The Lancaster Property Market Update | May 2024

May though hasn’t been with its little hurdles.    A general election has been called for July, the positive here is that it’s a quick call so we don’t expect too much disruption to people’s moving plans.   The negative is that the Renters Reform Bill is once again delayed ( we are thinking delayed, not scrapped ).    However, the Leasehold and Freehold Reform Bill got pushed through and became Law on Friday 24th May. 

In Lancaster,  houses continued to sell as the sun came out and lighter nights created longer days.     When it comes to selling houses, it is one of our favourite times of the year!

Once again,  May has been kind to JDG clients with 29 homes sold in LA1.  Almost a 1/3 of all property sales across the city were through ourselves.   For that, we say thank you!  

Here are your figures for May 2024

Property Prices

Prices remain stable in Lancaster with the average selling prices currently at £171,108.  

The price achieved per square foot in Lancaster currently averages at £207 per sqft.   Last month it was recorded at £208.    Looking closer at the data,  apartments averaged £191 per sqft whereas detached homes averaged at £284.  

In May last year, the average price per sqft was £211.    Please note this data is based on completed selling prices, not current asking prices!

Buyer Demand

Buyer demand on the property portals has suddenly shot up which is encouraging in the current climate.  Excluding January, it’s the highest it has been in over 12 months.   This is reflected in the increase in property sales when compared to both last month and last year. 

Timescales

An important consideration when selling is the length of time the whole process takes.  In Lancaster, the average property now takes on average 68 days to find a buyer  (houses over £500,000 are averaging 109 days) and then a further 109 days to find a buyer.   This is almost 26 weeks.  Anyone who wants to get moved before Christmas needs to be listing their home for sale this month!

• As we head into June there are 367 homes available for sale in Lancaster which is 10% higher than this time last year.    
• Property sold prices are on average 2% lower than they were 12 months ago hence I will continue to say that sensible pricing is key.  
• Of the 367 homes available,  201 properties have been for sale for 12 weeks or longer.  This equates to 55% of homes for sale. 

In March, 20 estate agents were involved with the property 90 property sales.    We are proud to say we were involved with 29 of these property sales which equates to 32.2% of the market.   Selling homes in a more difficult marketplace needs tenacity,  skill and the ability to be able to find buyers, rather than waiting for buyers to find you.  The market has changed and we have chosen to embrace new marketing techniques which are shown to be working.  

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!