Lancaster & Morecambe 01524 843322
Posted on Sunday, July 3, 2022
June was a month of doom and gloom for the economy. The cost of living crisis deepened, fuel costs nudged close to £2 a litre for diesel cars and interest rates increased by 0.25%. The media tried to say it would be doom and gloom for the housing market, yet still in Lancaster properties sold and prices continued to nudge upwards. In the last 12 months, Lancaster property prices have risen on average by 4.3%.
Our report breaks down what is happening in the market and as you look through the figures, you’ll see that new instructions are up by 11%, which is great news for property buyers however sales are down by 20%. The question has to be, why?
Here are your figures for June 2022
The average price of a home in Lancaster now stands at £167,806. Over the past 12 months, the average property price has increased by 4.3%.
The biggest growth area in terms of property prices is in the apartment market, however, this area of the market struggled through the various lockdowns, hence it is now slowly catching up!
Buyer demand is still high and certainly, the number of daily views on Rightmove is higher than it was a year ago. However, buyers are beginning to take longer to choose a home, with the average property now taking 34 days to go under offer. As you can see on the table below, In June, daily views were the lowest they have been all year.
On a more positive note, at JDG we registered 238 new buyers looking, we know who many of the current buyers are!
As we head into July there are just 212 homes for sale in Lancaster. When you consider back in April it was as low as 159 homes, it is a considerable jump. Houses are now coming to the market daily.
83 of the homes for sale in Lancaster have been for sale for 12 weeks or longer - 24 of them are with one agent! This has to be a concern and Lancaster home sellers need to be aware asking prices need to be justified.
19 different estate agents we involved with the 79 property sales in March. At JDG, we had a superb month. 32.5% 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 achieving the results for our clients.
Property sellers now need to be aware that the property market is changing. It is beginning to turn 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 starting to fade. Justified asking prices are now key.
At JDG we now have a desperate shortage of properties. We really need 2 and 3-bedroom homes for buyers waiting. We also have a big demand for 4 bed detached houses, in particular, priced up to £400,000.
If we can help you move or you would like to know the current value of your home, please call us on 01524 843322 or email me at michelle@jdg.co.uk. At JDG we are always here to help.
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 for any estate agent in the UK. It is ranked out of 22,000 estate agents. It is judged on 3 key elements - marketing, service, and results. The results are the important part for you.
On average we are now achieving 3% more for our clients than other agents in our area.
