The Lancaster Property Market Update | July 2024

July saw the start of warmer weather, the school holidays and the University break up, which traditionally makes Lancaster a quieter city as people go away on holiday and families with children at home put their moving plans on hold.  That saying, at JDG we still registered 168 new buyers to our database and went on to sell 36 homes,  24 of which were in the LA1 postcode.

Buyers are still looking,  you just need an estate agent with a more proactive approach!

Here are your figures for July 2024

Property Prices

The average property price in Lancaster is currently £174,838. While prices have decreased compared to 12 months ago, they have shown a slight increase of £1,209 since the beginning of the year.

The price per square foot, a more precise measure, remains at £207 in Lancaster. Breaking it down further, apartments average £190 per square foot, whereas detached homes have dipped to £280 per square foot.

For those interested in the higher-end market, there were only 4 sales over £500,000 in July. This year, 16 homes above £500,000 have been sold out of a total of 61 available.

Buyer Demand

 We anticipate a decline in buyer demand during the summer months. With better weather, people prefer enjoying the outdoors rather than browsing Rightmove online.

However, those who are looking during this time are typically more serious buyers—the ones we aim to attract! While buyer demand has decreased compared to last month, it remains higher than it was 12 months ago, which is encouraging news.

Timescales

I often emphasize the importance of timelines, as many home sellers tend to overlook this crucial aspect when planning their move. Currently, in Lancaster, it takes an average of 69 days to find a buyer and an additional 108 days to complete a sale. This timeframe typically increases for higher-priced homes.

Both buyers and sellers should keep in mind that most homes agreeing to a sale this month are likely to see a completion date in 2025, especially if a property chain is involved. 

In July, 15 estate agents facilitated 74 property sales. We are proud to have been involved in 24 of these sales, representing 32.4% of the market.

As we enter August, there are now 412 homes for sale, giving buyers 20% more options. Of these 412 homes, 202 have been on the market for 12 weeks or longer, accounting for 53% of all available properties.

Are you 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 DOUBLE GOLD at the prestigious EA Masters in the UK for the fifth 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!