Lancaster, known for its rich heritage and strategic location, is becoming increasingly attractive to families looking to buy or rent homes. This article provides insights into the current housing landscape in Lancaster, comparing it with national trends and highlighting opportunities for homeowners and landlords.
Lancaster Family Homes: A Snapshot
As of the latest data, Lancaster boasts 26,092 family homes, defined as those housing children up to age 18. These homes are categorized as follows:
- Owned outright: 9.29% (2,425 homes)
- Owned with a mortgage: 51.56% (13,454 homes)
- Socially rented: 12.76% (3,330 homes)
- Privately rented: 26.38% (6,883 homes)
When compared to national averages, Lancaster aligns closely with the broader UK trends in homeownership. Nationally, 8.42% of family homes are owned outright, 48.1% are owned with a mortgage, 20.93% are socially rented, and 22.55% are privately rented. This alignment suggests that Lancaster offers a balanced housing market, accommodating families across various income levels.
Family Home Sizes in Lancaster
The size of family homes is crucial, as it directly impacts the living conditions of families. In Lancaster:
- 1 bedroom: 0.60%
- 2 bedrooms: 13.90%
- 3 bedrooms: 51.36%
- 4+ bedrooms: 34.14%
Nationally, 3.1% of family homes have 1 bedroom, 17.35% have 2 bedrooms, 46.67% have 3 bedrooms, and 32.88% have 4 or more bedrooms. Lancaster has a higher percentage of larger homes, particularly 3- and 4-bedroom properties, making it an attractive area for growing families. However, the lower percentage of 1- and 2-bedroom homes may indicate a need for more compact housing options, especially for smaller families or those starting out.
Rental Properties in Lancaster
For landlords, understanding the distribution of rental properties is essential. In Lancaster:
- 1 bedroom: 0.99%
- 2 bedrooms: 23.11%
- 3 bedrooms: 53.25%
- 4+ bedrooms: 22.65%
Nationally, 2.58% of rental homes have 1 bedroom, 27.85% have 2 bedrooms, 51.34% have 3 bedrooms, and 18.23% have 4 or more bedrooms. The strong presence of 3-bedroom rentals in Lancaster is beneficial for families, offering ample space for living and family activities. However, the lower availability of 4+ bedroom rentals presents an opportunity for landlords to invest in larger properties, potentially attracting long-term tenants.
Opportunities for Lancaster Landlords
The Lancaster rental market shows a strong demand for 3-bedroom homes, but a gap exists in the availability of larger rental properties. Landlords can capitalize on this by investing in 4+ bedroom homes, which could attract stable, long-term tenants. While smaller properties often yield higher immediate returns, larger homes tend to appreciate more over time, offering better long-term investment potential.
Final Thoughts
For homeowners and landlords alike, understanding Lancaster’s housing market is key to making informed decisions. Whether you’re a family assessing your housing options or a landlord seeking investment opportunities, Lancaster’s diverse housing market offers significant potential.
If you would like to chat about your buying or selling plans, please get in touch. At JDG we are always here to help. You can call us on 01524 843322 or email me at michelle@jdg.co.uk
Thanks for reading
Michelle
