Lancaster’s property market has experienced a significant boost, with house sales up 11.6% compared to 2023. By 22nd November 2024, 1,180 Lancaster homes had been sold subject to contract (STC), compared to 1,057 in the same period last year. This increase, whilst lower, still follows the national trend, where UK-wide sales rose 18%, with 1,009,340 homes sold STC in 2024 versus 855,083 in 2023.
The average selling price in Lancaster climbed to £268,839 in 2024, an 8.8% increase from £246,971 in 2023. However, these rising averages don’t necessarily mean property values are skyrocketing. Instead, more high-value homes have sold, and the £ per square foot has only risen by 5.4% in Lancaster, from £239 in 2023 to £252 in 2024.
Opportunities for Lancaster Buyers
Lancaster buyers are benefiting from improved mortgage rates, with some lenders offering rates below 4% for those with larger deposits. Despite these gains, mortgage costs remain higher than in previous years.
The current market offers buyers more choice, as properties in some areas are spending longer on the market. This gives buyers additional time to assess options and negotiate favourable terms. However, competition remains strong for desirable properties, particularly those in prime locations or with unique features.
To gain an edge, securing a mortgage agreement in principle is essential. This not only simplifies the buying process but also positions buyers as serious contenders in competitive situations.
Lancaster Sellers: Price Realistically and Showcase Effectively
For sellers, realistic pricing is crucial in a market where buyers have greater expectations. Although Lancaster’s average selling price has risen, only 58.9% of homes listed in 2024 were successfully sold (exchanged and completed), down from 61.8% in 2023. This trend reflects a more discerning buyer pool, emphasising the importance of accurate pricing and strong marketing.
Effective property presentation is now a must. High-quality photography, virtual tours, and targeted social media campaigns are key to attracting buyers and securing the best price. Sellers should also remain flexible, understanding that negotiations may involve compromises on price or terms.
Lancaster’s Unique Market Dynamics
The city’s property market varies across postcode areas. While some locations see quick sales, others offer buyers more room for negotiation. Sellers should tailor their strategies to these local dynamics, while buyers may find value by expanding their search radius or adjusting their criteria.
Moving Forward in 2025
As Lancaster’s property market transitions into 2025, both buyers and sellers will need to remain adaptable. Buyers should focus on having their finances in place and acting decisively when opportunities arise. Sellers, meanwhile, should price competitively and ensure their property is shown in it’s best light from day one to maximise selling success.
While challenges persist, such as mortgage costs and buyer selectivity, Lancaster’s resilient market continues to offer opportunities for both sellers and buyers. At JDG we are here to help you every step of the way.
Do you have plans to move in 2025? If so and you would like to discuss what all this means for you and your property sale, please get in touch. At JDG we are here to help.
My name is Michelle Gallagher. You can call me on 01524 843322 or email me at michelle@jdg.co.uk
Thanks for reading
Michelle x
