What is happening in the Lancaster Housing Market - July 2023

Buyers looking had to go back to their mortgage advisors and banks to get new Agreements in Principle.   Many discovered that in order to borrow the same amount, their monthly mortgage payment would increase.  Others discovered they could no longer borrow as much.    Interestingly in Lancaster,  it didn’t deter people from wanting to move home,  it did however change how much they were looking to spend.

Look at the figures below.  It’s clear to see that the lower to mid-market is still selling very well.   However, when you start to get above £250,000, there were only 14 house sales.   Go above £350,000 and there were just 5 in total.  

It’s not doom and gloom, we just all need to remember the housing market has changed and homes are no longer selling themselves!  

Here are your figures for July 2023

Property Prices

There is a lot of talk in the media about changing house prices.   A report today by Propertymark talks about how prices have fallen back by 2.2% in Southern England however it also states that, according to Zoopla, house prices are up 0.6% annually across the UK.  

Year on year, Lancaster house prices are still considerably higher than they were, however, the average property price in Lancaster is now £177,940.    This is a dip from last month of £1398.  

Over the past 12 months though prices have still increased.  12 months ago,  The average price in Lancaster was £168,301. 

Buyer Demand

A very important metric for me is buyer demand as without buyers we can’t sell properties.

I always monitor Rightmove for this, after all, Rightmove is the UK’s biggest property portal and where many buyers start their search.  I also though monitor our own client bank as these are the buyers that we know are looking and what they are looking for.  

Looking at Rightmove, buyer demand has dropped again.   It is almost 45% down on July last year, which helps explain why sales are also down year on year.  It is also 13% down from last month.

Interestingly our own team registered 204 new buyers this month which is on par with last month.   I’ll repeat it again.  We have the buyers at JDG and we know what they are looking for.

Struggling Properties

As we head into August there are 344 homes available for sale in the Lancaster market - this is a 5% increase from last month.   However, on August 1st last year, there were just 232 homes.   The choice for buyers continues to grow.  Out of the 344 homes for sale,  would it shock you that 159 of them (46.2%) have been for sale for 12 weeks or longer?   

The average house now takes 57 days to sell  (12 months ago it was 32 days).   At JDG, our average is currently 46 days.   If your home has been for sale for longer than 12 weeks,  you need to find out why.  

18 different estate agents we involved with the 77 property sales in July.   

At JDG we had a great month.  Willaimson Road,  Lune Road, Sylvester Street, and Vincent Street were just some of the terraces that were snapped up within a week of coming up for sale.   Two of the homes that also switched to us from other agencies sold quickly,  proving that not all agents are the same.    

As you can see on the graph below, 26% of all homes sold via our agency and we still don’t have the most homes for sale!    I’m going to repeat last month's message to any potential sellers.  The market has changed and will continue to change.   Be realistic with your expectations.  Compare your home to others that are both up for sale and recently sold.   Make sure your home stands out for all the right reasons.  

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 or email me direct at michelle@jdg.co.uk

Thanks for reading

Michelle 

Ps.  If you are thinking of selling, this is quite important.   For the 2nd year in a row,  we have been ranked as the No.1 Estate Agent in the UK Best Estate Agent Guide.   We have also made the finals for this year!   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 2% more for our clients than other agents in our area.   

PPS.  The graph below shows the sales results for all agents in Lancaster for July  As you can see,  homes are selling with JDG!