Asking prices reach an all-time high but are homes selling?

What is happening in the Lancaster Housing Market?

Rightmove has just reported that asking prices on the portal are at an all-time high. The average house is now listed at an all-time high of £375,131, climbing 0.8% from the previous month.

The top-of-the-ladder sector is driving price growth, with 4-bed detached and 5+-bed properties increasing 1.6% in the last month, ascending higher than the first-time buyer and second-stepper segments.

But what is happening to selling prices? Look at that and the picture is rather different.

Closer to home in Lancaster, the average property in May was listed at £237,715. This equates to £248 per sq ft. However, the average sale agreed price was £209,469, equating to £226 per sqft. That’s a 12% difference.

Another interesting fact to note is that in May, 59 Lancaster properties have reduced their asking prices. 33 of these are priced in the category above £250,000. It does beg the question are asking prices rising due to agents over-valuing?

Further research indicates that the market remains price sensitive, with 62% of offers currently being accepted at up to 5% below asking price, with a further 20% slipping to more than 5% below.  For complete transparency, JDG clients in May have averaged at 97% of the asking price agreed!

If you are thinking of moving, can we talk? At JDG we are here to help!

Thanks for reading