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What really happened in the LA1 housing market in June?

Posted on Monday, July 2, 2018

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?
What really happened in the LA1 housing market in June?

The hot weather has certainly come into play this month. It has been proven that Rightmove searches drop when the world cup is showing on the tv. But did you know online searching has also dropped because of the weather? Think about it - what are you doing in this hot weather? Are you out enjoying the sunshine or sofa surfing indoors?

We’ve analyzed what happened in June. Our information is taken from the intelligence reports we get daily from Rightmove and Zoopla. You might be surprised…..


How many houses sold in LA1 in June?

In June 2018, 89 properties sold ( SSTC ) in LA1.  One was a commercial property so let’s call it 88. Can you believe, this is the exact same number that sold in May 2018 and just one more than June 2017! The Lancaster property market appears very stable indeed. The biggest difference compared to 12 months ago is the increase of sales between £250,000 - £500,000. It has jumped from just 9 sales to 16 sales this year - almost an 80% increase. This, of course, means that that sales under £250,000 have dropped. Are the new tax laws on buy to let starting to have an effect?


Junes breakdown is a follows
Up to £125,000           37properties sold
£125,001 - £250,000  33 properties sold
£250,001 - £500,000  16 properties sold
Above £500,000          2 sold

Why are the more expensive homes selling?

It’s always interesting when there is a shift in the property market. This is the time of year when many academics decide to move, due to job relocation. As a rule of thumb, these higher income earners choose the larger, more expensive homes. In 2017 - many of there buyers opted to buy the larger of the brand new homes being built, however as these sites are drawing to close and the better plots have already been bought/reserved - they are back looking at the resale market.

What type of property sold?

I always like to see what has actually sold. Terraces are still the most popular selling home in Lancaster, although there were 3 fewer sales in the terrace market this month. Apartments sales were exactly same ( but less in the city centre ) however the biggest surprise was the drop in sales for semi-detached homes which dropped by 21%. Could this be that families with younger children are holding off on their moving plans now the Summer holidays are fast approaching? Or could it be that many semi-detached homes are carrying too high a price tag and buyers are backing off? 16 semi-detached homes were reduced in price in Lancaster in June.

On a positive note at JDG we saw a number of homes achieve the full asking price in June. Regent Street, Yealand Drive, Crofters Fold in Heysham and Barton Park, Westgate are just some of these. 11 of our own sales were actually new to the market in June. It shows if you get your price and your presentation right - your home will sell. Why not find out more about this?

Sales by houses type
Detached                    12
Semi - detached        19
Terrace                       35
Flats / Apartments    13
Bungalows                 6

Sales by area

LA1 3 and LA1 4 went head to head this month with 27 house sales in each area. Terraces in each area were the most popular homes and interestingly many of these had gardens or large yards. Given the soaring temperatures - homes with outside space are a high priority on buyers lists. The South of Lancaster saw a larger volume of sales than the North of the city. Could this again be linked to the number of academics moving at this time of year?
LA1 1  9 Properties  ( 4 were apartments )
LA1 2   11 Properties  ( 5 were semi detached homes )
LA1 3   27 Properties  ( 14 were terrace homes )
LA1 4   27 Properties  ( 12 were terrace homes )
LA1 5  14 properties  ( 6 were detached homes )
If you would like to keep up to date with the local property market, check out our website www.jdg.co.uk. If you’d like any moving advice and how we are getting houses sold despite the drop in property searches online - please get in touch.  At JDG we are here to help. Call us on 01524 843322


Ps.  Here is a little graph courtesy of Rightmove which shows the first 6 month sales in LA1.  It really does show the importance of picking the right estate agent to sell your home