The Lancaster Property Report | November 2024

Key takeaways

• Buyer choice is at a 4-year high with the number of homes for sale in November surpassing 500
• More Lancaster homeowners chose to list their homes for sale, the highest number since November 2020
• The number of price reductions is at a 5-year high and over treble what is was in 2020
• Properties available for more than 12 weeks is still high
• The number of buyers looking is on par with last year which is reflected in the number of sales agreed. 

November, though, isn’t without its challenges.   Many sellers still believe their homes will sell quickly.  many citing how popular their street is and recalling how fast homes have been selling since COVID.    Times have changed and as you can see below buyers now have more choice.

Across the UK there are stories about how sales activity is much higher than it was last year.  It is true for areas like Morecambe, however, Lancaster has always been quite a stable market and because we don’t experience the slumps that some towns and cities experience,  neither do we tend to experience the highs!   Lancaster is quite a stable market.

Here are your figures for November 2024

Property Prices

The latest Land Registry data shows that the average property price in Lancaster is £178,169, up 1.2% from last year. Excluding apartments, the average house price is £195,494.  However, not all property types have seen an increase. The average prices for apartments and detached homes have decreased slightly.

A more precise metric, the price per square foot, is now £211, compared to £208 last month. Apartments are averaging £186 per square foot, while detached homes are at £279.  In the higher-end market, only two properties sold for over £500,000 in November.

Property Views

The daily views on Rightmove allow us to judge buyer demand.  The portals break it down and show us both what individual properties are getting on and also what the market average is doing.  This is shown on the table below.  It is not unusual for daily views to be lower at this time of the year due to seasonal trends, especially with Christmas approaching. 

Timescales

The average time to find a buyer in Lancaster is currently 73 days. However, for homes sold last month, the average was just 55 days, indicating that buyers are favouring newer listings. 

If your property has been on the market for more than eight weeks, it may be time to review your asking price and marketing strategy to attract fresh interest.

Struggling Properties

 As December begins, buyers have significantly more options than two years ago, with 420 homes currently for sale—54% of which have been on the market for over 12 weeks.  Price reductions are three times higher than in 2020, so it’s essential to be cautious with overvalued pricing from agents.   If your home isn’t selling, take a close look at how it compares to others in terms of price, size, condition, and location—just as buyers will.

In November, 15 agents facilitated 71 property sales in Lancaster. This year, so far, 747 sales have been agreed in LA1, with 625 completed.  

We’re proud that 169 of these were JDG clients. With a proven track record and excellent client reviews, JDG is the trusted choice for sellers in Lancaster and Morecambe. If you’re planning to move, we’re here to help!

Feel free to get in touch on 01524 843322 or michelle@jdg.co.uk.

Thanks for reading

Michelle