Are you thinking about moving in Lancaster in the next six to twelve months? Maybe you’re a landlord considering changes to your rental properties, or perhaps you’re a first-time buyer wondering if now is the right time to buy. Understanding whether the Lancaster property market currently favours buyers or sellers can help you make informed decisions.
How to Determine Market Conditions
To gauge whether it’s a buyer’s or seller’s market in Lancaster, we look at the percentage of properties marked as “Sold Subject to Contract” (Sold STC) or “Under Offer” compared to the total number of properties on the market. For example, if there are 300 properties available and 100 are sold STC or under offer, that’s 33.3% of the total listings.
This percentage helps us understand the market conditions:
- 0%-20%: Extreme Buyer’s Market
- 21%-29%: Buyer’s Market
- 30%-40%: Balanced Market
- 41%-49%: Seller’s Market
- 50%-59%: Hot Seller’s Market
- 60%+: Extreme Seller’s Market
Lancaster’s Market Trends
Looking at historical data for Lancaster (postcode areas LA1 and LA2):
- 2018-2020: Before the pandemic, the market hovered between 25% and 29%.
- February 2021: The percentage rose to 44%.
- February 2022: It peaked at 61%.
- February 2023: Dropped to 41% after economic changes.
- February 2024: Softened slightly to 35%.
- February 2025: Currently sits at 34%.
What This Means for You
- For Sellers: The market is balanced, so patience and strategy are key. Buyers have more choices now, so pricing your property realistically and making it stand out is crucial. Overpricing can lead to longer time on the market, reducing your chances of a successful sale. However, well-presented and appropriately priced homes continue to attract interest. With mortgage rates stabilising, buyers are confident but are taking their time to decide. Using virtual tours, quality photography, and strong online presence can help sell your property in a reasonable timeframe.
- For Buyers: You have more breathing space compared to the hectic market of 2021 and 2022. While desirable properties still attract competition, there are opportunities to negotiate on price or secure favourable terms, especially for homes that have been on the market for a while. Getting your mortgage pre-approved before making an offer strengthens your position. Also, consider looking slightly outside the most sought-after areas for better value.
With a new government settling in and various economic factors at play, there’s much to consider for those looking to buy or sell in Lancaster this year. The property market remains resilient, but expectations should be adjusted to this more stable environment.
Are you planning to move in 2025? What are your thoughts on how the Lancaster property market will evolve?
My name is Michelle Gallagher. If you have any questions or want to chat about the local property market, please get in touch. At JDG we pride ourselves on a personal service and we are here to help.
Thanks for reading
Michelle x
