Lancaster & Morecambe 01524 843322
Posted on Friday, November 1, 2024
The Lancaster market saw an uptick in both new instructions and sales agreed, with nearly as many homes selling as were listed.
However, the latest Rightmove Report also showed that property prices across the UK were still about 1% lower than last year, with Lancaster tracking at 1.1% down. This is why we will continue to say that sensible pricing is key.
As we approach the end of the year, all eyes are now on the financial markets following the Autumn budget. We may see less activity in the buy-to-let sector, which could mean fewer house sales overall, but it also opens up more opportunities for first-time buyers in what might become a less competitive landscape.
Here are your figures for October 2024
Land Registry reports that the average recorded property price in Lancaster is currently £176,863. It is just 1% lower than it was 12 months ago. If you take out apartments, the average price of a house in Lancaster stands at £193,210.
A more precise measure, the price per square foot, is currently £208 in Lancaster. Last month it was £207. Breaking it down further, apartment sales are currently averaging at £180 per square foot, whereas detached homes are averaging at £284.
For those interested in the higher-end market, there was only 1 sale over £500,000 in October.
Daily views on Rightmove are essential for attracting buyers and gauging market interest. Since August, Lancaster has continued to see stable viewings. October’s budget did not change buyers' appetite.
Properties sold in the last month had been on the market for an average of 52 days, which is 33.8% longer than a year ago.
As we head into November, buyers have considerably more choices than they did 2 years ago with 424 homes currently for sale of which 50% have been for sale for 12 months or longer.
Rightmove has recently reported that property prices are 1% lower than they were 12 months ago, hence, sensible pricing continues to be key. Now is not the time to to try and break records. If your home is struggling to sell, look closely at how it compares to other homes on the market in terms of price, size, condition and location. This is what buyers will be doing.
In October, 19 agents participated in 99 property sales in Lancaster, and we're proud to have agreed on 26 of those sales at JDG. So far this year, we've secured 197 sales in the LA1 area, representing 28.8% of the market. Our team has consistently achieved 97% of the original asking price, highlighting our accurate valuations and strong negotiation skills.
If you're thinking of making a move, choose JDG. Our proven track record and positive client reviews make us the top choice for sellers in Lancaster and Morecambe.
Feel free to get in touch on 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, and we have once again made the finals for this year, which gets announced in London in November 2024.
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!
