Are you considering moving within Lancaster in the next six to twelve months? Whether you’re looking to buy your dream home, sell your current property, or invest in a buy-to-let, understanding the current market is key to making informed decisions.
Understanding Lancaster’s Property Market
The Lancaster property market’s dynamics can significantly influence your strategy, whether you’re a buyer, seller, investor, or first-time homeowner. Regular followers of my Lancaster Property Market blogs know that the market can be categorized based on the proportion of properties marked as “Sold STC” (Sold Subject to Contract) or “Under Offer” compared to the total number of properties available.
This categorization helps gauge the market sentiment:
- Extreme Buyers’ Market: 0%-20%
- Buyers’ Market: 21%-29%
- Balanced Market: 30%-40%
- Sellers’ Market: 41%-49%
- Hot Sellers’ Market: 50%-59%
- Extreme Sellers’ Market: 60%+
Understanding where the market stands within these brackets is crucial, as it directly impacts listing prices and negotiation leverage.
Current Lancaster Property Market Snapshot
Let’s look at the most recent data for July 2024. According to ‘The Advisory,’ a long-standing resource for market analysis, the Lancaster property market has seen some fluctuations over the past few years.
- Summer 2022: Lancaster’s LA1 and LA2 postcodes showed an extreme sellers’ market at 61%.
- 2023: The market eased into the 30%-40% range, indicating a balanced to sellers’ market.
- February 2024: The market was at 35%, reflecting a balanced market.
- July 2024: The market has increased slightly to 39%, still within the balanced range.
This data suggests a shift towards a more balanced market, where neither buyers nor sellers have a significant advantage.
What This Means for Lancaster Sellers
For those looking to sell in Lancaster, the current market requires a more strategic approach. Homes may stay on the market longer, and sellers need to be flexible and patient. Realistic pricing is crucial to attract potential buyers, especially since the chances of selling your home have decreased over the past few years.
For example, between July 2022 and June 2023, 66.49% of Lancaster homes sold and completed. However, since January 2024, this figure has dropped to 60.25%. By comparison, the national average also saw a decline, with 51.13% of UK homes selling in 2024, down from 58.67% the previous year.
In this market, it’s vital to enhance your property’s visibility. Consider using tools like video or virtual tours, targeted social media campaigns, or interactive property listings to stand out. These strategies can help attract serious buyers in a market where competition among sellers is more balanced.
What This Means for Lancaster Buyers
If you’re looking to buy, especially in highly sought-after areas or property types, be prepared for competition. Securing mortgage pre-approval can give you an edge over other buyers. Expanding your search area might also reveal hidden opportunities that others may miss.
In less competitive segments of the market, buyers have more room to negotiate. This could include not just the price but also the inclusion of items like carpets, fixtures, and fittings. Additionally, with more homes to choose from and potentially more time to make decisions, buyers can afford to be more selective.
It’s also worth noting that many sellers are also buyers. So, any disadvantage you face in selling your property might be offset by advantages when purchasing your next home.
External Influences on the Lancaster Market
External factors such as global economic trends, inflation, and interest rates are likely to impact the Lancaster property market. These elements can add layers of complexity to buying or selling, making it even more important to stay informed and adaptable.
Final Thoughts
As we move further into 2024, the Lancaster property market presents both challenges and opportunities for buyers and sellers alike. Whether you’re an existing homeowner, a seasoned buy-to-let investor, or a first-time buyer, understanding these market trends is crucial for making smart decisions.
Stay flexible, stay informed, and remember that your home-moving experience is as much about the journey as the destination. What are your thoughts on the current market? I’d love to know.
My name is Michelle Gallagher. You can call me on 01524 843322 or email at michelle@jdg.co.uk.
Thanks for reading
Michelle x
