Is Lancaster a buyers or sellers market?

If you are thinking of moving home, buying your first property or changing your rental portfolio, it helps to understand what is actually happening in the Lancaster property market.

So, who currently has the upper hand: buyers or sellers?

One of the figures I follow in my weekly property market updates is the percentage of homes marked as Sold STC or Under Offer compared with the total number of properties being marketed.

It is a useful way of taking the temperature of the market.

As a guide:

• 0% to 20%: Extreme buyers’ market

• 21% to 29%: Buyers’ market

• 30% to 40%: Balanced market

• 41% to 49%: Sellers’ market

• 50% to 59%: Hot sellers’ market

• 60% and above: Extreme sellers’ market

Where does Lancaster sit?

For this comparison, Lancaster covers the LA1 and LA2 postcode areas.

Looking at figures recorded by The Advisory, Lancaster’s August market has changed quite noticeably over the past few years:

• August 2018: 26%

• August 2019: 29%

• August 2023: 43%

• August 2024: 39%

• August 2025: 35%

• August 2026: 33%

At 33%, Lancaster is currently sitting towards the lower end of a balanced market.

However, the overall figure does not tell the whole story. When we separate the two postcode areas, there is a significant difference:

• LA1: 39%

• LA2: 26%

LA1 is close to moving into sellers’ market territory, while LA2 is currently favouring buyers. It is a good reminder that even within Lancaster, market conditions can vary depending on the location and type of property.

What does this mean for Lancaster sellers?

Homes are selling, but buyers have more choice and are being careful about what they view and what they offer.

The properties attracting interest tend to be those that are priced sensibly, presented well and marketed properly from the outset. Professional photography, accurate floor plans, video tours and good online exposure all matter. However, none of these can make up for an unrealistic asking price.

As I often say, you cannot out-market an overpriced home.

The figures support this. Properties that sell without needing an asking-price reduction are 135% more likely to agree a sale than homes that have been reduced. They also find a buyer in around a third of the time and are much less likely to experience a fall-through.

The first few weeks matter enormously. Once a property has been on the market for 12 weeks, its chance of selling drops to just 14.5%.

A home that agrees a sale within its first 25 days has a 94% chance of reaching exchange and completion. If it takes 100 days to secure a buyer, that chance falls to 56%.

Since the beginning of 2026, 52.27% of the Lancaster homes leaving local estate agents’ books have exchanged and completed. The remaining 47.73%, representing 558 Lancaster homeowners, withdrew without selling.

That is why getting the launch price right is so important.

What does it mean for Lancaster buyers?

For buyers, the market feels much calmer than it did during 2021 and 2022. There is more choice, more time to compare homes and, in some cases, more room to negotiate.

That does not mean every seller will accept a low offer. Well-priced and well-presented homes are still attracting strong interest, particularly in popular parts of Lancaster.

Make sure you have a mortgage agreement in principle before you start making offers. It shows that you are in a position to proceed and can strengthen your hand when negotiating.

It may also be worth widening your search slightly. Some of the best-value opportunities can be found just outside the streets or areas where everyone else is looking.

My thoughts on the Lancaster market

Inflation is hovering around 3%, interest rates may not fall as quickly as some people hoped, and confidence remains a little fragile. Even so, people are still moving and Lancaster homes are still selling.

The market has not stopped. Buyers have simply become more selective.

For sellers, the initial asking price is now more important than ever. A realistic price gives your home the best chance of attracting attention while it is fresh to the market. Aim too high and buyers may move on before you have the chance to adjust.

You may not achieve the peak prices seen a few years ago, but remember that the home you go on to buy is operating in the same market.

If you are considering a move and would like an honest conversation about where your property sits in today’s Lancaster market, please feel free to get in touch.  My name is Michelle Gallagher and I am always here to help .