As an experienced estate agent in the Lancaster community, I’ve always prided myself on offering transparent, informed advice to local homeowners. Today, I’d like to provide a balanced perspective on the current housing market trends and what they could mean for those contemplating selling their Lancaster homes.
The housing market is an ever-evolving landscape, and recent forecasts present a mixed bag of predictions that Lancaster homeowners should consider before placing their ‘For Sale’ signs in their front gardens. According to the latest data, while the property market shows signs of recovery, it may be prudent for some sellers to exercise patience.
Current British Market Dynamics
As of the beginning of 2024, the UK property market has shown resilience against predicted downturns. Contrary to forecasts of declining house prices in early 2023, the British market experienced a modest rise. This unexpected stability can be attributed to several critical factors, including effective mortgage affordability stress testing since 2014, lender policies supporting households, and the robustness of the employment sector, all of which have cushioned the property market from significant drops.
Despite predictions of an 8-15% fall in house prices at the start of 2023, data from sources like Halifax indicated a national increase of 1.7% in 2023. This trend challenges the conventional scare scenarios often associated with market volatility.
As we look towards 2024, the market is expected to stabilise further. Some projections indicate a possible decrease in national house prices of 2% to 4%, yet others suggest a slight increase over the next 12 months. These numbers represent a market that, while not booming, is maintaining a steady pulse. Furthermore, with Bank of England interest rates potentially drifting to around 3.75% to 4% by the end of 2024 (subject to inflation), the climate is ripe for strategic decision-making.
Lancaster’s Position
In Lancaster, the local housing market mirrors this national trend. The city’s rich history, excellent transport links, schools, key employers such as the university and great community spirit make it a continued area of interest for buyers. However, the anticipated continued market stability suggests that homeowners might benefit from waiting unless there’s a need to sell.
That said, life’s milestones — marriages, births, deaths, and career moves — continue to drive the need for housing transitions. Lancaster’s market, known for its resilience, is no exception. As such, homeowners looking to sell due to life changes will find an audience in Lancaster’s steady, albeit slightly slower, marketplace (compared to the manic years of 2020/21/22).
A Strategic Approach to Selling Your Lancaster Home
For those in Lancaster considering a sale, it’s crucial to understand the current market’s nuances. Interest rates, while stabilising, still impact the average mortgage rates, affecting buyers’ purchasing power. This could influence the pricing strategy for your Lancaster home.
Most of the property sales in Lancaster during the last year were terraced properties, selling for an average price of £171,300. Semi-detached properties sold for an average of £222,700, with flats, on average fetching £133,700.
However, what a property sells for, in most instances, is almost irrelevant because if yours goes up, the one you want to buy goes up (and vice versa). The most important thing is your chances of selling and moving home.
In 2022, your chance of selling your Lancaster home was 75.7%, whilst in 2023, it had dropped to 61.3%
It is interesting to compare it with the national picture of 65.38% in 2022 and 52.85% in 2023.
As with all things, it’s a matter of supply and demand, especially supply. This can be measured by the number of properties currently on the market.
On the 1st of January 2023, there were 564 properties for sale in the Lancaster area. That had increased to 673 on the 1st of January 2024 (Lancaster area LA1 and LA2).
Moreover, nearly half of homeowners with fixed-rate mortgages will soon face higher payments upon re-mortgaging, putting added pressure on the market.
The Case for Putting Your Lancaster Home on the Market
Whilst some people may choose to wait, there are strategic reasons to list your home. A well-presented property, priced accurately, stands out in any market. Lancaster’s unique appeal can work in favour of sellers with desirable properties.
For those looking to downsize, the current market could be particularly advantageous. The increased costs of borrowing might deter upsizers, but for downsizers, especially those who are mortgage-free, there is a potential for a beneficial sale.
Why Consider a Free Valuation Market Appraisal of Your Home?
A free valuation market appraisal serves as a cornerstone for any selling strategy. Even if you are months and months away from considering moving, it provides a realistic picture of what your Lancaster property could command in the current climate. And remember, it’s about more than just attaching a price tag to your property; it’s also about understanding the demand for your home in the Lancaster market.
Lancaster Property Expertise That Matters
In these uncertain times, expertise and knowledge are invaluable. A thorough understanding of Lancaster’s property landscape can make all the difference. Whether to sell or not to sell your home in Lancaster in 2024 is not a decision to be taken lightly.
For those considering their options, I would love an informal chat over a cup of coffee. Together, we can assess your property’s potential which will enable you to make an informed decision that aligns with your goals and the market’s realities.
Remember, whether it’s to sell now or later, the key is preparation and working with an agent who understands the market’s and also your own needs.
My name is Michelle Gallagher and I would love to help. You can call me on 01524 843322 or email at michelle@jdg.co.uk. At JDG we always like to make sure you are always better informed!
Thanks for reading
Michelle
