Lancaster & Morecambe 01524 843322
Posted on Friday, December 2, 2022
Sales in Lancaster are down. In 2018, 84 homes were sold. In 2019, 80 homes were sold. In 2020, it was 96 homes ( the stamp duty holiday had been announced) and last year it was just 66. This year that figure has dropped to just 61 homes.
Many now say that the housing market has dropped back to pre-pandemic levels. However property prices in Lancaster are still holding strong and despite sellers now having to negotiate rather than receive offers over the asking prices, property prices are still higher than they were 12-18 months ago.
We must also remember that as we head towards Christmas, people’s priorities shifts. Many families we are now talking with are planning on moving in the New Year. However, it is worth noting that those buyers that are looking now, tend to be keen buyers. Homes are still selling and they will do in December too.
Here are your figures for November 2022
The average price of a home sold in Lancaster (LA1) now stands at £171,705. This is £2356 higher than last month, and a 7.4% increase over the course of the past 12 months. We must point out that this pricing data comes from the Land Registry and it is based on completed properties. These homes will have had sales agreed before the mortgage market turned.
For anybody who is thinking of selling now, property prices are more in line with the market 12-18 months ago. Sensible pricing is important for that that want to get moved.
At JDG we follow buyer demand very closely. Simply put, you can’t sell a house if no one wants to buy. Buyer demand in Lancaster has dropped again. However, at an average of 65 daily views per property on Rightmove, it is still higher than it was in November 2018, 2019 and 2020!
In November, the JDG team registered 132 new buyers. We have buyers looking and we know what they are looking for!
It is very clear that there is now more choice available. It is still nowhere near pre-pandemic levels (the available choice used to always be above 500 homes in LA1), however, it is growing each month. More homes are coming available than actually selling and it is this that creates a buyer's market as opposed to a seller's market. We are already hearing buyers saying that they have several homes to see. Buyers then compare and this is why sensible pricing and great presentation are once again very important.
It is also worth noting that the length of time to find a buyer has now increased to an average of 40 days. This is the UK average. Homes are now taking longer to sell (although 40 days is still quick!)
18 agents were involved with the 61 property sales in November. At JDG we agreed 14 of these sales. Almost 1 in 4 homes sold via an agency which shows that we do have registered buyers, especially when you consider that we don’t have the most homes to sell.
Despite the changing market, we had some great successes. Homes at Spinners Court, Broadway and Bulk Road all sold for the full asking prices. Borrowdale Road was quickly snapped up, as were Windermere Road, Gloucester Avenue and Dorrington Road.
We have said it for the last three last months and we will say it again this month, in a changing market, knowing your buyers really is key. 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 The Property Academy. 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 is the important part for you. On average we achieve you 2% more for our clients then agents in our area.
