The Lancaster Property Market Update - September 2022

We have already discussed in previous months' updates the Lancaster Housing Market was starting to slow and price growth was stabilising.  It had to.   Wages haven’t been increasing at the same rate as property prices and the cost of living crisis had already started to bite.

Now we are faced with a whole new affordability issue and for those that need a mortgage, the amount they can borrow is going to be impacted.   For anyone who is wanting to sell their Lancaster home,  sensible, fair pricing has just become the most important thing you can do.  

Here are figures for September 2022 

Property Prices

The average price of a home sold in Lancaster (LA1) now stands at £167,017.  The overall average price is still higher than it was 12 months ago.   The chart below shows you how different property types have performed over the past 12 months.   We have used a square footage calculation to give a better and more accurate overview. 

Buyer demand

At JDG we monitor buyer demand very closely.   It is true that buyer demand continues to fall.   We must remember though, that the last two years have seen unprecedented demand.   If we look back to September 2019 when we were still dealing with Brexit and nobody had even heard of Covid, the average daily property view was just 40.2 views.   In 2018 it was even lower at just 28.2 views per day!

Our own office registered 184 new buyers in September.  People still want to buy.  It’s only the mortgage market that is making it more difficult and it is that which will affect what people can afford to buy.

Struggling Properties  

Whilst price reductions are lower than they were last year,  it worth noting that some properties are now taking longer to sell.   The average property is taking 35 days to sell  ( at JDG over 70% of our sales were agreed in under 2 weeks ) however there are currently 104 homes on the market that have been for sale for 12 weeks or longer.   When you consider there are only 272 homes available for sale in Lancaster (LA1), this means that 38.2% of all homes are struggling to find a buyer.    

This month 15 agents were involved with the 81 property sales in August.  At JDG we agreed 20 of these sales.   Almost 25% of the market sold through our company.  

So far this year we have agreed 191 sales.   On average we have been achieving 99.1% of our asking price for our selling clients.   This shows we provide accurate valuations and that our experienced team has excellent negotiation skills.    

We are known for achieving the best prices for our selling clients.  To give you an example homes on Albion Street, Sibsey Street, Bowerham Road and Scotforth Road were just some of the homes that sold for their full asking price.  Mariner Way, Davidson Street and Graham Street all sold for over their asking prices such was the interest.   We said last month and we will say 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.  Can we share our exciting news?  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 are the important part for you.  On average we achieve you 2% more for our clients than other agents in our area.