Congratulations to 28 properties New/Reduced in April who are now Sold subject to contract 😊

23 were new to the market in April, with 20 being in the price range up to £200,000.

April saw 125 properties new or reduced in LA1 throughout the month as a whole, with the average price of new listings being around £228,000.
54% of the entire LA1 property market is still available for sale; 169 properties have been For Sale for 12 weeks and 155 for 16 weeks or more, with average prices sitting at £238,000 and £232,000 respectively.

How does this compare to our neighbouring postcode areas?

In LA2, 111 properties currently have sales proceeding, leaving 69% available for sale.

LA3, 157 are on their selling journey with 67% remaining, while in LA4 73% of properties are still for sale.

In LA1 there are currently 316 properties available listed on rightmove which represents 54% of the market being available to potential buyers.  

Is now a good time to sell a property?
With just over half of the market still available for sale in the LA1 area, you may be wondering if now is a good time, or the right time, to sell your house and move.
Be encouraged by the fact that the majority of sales agreed in April were on properties who were  on the market for just a few weeks, with the average time to sell locally being reported as 32 days.

 
The price range with most competing properties available is currently up to £250,000, with the full breakdown as follows:

Is Lancaster a competitive housing market for selling a house?
As the above figures show, there is plenty of choice for home buyers across all price ranges, some more than others. With choice comes less urgency & increased buying power.
Having an estate agent with plenty of property-industry experience when selling your property is essential for the best outcome in today’s housing market, in my opinion. Therefore a competitive market shouldn’t be a deterrent for potential sellers looking to make a move.  

Those of us who are experienced estate agents know how to successfully market a property, using the most appropriate strategy from the outset; interpreting and reacting to the market’s (buyers) response, adapting swiftly where needed.

The best estate agents in Lancaster are those who have experience working in market conditions such as those we are currently experiencing.
It takes so much more than snapping a few photos and uploading to property websites.    
We know how to showcase a property to reach a wide audience and are able to think outside the box where needed, successfully negotiating the best overall deal for a seller which aligns with their needs.

What about letting a property in Lancaster?
The lettings market in Lancaster is still thriving. Although there are more properties coming on to the market more steadily than we have experienced recently, tenants are still facing high levels of competition when looking for a rental home.  Rent prices are no longer increasing exponentially, easing pressure on those who were being priced out of moving on a daily basis.
With the uncertainty of further legislation changes and buy to let mortgage rates being less than ideal currently for many, the sale of investment properties is still prevalent which is reflected across many parts of the country.

If you have a rental property in Lancaster, maximising your investment return is crucial. Similar to having an estate agent when selling, using an experienced, knowledgeable, and preferably professionally qualified, letting agent and property management specialist can be worth it’s weight in gold.
Although professional qualifications aren’t currently mandatory in the property industry, I chose to complete them in all three areas of Residential Sales, Lettings & Property Management.

If you would like any help or advice with buying, selling, renting or letting a house in Lancaster, Morecambe & surrounding areas, feel free to get in touch and I’ll be happy to help.