Lancaster & Morecambe 01524 843322
Posted on Friday, March 1, 2024
Both first-time buyers and investors are returning to the market, encouraged by steading mortgage rates and a better choice of homes available. We expect to see this trend to continue. Zoopla has revised its outlook, expecting 10% more sales across the UK this year as inflation slows and household income rises.
At JDG, we are seeing a high demand for 2 and 3-bed homes up to £250,000, with buyers prepared to pay premium for immaculately presented homes. The demand for gardens and homes with a view returns as we head towards better weather.
What’s also interesting to know is that research shows that 27.1% of all sales happen in the Spring so if you are thinking of moving, now is the time to make a move!
Here are your figures for February 2024
The average price paid for a property in Lancaster has dropped slightly from last month to £171,782. 12 months ago it was £177,944. It’s easy to think that property prices are falling, however they are not. All that is happening is that we are seeing a higher volume of sales at the lower to the mid-market range. 75% of all the property sales in February were below £250,000.
Prices have in effect continued to creep upwards. On average they are up by 0.6% year on year.
Buyer demand on the property portals dropped in February, despite the increase in property sales. although it is worth noting it was marginally higher than what it was 12 months ago. This is why an estate agent’s client list and social media marketing strategy are highly important.
As we head into March there are 355 homes available for sale in Lancaster. The choice of homes for buyers in Lancaster is slowly growing, 15% higher than it was 12 months ago. The average home is now taking 78 days to sell. When buyers have more choices, they often take longer to decide opting to view several homes before committing.
Property prices continue to remain stable, however, it must be stressed that the market is still price-sensitive. Make sure any agent you talk to can justify the price of your home with comparable evidence.
Of the 355 homes available, 204 of these have been for sale for 12 weeks or longer. This equates to 57.4% of all homes for sale. Now that Spring is here, I would advise these clients to refresh their marketing with new photos and to consider a price adjustment - it might even be worth considering an agent change.
In February, team JDG had a great month. We listed 26 new homes on the market. We sold (STC) 23 new homes, 11 of these homes were new to the market in February!
In February, 19 estate agents were involved in 85 property sales. It was a great month.
I shall repeat what I said last month. My advice to any seller this year is to go back to basics. You’ll hear me talk a lot about the 3 P’s. Make sure your price is sensible, your presentation is excellent and the promotion of your property is 2nd to none.
If you're thinking of moving, think JDG - our proven results and client reviews make us the best choice for sellers in Lancaster and Morecambe.
Contact us at 01524 843322 or michelle@jdg.co.uk.
Thanks for reading.
Michelle
Important notice for potential sellers
We're proud to inform you that we've been ranked among the top 2% of all estate agents in the UK for the fourth consecutive year. Additionally, we've been declared the UK's Number 1 estate agent for both 2022 and 2023.
This is the highest accolade any UK estate agent can receive, and it's based on marketing, service, and results and is judged against all other agents across the country. On average we achieve 2% more for our clients than other agents in our area, a key reason to_ choose us for a successful property sale!
