The Lancaster Property Market Update - November 2023

House sales are up year on year as the Lancaster Housing market settles down.  The COVID years will always be known to be the time when the housing market went crazy,  and now it is time for buyers, sellers and estate agents to accept that normality has returned.

Homes are selling.  The difference now is that they are not selling themselves, and this is important.   The days of sticking it on Rightmove and hoping for the best are over.    This is a market now where estate agents need to advise on the importance of sensible pricing,  why home staging works and why Ai has suddenly become very important in the way we sell homes.

28.6% of all property sales in LA1 in November were via JDG.    Have you ever wondered why when we don’t have the most homes to sell?  

Here are your figures for November 2023

Property Prices

Property prices in Lancaster continue to remain relatively stable.   There is no doubt, they have dropped since the start of the year when how prices peaked in January 2023.   However it’s not the doom and gloom that the economists were predicting,  the average Lancaster house price is still £173,248.    

What is really interesting is that when we look back at the adjusted data from the Land Registry,  the average property price 12 months ago was £173,315.

The “drop” is just £67.

Buyer Demand

Isn’t it interesting that buyer demand may have dipped but sales are up year on year by 13%.   People often presume the winter is a bad time to sell, however, at JDG we find the buyers who are looking are a lot more serious and keen to buy.   We often joke, that if you like it in the rain,  you’ll love the home in the sunshine.  

Buyer demand might be at a year low, however, at this time of year,  people’s attention when they are web browsing often is elsewhere as they hunt for Christmas Gift Ideas.   This is why an estate agent's client bank is key along with knowledge of what their buyers are looking for.  

As we head into December, there are 460 homes available for sale in the Lancaster market, giving buyers more choice.   The average home is now taking 62 days to sell  (12 months ago it was 40 days).  

Whilst property prices appear stable, the current state of the housing market in Lancaster is quite mixed. Out of the 460 homes currently for sale, 261 homes have been on the market for 12 weeks or longer and are struggling to sell. While this is an improvement from the previous month, it still represents a significant percentage of 56.7% of all homes on the market. It is unfair that selling a home should be a matter of chance, like flipping a coin.

It is worth noting that despite the current state of the housing market, there are still properties that are being sold quickly. JDG properties such as Sycamore Grove, Kennedy Close, Ashton Drive, Halton Road, and Dundee Street all sold in a matter of days with some of them receiving multiple offers and several full asking price offers. Therefore, it is crucial to choose your estate agent wisely.

In November, 17 estate agents were involved in 69 property sales. As winter approaches, remember that although fewer buyers may be out there, they tend to be more serious. Be realistic in your expectations, and make sure your home stands out among similar properties.

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! 

Ps.  Here are our property sales for LA1 so far this year.  As you can see, the JDG way works!