What’s happening in the Lancaster Housing Market, and why is it not tracking the way the national housing market is?
Rightmove has just reported that the traditionally busier Autumn market appears to have started early this year, a headline statement being that new sales agreed are up by 27% year on year. This is not the case in Lancaster.
Sometimes to get the answers we seek we need to look backwards. Lancaster has always been a more stable market and whilst many parts of the UK suffered after the Liz Truss budget, Lancaster’s sales activity and prices remained relatively stable. We have little to recover from. Stable is good!
Sales in Lancaster are on par with the last 2 years. Property choice is up, and it is this we must focus on. Buyers have options, and because of this, I will continue to say, that sensible pricing is key.
Here are your figures for September 2024
Property Prices
Land Registry reports that Lancaster's average recorded property price is currently £176,624. It is just 1% lower than it was 12 months ago. While prices have decreased compared to 12 months ago, they have shown an increase of £519 since the beginning of the year.
The price per square foot, a more precise measure, remains at £207 in Lancaster. (12 months ago it was £211.). Breaking it down further, terrace homes averaged at £194 per square foot, whereas detached homes averaged at £286.
For those interested in the higher-end market, there were only 0 sales over £500,000 in September.
Property Views
Daily property views on Rightmove provide a clear snapshot of buyer demand, offering real-time insight into market interest. It is interesting to see that daily views were on par with 2023 for the time of year but are at their lowest level for 2024. We hope to see this increase in October as the city settles back into its normal pace of University life.
Timescales
In Lancaster, it currently takes an average of 70 days to find a buyer and 114 days to complete the sale. Anyone who is listing their home for sale now, realistically, is looking at a move in the early Spring.
As we enter October there are now 449 homes for sale, giving buyers 65% more choice than they had two years ago.
Of these, 236 have been on the market for 12 weeks or longer, accounting for 53% of all available properties. Now that Autumn is here, these home sellers should consider adjusting their marketing, taking a closer look at their presentation and also the property price. I also recommend comparing your homes to those that are selling, you’ll find clues as to why your home is struggling by doing this.
If you’re considering a move, choose JDG – our proven track record and positive client reviews make us the top choice for sellers in Lancaster and Morecambe.
Get in touch with us at 01524 843322 or michelle@jdg.co.uk.
Thank you for reading.
Michelle
Important notice for potential sellers
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