Whether you’re a Lancaster homeowner considering selling, a first-time buyer, or an investor weighing your options, understanding the current property market dynamics is crucial for informed decision-making.
What Defines Lancaster’s Property Market?
One of the best ways to gauge the Lancaster property market is by examining the percentage of properties marked as “Sold STC” (Sold Subject to Contract) or “Under Offer” compared to the total properties for sale. This ratio helps identify whether it’s a buyers’ or sellers’ market:
- 0%-20%: Extreme Buyers’ Market
- 21%-29%: Buyers’ Market
- 30%-40%: Balanced Market
- 41%-49%: Sellers’ Market
- 50%-59%: Hot Sellers’ Market
- 60%+: Extreme Sellers’ Market
Current Market Snapshot
The graph shows Lancaster’s October figures for recent years, highlighting shifts in market conditions. Lancaster experienced a strong sellers’ market in 2021, with 59% of properties marked as sold or under offer. Since then, market activity has stabilized, with October 2024 at 37%, placing Lancaster in a balanced market.
Insights for Lancaster Sellers
If you’re selling in Lancaster, today’s market requires patience. Gone are the days when properties sold within days; now, longer marketing periods are expected. Accurate pricing is essential, as demand has cooled since the peak in 2021-2022.
Over the past year, 59.31% of properties listed in Lancaster sold and completed, down from 64.36% the previous year. This trend mirrors a slight decline nationwide, where completion rates dropped from 55.56% to 53.22%. Sellers can benefit from using digital marketing tools, such as virtual tours and social media, to attract serious buyers in a more cautious market.
What Buyers Can Expect
For buyers, especially those looking in popular areas, competition remains, and having a mortgage agreement in principle can give you a key advantage. Expanding your search area may uncover overlooked properties, allowing for better deals. In less competitive regions, buyers may have room to negotiate prices and gain additional incentives like fixtures and fittings.
Many sellers are also buyers, so any potential drop in the sale price of your current home could be offset by favourable deals on your next purchase. External factors like inflation, interest rates, and global economic trends will continue influencing Lancaster’s market, so it’s wise to stay informed.
Final Thoughts
As we head into November 2024, Lancaster’s property market offers opportunities and challenges for both buyers and sellers. Staying flexible and prepared, with a clear understanding of market trends, will empower you to make the best possible choices, whether you’re a first-time buyer, an investor, or looking to relocate.
Are you thinking of moving home? Do you have a property to sell? At JDG we are here to help and as an award-winning estate agent with 35 years of experience, we know how to get results!
Call us on 01524 843322 or email us at michelle@jdg.co.uk
Thanks for reading
Michelle x
