Lancaster & Morecambe 01524 843322
Posted on Sunday, August 1, 2021
Here are your monthly figures for LA1 below- as you can see sales are up year on year…
The number of people looking at homes for sale on Rightmove is now at an all-time high. There is a lack of choice, so potential buyers are looking more closely at the limited choice available. The average property now gets 125.2 views a day, up 62% from July last year!
Sales in Lancaster are up year on year. July is normally a quieter month in the housing market but as many people have still opted for the staycation, moving plans haven’t been put on hold. Sales are up by 30% year on year.
The concern now is that the number of people looking to sell their dropped by almost 25% in July. This creates issues with supply and demand. Agents can’t sell what they don’t have and buyers are faced with limited choices. This pushes property prices upwards and many buyers are finding themselves in a situation of competing offers with many homes selling in excess of their initial asking price.
I love to look closely at what is selling. It’s quite clear that terrace homes are the most popular property type in Lancaster and count for just over 50% of the property sales this month.
Homes priced between £125,000- £250,000 also count for over 50% of all property sales. You can also see that LA1 3 was clearly the most popular area of the city. Looking even closer at the data 79% of the property sales in LA1 3 were terrace homes!
Property prices are in Lancaster are still continuing to increase although maybe not quite as much as some people think. Our figures are taken from the land registry which shows that the average property in Lancaster is now worth £161,217. This is an increase of 9.4% over a 12 month period.
The average semi-detached home is now worth £178,737. The average terrace property is worth £144,696.
17 agents were involved with the 110 property sales in July.
At JDG we agreed 31 of these sales which equates to 28.2% of all the property sales in Lancaster (LA1). We found many of our properties were snapped quickly. Booth Gardens was in high demand. Our Coming Soon post on Facebook generated 9 viewings even before it was advertised on Rightmove!
A home on Westham Street had 17 viewings booked in 24 hours, many of whom were registered on our buyer database. It received several offers and was one of our properties that sold for over the asking price.
Portland Street and Park Road both sold in days and Esthwaite Gardens in Freehold had 6 interested parties. We had lots of asking prices offers and several homes sold for considerably over the asking price due to the amount of interest we had.
In July we registered another 270 people looking to buy locally. We need to help these people find a home and many of the 300 buyers we registered in June are still looking to buy.
Are you thinking of moving? Think JDG. We would love to help. Call us on 01524 843322
Thanks for reading
Michelle
Ps. At JDG we like to do things differently. On the surface, many agents may appear the same and many proclaim to offer what we offer. However, how can they? We are a service industry. One of the reasons we achieve more sales and higher prices is due to the way our team conducts the viewings. It is the way we negotiate the sale and it is the way we look after our clients all the way through to completion.
We have one of the lowest fall-through rates in our industry. We have the lowest price reduction rate in Lancaster. We don’t even have the most homes for sale. Yet month on month, we sell the most and get you, our clients the best results.
If you’d like to know more about how we do this, please ask us. At JDG we like to be transparent and we love to help!
