Lancaster & Morecambe 01524 843322
Posted on Wednesday, February 1, 2023
We have registered 222 new buyers, all looking to buy across our region. This is the highest number since August last year.
However whilst it’s been a month of positives for team JDG (28.8% of all sales were via agency), we have to look at the Lancaster market as a whole and there is no denying it has shifted from where it was in 2021/2022. it is very much on par with 2019 - pre-pandemic times!
Let's look at the figures…..
It’s clear to see that new instructions are up and sales are down. Fewer buyers are looking, the daily number on Rightmove is half of what it was last year, but still higher than in 2020 and 2021.
Fewer buyers looking equates to fewer sales being agreed upon - this number is down by 20%. Buyers are now taking longer to decide, opting to view several properties before making a decision. No longers are homes getting snapped up as quickly as they were.
The average price of a home sold in Lancaster (LA1) now stands at £173,675. This is £1,179 higher than last month and remains at a 7.4% increase over the course of the past 12 months.
We must point out once again that this pricing data comes from the land registry and it is based on completed properties. Many of these homes will have had sales agreed upon before the mortgage market turned in September.
For anybody who is thinking of selling now, property prices are more in line with Summer 2022. Sensible pricing is still very important for those people that want to get moved. For those that are interested in the premium market, the highest price property to sell was on the market at £425,000. Nothing in LA1 sold in the £500K + price range.
It’s great to see that buyers are returning to the market. With a new year, comes a whole new range of buyers, many of whom put moving plans on hold last year due to all of the uncertainty that was caused by Liz Truss and her mini-budget.
There may be fewer buyers looking on Rightmove than there were earlier last year, however, in January, the JDG team registered 220 new buyers. We have buyers looking, we know who they are and we know what they are looking for!
The choice for buyers continues to grow as each month more homes are listed for sale than are actually selling. More choice is what creates a more competitive marketplace.
The average length of time to find a buyer has now increased to an average of 52 days. This is the UK average. JDG clients are taking an average of 29 days. Homes do sell faster with us!
16 agents were involved with the 66 property sales in November. At JDG we agreed on 19 of these sales. 28.9% of all homes sold are sold via our agency which shows that we do have registered buyers.
Despite the changing market, we had some great successes. Homes at Lawnswood Avenue, Highmount Court and Aldrens Lane all sold for the full asking prices. Coolidge Avenue was quickly snapped up, as were Gerrard Street, Ushers Meadow and Wellington Road.
We have said it for the last five last months and we will say it 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. 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 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.
