The Lancaster Property Market: 10 Years After the Brexit Vote

On 23rd June 2016, Britain voted to leave the European Union.

At the time, there were plenty of warnings about what this could mean for the UK housing market. Some predicted falling confidence, fewer sales, tighter lending and even a significant drop in house prices.

For Lancaster homeowners, it was understandably worrying. Moving home is a big decision at the best of times, and when the headlines are full of uncertainty, it is only natural to wonder what might happen next.

Ten years on, however, the Lancaster property market tells a very different story.

This is not an article about whether Brexit was right or wrong. It is simply a look at what has actually happened to the property market since that vote.

A decade of change

The last 10 years have been anything but quiet.

Since the Brexit vote, Lancaster homeowners have lived through years of political uncertainty, Covid lockdowns, the stamp duty holiday boom, record low mortgage rates, the race for space, double-digit inflation, the Liz Truss mini-Budget mortgage shock and rapid interest rate rises.

On top of that, the way people search for homes has completely changed. Social media, instant alerts, online property data and digital marketing now play a much bigger role than they did in 2016.

At several points, it felt as though the housing market could slow dramatically. Yet it did not stop. Families still upsized. Retirees still downsized. First-time buyers still tried to get on the ladder. Landlords still bought and sold.

Life carried on. And that is the important point. Property markets are not driven by politics alone. They are driven by people, life events and changing circumstances.

Lancaster prices have still risen

Back in 2016, the average UK house price was around £196,100. Today, it is closer to £279,900. That is a rise of 42.8%.

Lancaster has followed a similar path.

In Lancaster, average house prices have risen from £137,600 to £194,100 over the last decade. That is an increase of 41.1%.

Of course, that does not mean the journey has been smooth. There have been busy markets, slower markets, confident buyers, cautious buyers and moments where mortgage rates changed the mood almost overnight.

But looking back over the full 10 years, the market has proved far more resilient than many expected.

Buyers are better informed

One of the biggest changes since 2016 is how much information buyers now have at their fingertips.

Ten years ago, buyers used Rightmove, of course, but they were not quite as connected as they are today. Now they can compare homes in seconds, track price reductions, check sold prices, follow mortgage rates and watch local market trends almost in real time.

That has changed how the Lancaster market behaves.

Buyers are more selective. They notice when a home is priced too high. They notice when the photography is poor. They notice when another similar home offers better value.

In simple terms, Lancaster homes no longer sell themselves.

Presentation and pricing matter more than ever

The homes that perform best in today’s Lancaster market tend to have three things right from the beginning: price, presentation and promotion.

Good photography matters. Online marketing matters. Social media matters. But realistic pricing is still one of the biggest factors.

That does not mean underpricing a home. It means understanding where it sits in the market and launching it at a level that creates interest.

Today’s buyers know when something feels right. They also know when something feels too expensive.

Lifestyle has changed too

Covid also changed what many people wanted from a home.

More space, gardens, home offices, better work-life balance and flexible commuting all became much more important. Lancaster has benefited from this shift, offering space, character, countryside nearby and strong rail links, without the price tag of larger cities.

At the same time, affordability has become harder. Higher house prices, rising rents and stricter mortgage checks have made it more difficult, particularly for younger buyers.

The rental market has also changed dramatically. The average rent in Lancaster has risen from £576 per month to £946 per month over the last 10 years.

The real lesson

When Britain voted for Brexit, many thought politics would define the next decade of the housing market.

In reality, Lancaster’s property market has been shaped by much more than that. Economics, technology, lifestyle changes, mortgage rates, affordability and buyer behaviour have all played their part.

The market today is faster, more transparent and more competitive than it was in 2016.

But one thing has stayed the same.  People still need to move. And in Lancaster, despite all the uncertainty of the last decade, they still do.