The Lancaster Property Market Update - August 2022

Historically August has always been a quieter month for the Lancaster housing market,  we are a university city after all.  For the last two summers, many people were home,  this is the first real year since the pandemic started that we have been able to enjoy restriction-free holidays!

It’s always easy to find excuses as to why the housing market has gone a little quieter however we must now all recognise that the housing market is changing as the cost of living crisis deepens.

Looking back over the past 10 years,  the average property price in Lancaster (LA1) has risen by 33.3%.   Prices were always going to stabilise as demand slowed and we are now seeing the switch in supply and demand as more homes come to the market than are actually selling.  

Simply put buyers are starting to see more choices come available and if you look at the figures below, there aren’t as many buyers looking as there were….

Here are figures for August 2022 

Property Prices 

The average price of a home sold in Lancaster (LA1) now stands at £166,744.  The average price is still higher than it was 12 months ago.   The chart below shows you how different property types have performed over the past 12 months.   We have used a square footage calculation to give a better and more accurate overview.

Buyer demand

At JDG we monitor buyer demand very closely.    This year it peaked in February.   You can see clearly on the chart below that the average number of daily views on Rightmove is dropping.

Interestingly though,  at JDG the number of new buyers registered in August increased.   We registered 244 new buyers in August and the great news is, that we know what they are looking for.

Struggling Properties 

Whilst price reductions are lower than they were last year,  it worth noting that some properties are now taking longer to sell.   The average property is taking 33 days to sell  ( at JDG over half our sales were agreed in under 2 weeks ) however there are currently 114 homes on the market that have been sale for 12 weeks or longer.   When you consider there are only 357 homes available for sale in Lancaster (LA1), this means that 31.9% of all homes are struggling to find a buyer.    

This month 19 agents were involved with the 84 property sales in August.

At JDG we agreed 19 of these sales.   Almost 23% of the market sold through our company.  

So far this year we have agreed 175 sales.   On average we have been achieving 99.2% of our asking price for our selling clients.   This shows we provide accurate valuations and our experienced team has excellent negotiation skills.    

We are known for achieving the best prices for our selling clients.  To give you an example homes on Laurel Bank, Sibsey Street, Derwent Road and Lyth Road were just some of the homes that sold for their full asking price.  Salisbury Road and Peacock Lane both sold for over their asking prices such was the interest.   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.  Did you know?  We are ranked as the No.1 Estate Agent in the UK by Rightmove and The Property Academy.   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.