The Lancaster Property Market Update - July 2002

If you look closely at the figures, you’ll see a small shift which follows on from last month.  The housing market is slowly changing.   

Approximately 10% more new homes are coming to the market than are actually selling.    The number of new homes coming to the market has also risen by approximately 10% compared to last year.   The number of homes selling has also dropped by approximately 10%.    Even the number of property views is around 10% down.      

Here are figures for July 2022 

Property Prices

The average price of a home in Lancaster (LA1) now stands at £165,234.   This is a decrease of £602 from last month, the 2nd month in a row prices have dropped slightly.   The chart below shows you how different  property types have performed over the past 12 months.

Buyer demand

To understand a market, you need to understand buyer demand and this is something we look closely at JDG.    For the first time in over 12 months, we have registered under 200 new new buyers looking to buy.   Buyer demand has also dropped on the property portals.  However, given the fact it is the summer holidays,  this something we always expect.   Ultimately buyer demand dictactes property prices. 

Struggling Properties 

Price reductions are on the increase.  Up on last month and up on last year.    There were 37 price reductions in July,  interestingly just over 10% of the property market.   We expect to see this figure increase as the Summer turns into the Autumn.  Not because we think prices will drop per se,  they are being reduced more due to the rather ambitious prices some homes are being marketed at.  

This month 20 agents were involved with the 101 property sales in July. 

At JDG we agreed 25of these sales.   Almost 25% of the market sold through our company.  

So far this year we have agreed 257 sales.   On average we have been achieving 99.3% of our asking price for our selling clients.   This shows we provide accurate valuations and our experienced team have excellent negotation skills.    We are known for achieving the best prices for our selling clients.

Are you thinking of moving?   Think JDG.   We would love to help.  Our proven results and client reviews make us the best sellers for you in Lancaster and Morecambe. Call us on 01524 843322 

Thanks for reading

Michelle

Ps.  Did you know?  We are ranked as the No.1 Estate Agent in the UK by Rightmove and The Property Academy.   This is the highest award any estate agent in the UK one.  It is judges on 3 key elements - marketing, service and results.  The results is the important part for you.  On average we achieve 2% more for our clients then agents in our area.