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.
That saying, if I was a weather forecaster, I’d say the outlook is still good. 31 days is still not long. And at JDG we are still seeing many of our clients finding buyers within the first 10 days of marketing.
The main thing to note is that whilst prices are certainly stabilizing, there is still a healthy number of buyers still looking to buy, and there is still only a limited number of homes to choose from.
Here are your numbers for April 2022.
The average price of a home in Lancaster (LA1) now stands at £166,253. This is a decrease of £2,631 from last month, although still an increase of 4.2% in the 12 months.
It is easy to assume house prices are falling, but when you analyse the data closer, the number of properties that were completed at a higher price range (eg above £500,000) is less. This naturally brings the average property down. It is the higher-end market that is starting to slow.
The biggest price growth area is currently in the terrace market. Prices for this house type are up 8.5% year on year.
Buyer demand might have dropped but is still relatively high. It’s dropped just 10% since last month and is down on last year, but still, we have plenty of people looking to buy property. To give you an example we had 23 people wanting to view a 3-bed semi-detached home in Beaumont and 12 people so far want to view a detached home we have just listed in South Lancaster.
There may have only been 23 price reductions in April but this does not hide the fact that 75 of the 172 homes for sale, as we head into May, have been on the market for 3 months and longer.
Rightmove state that the average Lancaster home is taking 37 days to find a buyer. If you are finding your viewings are drying up and you have been for sale longer than this, you need to talk to your agent to find out why your home isn’t selling. Can they justify the price they are asking for your home? How does it compare to other homes that are selling?
This month 20 agents were involved with the 89 property sales in April. At JDG we agreed 28 of these sales which equates to 31.5% of all the property sales in Lancaster (LA1). 18 of these sales found a buyer in less than 10 days!
We are truly honoured that so many people choose and trust us with their property sales. In April we achieved on average 99.7% of our asking price. The area average is 95.2%. At JDG we do more to achieve more and the results we achieve are just one of the key reasons why we are officially ranked as the No.1 Estate Agent in the UK.
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
Ps. Did you know? We have just been ranked as the Best Estate Agent in the UK by Rightmove and The Property Academy. This is the highest award for any estate agent in the UK. 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 agents in our area.