Did you know? Rightmove has just reported that the average new seller’s asking price rose by 1.3%, the biggest price rise for January since 2020. This is over double the 20-year average of +0.6%.
Headlines like this concern me and can sometimes be confused by home sellers that house prices are rising. January is always a hectic month as estate agents fuelled up by a new year, get excited by the fact that this will be their year and “sometimes” like to try and push the price in the hope of winning the instruction.
Let’s look at the first 2 weeks of January.
- New Instructions = 42
- Sales Agreed = 34
- Price Reductions = 20
The price reductions are the ones to watch. And it’s something we will be looking at closely this year. When it comes to house prices rising, we need to always look at the land registry for this crucial data. Frustratingly their data lags (eg it is not real-time)
At JDG we still believe accurate and sensible pricing in Lancaster remains essential for those looking to get moving this year. What makes us feel confident about the year ahead is the following
- Falling Mortgage rates and they are predicted to fall further
- An increase in buyer demand which is seen by the number of viewings booked already this year
- The number of properties coming onto the market in the first 2 weeks in Lancaster is almost double the amount it was in 2023 (40 homes in 2024 v 22 in 2023)
The year has started strong, however it is still very early days. We are just 2 weeks back since Christmas. But with 8 sales agreed and several more offers in negotiations, team JDG, along with Lancaster home sellers nd buyers have lots to feel positive about!
Are you thinking about moving? If so can we talk? We would love to help. My name is Michelle Gallagher. You can email me at michelle@jdg.co.uk or you can call me on 01524 843322
Thanks for reading
Michelle x
