The Lancaster Property Market Update - June 2023

Prices did drop.  By £110 from last month.  The number of new properties coming to the market was actually down from last year and the number of sales agreed was up.   I don’t think anyone could have predicted that one!

People still want to move and often need to move.   The market might be changing, however, homes, especially those priced below £250,000 are still selling well.    Prices are remaining steady.  And steady is good.  

Here are your figures for June 2023

Property Prices

The media is now full of chatter about property prices.  What is happening to them?   What will happen to them?   Different regions of the country are performing very differently.   Agents in the south are reporting a fall in property prices of around 3.5% whereas many agents in Scotland are still seeing prices rise with multiple bids being made on properties.   

Back in Lancaster,  we are seeing steadiness in the marketplace.  The average property price is now £179,338, a dip of just £110 from last month.    Prices in Lancaster continue to remain steady.

Over the past 12 months, prices have increased.  12 months ago,  The average price in Lancaster was £167,860.  

Buyer Demand

Buyer demand is something I like to keep a very close eye on, as without buyers we can’t sell homes.   Whilst it is still low, it has crept up from May.    The buyers who are now looking feel more motivated to move, and many looking to buy before the interest rates go up further.

Our own team registered 205 new buyers this June.  This is marginally down from June 2022 however still a great number.  The number of buyers looking on Rightmove is down 45% year on year, so you can start to understand why our own buyer database is so important when it comes to finding you a buyer.  

Struggling Properties

 As we head into July there are 329 homes available for sale in the Lancaster market - this is a slight drop from May.  However, on July 1st last year, there were just 226 homes.   Buyers have almost 50% more choice this year.

I say this every month but a big concern is that 51% of these homes (169) have been for sale for 12 weeks or longer.    The average house still takes 55 days to sell  (12 months ago it was 32 days).   At JDG, our average is currently 39 days.  

19 different estate agents were involved with the 85 property sales in March.  At JDG, we had another great month.  As you can see on the Rightmove chart below,  31% of all homes are sold via our agency.     We have the buyers registered and with our carefully crafted marketing campaigns,   we are achieving the results for our clients.  

My message to any potential sellers is that the market has changed and will continue to change.   Be realistic with your expectations.  Compare your home to others that are both up for sale and recently sold.   Make sure your home stands out for all the right reasons.  

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.  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 Best Estate Agent Guide.   We have also made the finals for this year!   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 for all agents in Lancaster for June.  As you can see,  homes are selling with JDG!