quay Road, Beaumont Place, Coleman Drive and Westham Street all sold in a matter of days with some of them receiving multiple offers and several full asking price offers.
In January, 16 estate agents were involved in 69 property sales. It’s a positive start for 2024.
My advice to any seller this year is to go back to basics. You’ll hear me talk a lot about the 3 P’s. Make sure your price is sensible, your presentation is excellent and the promotion of your property is 2nd to none.
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.
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!
