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.
National housing market reports always fascinate me. Their headlines seem to change quicker than the wind. Take the Telegraph newspaper for example. On the 28th February, their headline was “House prices remain sluggish as buyers 'wait and see’” yet the very next day the news changed “The housing market is not dead: Banks post surprise rise in mortgage offers”. How can the same newspaper change their story so much in just 24 hours? No wonder people are confused with all the mixed messages about.
I think though that this is the whole point about the current housing market, the messages are mixed. Some people are genuinely concerned about Brexit. Others are taking the attitude that life goes on.
Let's take a closer look as to what really happened in the LA1 housing market in February 2019.
What happened in February in Lancaster?
In February 2019, 83 homes went under offer. This was 4 less than February 2018 when 87 homes sold and 14 more sales than the previous month. This is in line with annual trends and expectations. Homes in all prices sectors sold - a big change from the previous month.
There was a big increase in new properties to the market. 115 new homes came available for sale across the city - a jump of 16% compared to January.
Februarys sold breakdown is as follow
Upto £125,000 37 properties
£125,001 - £250,000 37 properties
£250,001 - £500,000 8 properties
£500,000 1 property
The higher end market sprung into life
After the dismal start for the higher end market in January, February was a pleasant surprise. 9 homes above £250K found a buyer. In the price region £400,000 and above, there were 5 sales, ( all by our own agency ) 2 of these were also new to the market!
What about the lower end of the market?
The great news is that the lower end of the market is still holding strong. 37 sales equals 44% of the whole market. When the lower end sells, it puts more buyers in the market for the larger family homes.
What type of property sold?
February really was the month of the terrace home. 41 terrace homes went under offer. 50% of these were 2 beds or less. The detached market and also bungalows saw a 100% increase in sales.
Semi detached 20
Flats / Apartments 10
Sales by area
LA1 1 - 7 properties
LA1 2 - 19 properties
LA1 3 - 21 properties
LA1 4 - 21 properties
LA1 5 - 8 properties
14 different estate agents were involved with 83 property sales in Lancaster in February with just 3 estate agents accounting for over 50% of the whole market. At JDG we sold 27.7% of all these properties. Two online estate agents accounted for just 2 sales ( 2.4%).
We had some fabulous successes in February. 12 of our sales were new to the market this year. The five most expensive homes to sell in the city were with us and Craiglands Court went under offer before it even hit Rightmove.
Communication is now the key to success. It’s about making the most of every single opportunity. At JDG we are lucky. We have a great team. One which is not only experienced but also enthusiastic and motivated. It really does make a difference as this months sales results shows.
*All figures have been taken from Rightmove Intel.
JDG sold 1 in 4 homes however we only listed 1 in 8 homes that came to the market. If more homes had chosen to sell with us, we believe this figure could have easily been 1 in 3 homes.
If you are thinking of moving, please call us on 01524 843322. We really would love to help you achieve the best price for your biggest tax-free asset and we need more homes to sell!
Pps. Thinking of moving? Why not try out our handy online valuation tool? It is not as accurate as having us around but in under 60 seconds, you could have a good indication as to what your home may be worth. Why not give it a try?