I love property data. I love to know what is selling, where it is selling and what property type is selling. I look for trends and patterns. By knowing what is happening, I can truly advise my clients better.
The latest data shows over 900,000 property transactions across England and Wales have taken place in the last 12 months. Across the UK terraced houses continue to have the highest volume of sales (in Lancaster, terrace homes accounted for 8.6% of all recorded sales) however 2023 saw a sudden change for detached and semi-detached houses.
12 months ago, semi-detached houses accounted for 28% of sales and detached houses 22%. By the end of the year, the proportion of detached house sales had increased by 3.7% and semi-detached houses had decreased by 3.0%. Please note these are UK figures, in Lancaster detached homes accounted for just 8.6% of all sales but this is purely because we do not have as many detached homes in our area despite having a big demand! For reference, semi-detached homes accounted for 24.2% of all sales. Please see the illustration below.
Price growth has remained fairly flat so this shift is worthy of more analysis. It could indicate several things, such as a growing preference for larger homes (the need for a home office is here to stay) or a more optimistic economic outlook, and is worth monitoring over the next few months. At JDG we will be keeping a close eye on this!
If you are thinking of moving in 2024 and want to understand what is happening in the Lancaster Housing Market, please get in touch. At JDG we are here to help.
Thanks for reading
Michelle
Ps. If you have a 4/5 bed detached home to sell, can we talk? We have buyers waiting!
Source: #Dataloft, HMRC, Land Registry (12 months to November 2023)