Lancaster Property Market Report

Welcome to the Lancaster Property Market Update for April 2022

For the 3rd month in a row, we are seeing signs that the Lancaster housing market is changing.   

New instructions are down, sales levels are down and the average length of time it takes to sell a home is getting longer.   The latest report from Rightmove states that the average length of time it is taking to find a buyer in Lancaster is now 37 days.   12 months ago it was 13 days.   Buyers are starting to take their time, wanting to view a few properties before committing.   The heat is starting to come out of the market.  

Whilst houses sell all year round in Lancaster,  Spring is considered by many as the time to start thinking about moving home.  March is always a month full of activity and is always a month when our valuation diaries get busy!

Welcome to the Lancaster Property Market Update for February 2022.  New instructions up, sales down. What is going on in the Lancaster Housing Market?  Last month we asked the question, is the Lancaster Housing Market starting to shows signs of stabilising? It’s certainly looking that way.

For the 2nd month in a row, there have been more properties listed for sale than are actually selling. The level of choice for buyers is still low, but slowly the choice is starting to grow.

Welcome to the first housing market report for 2022.   It’s been a busy start to the New Year, busier than many people expected after a seasonal slow down in December.  When we re-opened after the New Year on January 4th, it has felt like those house buyers have been back out looking in full force.

Many buyers are now starting to get frustrated - it is not unusual to hear that over 15/20 viewings have been booked on a home in Lancaster and that they are all proceedable buyers.    We have had buyers upset that they have missed out and other buyers saying they are getting desperate.

As 2021 ends and 2022 starts, we thought we would take a moment to look back on the Lancaster and Morecambe Housing Market, how it has performed and what’s predicted for 2022. To be able to predict the future, you need to also understand the past.

What a strange month November has been.  Buyers desperate to buy,  Sellers nervous to sell.   The number of homes for sale on the Lancaster market is at an all time low - almost half of where it normally would be. 

If you read our monthly updates, you’ll remember we asked the question - is the Lancaster Housing Market starting cool?  There is no doubt about it, the number of property sales in Lancaster has dropped, however, this is due, in the main, to the lack of properties coming available for sale.

Is the Lancaster housing market starting to cool?  

It is a question many people are asking, now that the stamp duty holiday deadline has come to end.   For conveyancers, mortgage lenders, removal companies and estate agents,  September 2021 has been one of the busiest months on record as buyers scrambled to complete their sale and save up to £2500 in stamp duty.   In the last week of the month, our own agency completed on a whopping 24 sales!

If people expected the housing market to start to slow and prices dip after the June stamp duty deadline,  I think we are safe to say they were wrong.   The national press may have reported that property completions fell off a cliff in July, but when you look closer, it is only because many homer movers pushed for an earlier completion in June (before the £500,000 deadline expired.)

It’s hard to believe it’s been a full year since the chancellor announced the beginning of the stamp duty holiday.  Within 30 minutes of the announcement last year, Rightmove saw its traffic jump 22% on its website.   

The housing market in Lancaster has not stopped since.  There have been lots more changes since, not only did the stamp duty holiday get extended until September this year, but mortgage rates got better and 95% mortgages returned to the market.   It’s all created for a very active market.

Welcome to the Lancaster Property Market Update for June 2021

What a month.  If people thought the Lancaster housing market was going to slow in June, their prediction was wrong.   The first of the stamp duty holidays may have come to an end,  but that didn’t stop people house hunting.   

May 18th 2021 marked the 1st anniversary of the Lancaster Housing Market being back open for business. It’s hard to believe we are still under some lockdown restrictions and that our hospitality sector is only just re-opening.

Whilst holidays to green list countries are now allowed, many people have opted to have a summer staycation. Many others have chosen to use the money they have saved to either move home or improve their home. Because of this the Lancaster housing market is still exceptionally active and is showing little signs of slowing.

What a difference a full year makes.  Just 12 month ago we were in a full lockdown and viewing of homes were not permitted.   The few sales last year made were mainly from viewings that had taken place before lockdown, although at JDG we did have a couple of sales that purely viewed virtually!

Who would have thought 12 months on from the first lockdown,  the UK would be still in a lockdown?   This is month 3 of our 3rd lockdown, however when it comes to the Lancaster housing market,  12 months makes a huge difference, especially now the kids are back at school!

Sales in Lancaster are more than double.  New instructions are up and property demand is at an all-time high.   The average daily views on Rightmove have almost trebled in 12 months,  and they aren’t that far from being double January this year.

It’s now month 2 of lockdown 3.0 and also the last month we can compare property sales when it comes to life before lockdown 1.0. 

Back in February 2020, the UK housing market was already set for an excellent year.  It was the first month the Lancaster Housing Market had hit over 100 sales in a month in considerable time.   People who had put plans on hold due to Brexit had begun their moving plans.   

Welcome to the first property report of January 2021 where we report on what is really happening in the Lancaster property market. 

Each month we compare what is happening this year, to the same period last year.   What we need to note though is we are now in a completely different market, with a completely different set of circumstances and even a different way of working. 

