How have property prices changed in the Lancaster City Centre Property Market?

Some of them have been designed to seamlessly blend into their surroundings.  Other have been designed to purposely stand out - a contrast against the old and new.  

Lancaster City Centre is a highly desirable place to live.  Whilst the average sale price over the past 12 months stands at just £129,090,  over the past 5 years there has been a 21% increase in property prices.

A closer look at the property sales in LA1 1 over the past 12 months shows that the most expensive home to sell was a beautiful historic 6-bed family home on High Street.  It sold for £635,000 - a whopping 237% increase over a 20 year period.    The cheapest property sale was a flat at Stonewell,  which sold for just £35,000.   There is no previous sale history for this home.

Terrace Homes

Terrace homes account for 32.7% of the local properties in LA1 1.  They range in size from 2 bed upwards, with many larger period homes that are 5 bedroom plus.    The current average price of a terrace home is £172,886, although many of the larger homes can command prices in the region of £300,000 and above!

Apartments

Apartments account for 60.6% of the homes in LA1 1.  In recent years, these have been the most popular property style built.  Most of the apartments in the city are 1 or 2 beds. The average selling price over the past 12 months for apartments has been just £107,043.   In reality, it is much higher when you consider the flat sale at Stonewell.   A good 2-bed apartment can range from £120,000 - £160,000. 

Semi-Detached and Detached Homes

Semi-detached homes account for just 4.4% of the properties in the city centre, whilst detached homes only 2.2%.   The average price for a detached home is £425,000 ( although there were no recorded sales in 2019 ) whilst the average semi-detached home is now worth £222,275. 

I thought for fun,  I’d look back in time at the average property prices.  I’ve gone back 40 years to 1980.   Back then the average property price in LA1 1 was just £16,042, although if you owned one of the larger period homes on Dallas Road,  you could have expected to pay almost double that.  Of course, back in 1980, the average salary was just £4,542 and the average new car would cost you £3,550.  Fuel was just £0.28 per litre.  Put all of that into real terms today and you might be surprised!  

If you’d like to know about property prices in LA1 1 or indeed what your home might be worth today, please get in touch.    These prices are just the averages for the area.  Every home is unique and that is where a property expert such as ourselves can make a huge difference.

My name is Michelle Gallagher.   You can email me at michelle@jdg.co.uk or call me on 01524 843322.   Alternatively, why not try our online valuation tool.  In just under 60 seconds it can give you a rough idea of what your home could be worth!

Try it here.

Thanks for reading

Michelle x