Welcome to April’s housing market report. It’s starting to feel like Brexit is catching up with the Lancaster housing market as the level of new properties coming to the market takes a dip.
Homeseller’s are still holding off, many taking a let’s wait and see what happens attitude. The result is, the level of new instructions year on year has nosedived by 20.5%. This, of course, has a knock-on effect on the level of sales, which (year on year) is down by 14%.
Now, not to mislead you. This is not a doom and gloom report. Houses are still selling. The big issue is the supply of properties available. For example demand for LA1 3 and LA1 4 is exceptionally high. It is the supply of properties which is low. Take a typical semi-detached home in LA1 4 for example - only 3 properties under £200,000 came available for sale. Or how about a 3 or 4 bed period home in Freehold? There were just two properties listed.
Let’s take a look at the breakdown for April.
What happened in April in Lancaster?
In April 2019, 75 properties went under offer. This was 12 less than April 2018 and 3 less than the previous month. Only 100 properties came available for sale across the city. Easter was late in the month and many people chose to take advantage of the unusually high temperatures experienced over the Easter break.
Average online property views dropped slightly year on year. Daily, on Rightmove, as a benchmark for you, the average property is achieving 40 views. Last year it was marginally higher at 43 views.
April’s sold breakdown is as follow
Upto £125,000 30 properties
£125,001 - £250,000 38 properties
£250,001 - £500,000 7 properties
£500,000 0 property
The higher end market
The higher end market is still subdued. This month there were just 2 sales above £350,000. The most expensive home to sell was a brand new detached property on Scotforth Road. It was listed for sale at £400,000.
The lower end market
Sales in the lower end of the market ( under £125,000 ) accounted for 40% of all the sales in LA1. It’s no surprise that over half these property sales were terrace homes.
What type of property sold?
Terrace homes accounted for almost 50% of all the property sales in LA1. Sales on semi-detached homes jumped by 44% - now the spring is here, people are wanting homes with gardens.
Only 2 of the 75 sales were detached properties. LA1 2 and LA1 5 were the most popular selling region. This is unusual as it normally LA1 3 and LA1 4 that clear winner. Could this be the new by-pass effect?
Semi detached 26
Flats / Apartments 8
Sales by area
LA1 1 - 6 properties
LA1 2 - 21 properties
LA1 3 - 12 properties
LA1 4 - 15 properties
LA1 5 - 21 properties
19 different estate agents were involved with the 75 different properties sales in LA1 in April.
We had some great successes at JDG. Park Road, Newby Drive, Portland Street, Vincent Street and Canterbury Avenue, all sold in days of coming to the market. We just need more homes like these to sell!
There are though people out there who I know are struggling to sell. Currently, there are 444 properties for sale on the LA1 housing market. Of these, 236 have been trying to sell for 12 weeks or more. 55 properties have been trying to sell for over 12 months.
If you want to get moved this Summer, please give us a call. Our home consultations are free. Our results are proven and most importantly we are achieving some great results for our clients.
Call us on 01524 843322 or why not drop me an email at email@example.com
Ps. 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?