As 2020 comes to an end it is time to look back on the Lancaster Housing Market, the twists and turns and the bumpy ride that we have all had to endure.   It’s been a year like no other.

We began the year with a Brexit decision and high hopes.  The housing market was forecast to perform well  (transactions in 2019 were 10% down compared to 2018).  Economists were predicting a Boris Bounce and the North West was predicted as a property growth spot.   We were due to move office (thankfully we now have) and there was a feeling of positivity in the air.

It is interesting how the UK Housing Market has defied lockdown.  Many people thought it was unsustainable, how can property prices increase and houses sell when the UK economy is struggling so badly?   It is a question on people minds.

City am are reporting that house prices have risen at their fastest rate since November 2015. The Daily Express expects the market to boom in 2021 and The Property Eye has reported the housing market recovery is set to be shaped like the Nike swoosh.    Even over in Australia the housing market is performing exceptionally well,  in fact - even better than the UK market.  Property is in demand.

Stamp duty cuts, pent up demand and sadly an increase in separations and divorce, have kept the Lancaster housing market exceptionally busy with a record number of sales when compared to previous years.

It was only last week that it was announced that new mortgage approvals are at a 13 year high - the highest they have reached since September 2007 with 91,500 new mortgages agreed.  This is 25% higher than it was in February this year  (which was the month befor the pandemic started).

It’s four months now since the Housing Market has been back open since lockdown measures eased.  Traditionally September has always been one of the busier months of the year.  School Holidays come to end and peoples thoughts turn to getting moved before Christmas.   

This year though it is different.  Holiday plans have been delayed.  Whilst the kids are back at school,  nobody truly knows what the future holds, we can only hope for the best as a 2nd wave of Covid hits the UK.

The Lancaster Housing market has now been back fully open for 3 full months since lockdown started to ease in May.

It’s been an interesting time.   Month by month,  the number of new instructions have increased.  The first few weeks were all about pent up demand.  This was people who were already planning on moving but lives had been put on hold because of lockdown. 

It’s now 2 full months since estate agents across the region could re-commence physical viewings.     It’s been an interesting time as estate agents adapt to a new normal.  Most people are understanding of the government guidelines.  Facemask and gloves have become mandatory and only people from the same household can view.  Every home now has to have a video or walkthrough tour.  It is all about minimising the risk of Covid-19.  After all,  your home is deemed to be your safe place and estate agents we have the responsibility to make sure we keep it this way.  

June is the first month since lockdown started to ease in May, that estate agents  (in the UK) have had a full month of trading, and whilst some have had to take extra time to adjust, for those who were prepared early, what a month it has been.    

It was the 12th of May when Boris Johnson announced that the Housing Market could re-open.  Estate Agents were caught unaware,  there was no notice - just an announcement around 8.30 pm that we could start showing houses once again from the morning.    By 9 pm we had 3 viewing requests, all wanting to view the following the day!

The UK housing market has been put hold.  Sales have dropped dramatically,  physical viewings have been banned and only a handful of new properties have appeared for sale.   Across the country, life has literally been put on hold.

It’s strange the difference just two weeks can make.  I’m sure you’ll agree, we wake up in the morning and everything looks the same, except it isn’t really is it?   Life is on hold, whilst we focus on what really matters.  Staying at home and saving lives.  

This month the Lancaster housing market has become a story of two halves.   Before COVID-19 took a grip in the UK and after.

Welcome to the first edition of the Lancaster Housing Market report for 2020.  

January has been a very interesting month, one which is full of hope and optimism for the year ahead.   Following on from the general election, there is a renewed confidence in the UK housing market, one which has been seen across the country and dubbed by industry experts as the Boris Bounce.

As 2019 has come to an end, it’s time to look back at the year as well as the month of December for the Lancaster Housing Market.

2019 was a year of some uncertainty with many people opting to put there moving plans on hold due to the ongoing saga of Brexit. It was a rather unexpected year in government with two Brexit deadlines missed, Theresa May resigning and the announcement of the general election - which took place in December.

Welcome to the November’s Housing Market for the Lancaster Housing Market.  November is one of my favourite months in the Lancaster Housing Market.  I love how the Autumn is truly here and that the seasons have changed.  I love the fact that it is also the only month in the 2nd half of the year that is not affected by school holidays.

Welcome to the October property update for 2019.  Each month we report on the facts and figures as reported by Rightmove, Zoopla and Land registry data. 

This month has been very interesting and whether we like it or not,  conservations around Brexit have come back to the forefront, despite the fact that the general opinion out there is that majority of people want it over and done with.  

To look at what is happening in the Lancaster Housing Market, sometimes you need to look further back than this time last year.

Month on month, the housing market is certainly up. If you recall, August 2019 was a whopping 40% down in sales activity compared to August 2018. September 2019 is up, not by any great deal year on year, but at 73 sales agreed, it is up by 33% on August.

August has been a strange month, and the first time I have had to write a report that feels a little doom and gloom.  The facts though are the facts and we have to look closely as to what is happening in Lancaster especially for those people who truly want to get moved.

