Welcome to October’s Property Market update. Each month we look at what is happening in our local property market. We look at the facts and figures based on real-time data made available by Rightmove and Zoopla.
In LA1, October has been a very positive month. The government may be struggling to agree on a deal on Brexit, the national housing market has reported a slowing market per se yet in Lancaster house sales are actually up, both month on month ( 11% ) and also annually ( 8.5% ).
Was a quieter September just a blip? Are we panicking about Brexit too soon? - Let’s face it - we all have to live somewhere!
October is always an interesting month. Summer holidays have become a distant memory and house hunters attentions are back out in force. Their focus changes - can they get moved by Christmas? Is it a coincidence that 66% of our property sales in LA1 were on chain free homes?
Or was it a coincidence that September saw a high number of price reductions? Remember, accurate pricing is always key, especially in a market where house prices aren’t really increasing! Octobers breakdown is as follows.
How many homes sold in October in LA1?
In October 2018, 77 houses sold in total. The sales were split across the city, however, it is the lower and mid-market homes which are selling the most. Family homes are in demand, especially now the kids are firmly back at school!
Up to £125,000 29 ( + 8 )
£125,001 - £250,000 40 ( + 1 )
£250,001 - £500,000 7 ( minus 1 )
Above £500,000 1 ( no change )
What is happening in the higher end market?
In a nutshell, not a great deal. Again there was just 1 sale agreed - again it was in Fairfield. Westbourne Drive is a home which was on the market at £725,000. Our agency has found a buyer for it. For the past 4 months, there has only been 1 sale above £500,000.
I took a look at LA2, LA3, LA4 and LA5 - only 2 properties found buyers above £500,000 (they were in Hornby and Hest Bank )
On a positive note though, The Keys pub at Slyne is now under offer - this has to be great news for the area!
The lower end market
The lower end market is the most encouraging of them all. This is what all estate agents want to see moving as it is the start of many chains. 8 extra sales equates to a 38% increase in buyer activity. The cheapest property to sell was a 1-bed apartment on Shakespear Road. At just £45,000 somebody got a fantastic deal.
What type of property sold in October?
I always love to look and see what the most popular selling house types are. Month on Month in Lancaster it is the humble terrace home, in October they accounted for 49% of the sales in Lancaster
Sales by house type
Semi detached 21
Flats / Apartments 8
Sales by area
As often is the case, LA1 4 still came out as the most popular selling area - Homes in Bowerham, Scotforth and Greaves always sell very well given the key employers and education. The notable interest, however, is LA1 2 which we discussed last month. Homes on the north of the river offer great value for money and now that the traffic has eased it really is having a surge. It’s certainly one to watch!
LA1 1 7 ( 4 were terrace homes )
LA1 2 19 ( 8 were terrace homes )
LA1 3 13 ( 10 were terrace homes )
LA1 4 21 ( 12 were terrace homes )
LA1 5 17 ( 8 were semi-detached )
14 different estate agents accounted for this month sales down from 17 last month. 4 estate agents didn’t make 1 sale in the month. At JDG we accounted for 1/5 of all the sales.
Now is the time to ensure you pick the right estate agent for you. Although it has been a positive month in LA1, we are heading into a tougher market and experienced estate agents really can make a big difference.
If you want to know to what is happening in your local property market, even on your street - please call give me a call on 01524 843322 or email me at email@example.com My name is Michelle Gallagher and at JDG Estate Agents - we are here to help!
*All figures have been taken from Rightmove Intel.
If you would like to know what your home is worth why not try out out a quick online valuation tool. It takes less than 60 seconds. It is not as accurate as having us out, but it will give you a rough guideline. Try it out and let me know what you think! Click below to give it a try!