This month the housing market has been described by National Press as a bit of roller coaster with more ups and down, than the big dipper at Blackpool Pleasure Beach.

It’s certainly been an interesting July.  Ask a local agent how the Lancaster market is performing,  and you are likely to get a mixed response.  13 estate agents sold only 4 properties or less.  Only two of us made it to double figures.   How can an agent say it is great if they only sold 4 properties?   

Welcome to the Lancaster housing market report for June 2019.  June has been a very mixed month - similar to the British weather really!

 The national and even industry press is still reporting conflicting stories as to how the housing market is performing, hence we prefer to look at things on a more a local basis.   

Despite the high level of property reductions in the first 6 months of the year (there have been 281),  Lancaster selling prices are holding strong.  The average property price in LA1 today stands at £174,478. 

Welcome to May's housing report for Lancaster ( LA1 ).   This months report really is a story of two halves.  On one hand, you have properties which are getting snapped up in a matter of just a few days.  On the other you have a Lancaster Housing Market which is struggling, with over half of the available properties for sale, still sat on the market now for over 12 weeks.  What is going on? 

Welcome to April’s housing market report.  It’s starting to feel like Brexit is catching up with the Lancaster housing market as the level of new properties coming to the market takes a dip.

Homeseller’s are still holding off, many taking a let’s wait and see what happens attitude.  The result is, the level of new instructions year on year has nosedived by 20.5%.  This, of course, has a knock-on effect on the level of sales, which (year on year) is down by 14%.

Welcome to March’s housing market report.  It’s been a very strange month.  Earlier in March, I was actually thinking this could be my first doom and gloom report.  In the first week of March, the Lancaster Housing Market was almost as a flat as a pancake.   By the 5th March (pancake day),  only 5 homes, in total, had sold across the city.  Thankfully, it’s not ended that way!

Welcome to February’s housing market report. It’s been a fantastic month at JDG - the best we have had since 2014 - with a house selling every single day!

Before we look at what happened in the month across Lancaster, I thought I would take a look at the UK picture. I’ve spoken with agents across the country and checked the reported news. The South East and Surrey seem to be a struggle, whilst over in Lincoln, Leicester and Manchester, it seems to be a booming market.

Welcome to the first edition of the local housing market for 2019. If you read our annual round up, you will, by now know that December and January are generally the quietest months of the year when it comes to house sales. Would it, therefore, surprise you to hear that in January 2019, Lancaster outperformed January 2018?

In many regions across the UK, the housing market is still being reported as subdued. In London and the South East Agents have been reporting sales falling through and prices starting to fall, yet The Guardian newspaper reports that the North is having the fastest house price growth since the referendum.

 I have never truly understood New Years.  Why people make resolutions for a new year?  I’ve always believed why put off what you can do today.  Why plan change only on January 1st?  It’s all mighty odd to me! It’s been explained to me that people see it as hope.  Hope for something better.  Change of some type.   Many people decide in the New Year to move house. 

Welcome to November’s local property report where we tell you exactly what is happening in the Lancaster property market.  As normal - we focus primarily on LA1.

November is always a strange month.   Those who have been actively looking to move since the summer develop a sense of urgency.    Those who are just starting to think about moving debate if they should put their plans on hold until the New Year.   People talk about it being a quiet time - Christmas is approaching after all.   

Welcome to October’s Property Market update. Each month we look at what is happening in our local property market. We look at the facts and figures based on real-time data made available by Rightmove and Zoopla.

In LA1, October has been a very positive month. The government may be struggling to agree on a deal on Brexit, the national housing market has reported a slowing market per se yet in Lancaster house sales are actually up, both month on month ( 11% ) and also annually ( 8.5% ).

There is no doubt about it - the Lancaster housing market is changing.  We have felt it happening over past couple of months and despite some agents claiming to have had a great month, the reality is that as a city, buying activity has taken a nose dive.   Year on year the Lancaster housing market is down by 25%.  

Welcome to August’s local housing market update.  This is the report that spells out the facts and looks at what is really happening in the Lancaster Housing Market.

This month we begin with a really positive message, although I don’t want us all to get too excited or misled by it.  Housing activity is up by almost 24% month on month.  In Lancaster, we bucked the national trend.  The city itself was up 10% year on year.   The question is why?

Welcome to July’s local housing market update.  Once again we focus on LA1 as we let you know what is happening in the local housing market. This month I wanted to begin highlighting what is happening nationally.  I think it’s important we are all aware of this and it is worth keeping a watchful eye on.

Welcome to this month's local property report where we tell you exactly what is happening in the local property market.  Open the national newspapers and you will read conflicting reports. Is the housing market sizzling like the weather? Have prices really dropped? Are there fewer buyers around?

Welcome to our local property report where we tell you exactly what is happening in the local property market.  This report is based on fact and figures using the information we get from our Rightmove and Zoopla intelligence reports.  

Estate agents will tell you different things.  Some will report that the housing market is subdued.  Others will report it is busy.   We have broken it down for you so you can see exactly what is happening and will continue to do so each month.   This month we focus on LA1