The length of time it takes to sell a property is a key indicator of the property market’s health. This metric offers insights into supply and demand dynamics, estate agency efficiency, and overall market confidence. For Lancaster homeowners and investors, understanding these trends aids in making better decisions. Fast sales usually reflect a strong market with high demand, while longer sale times may indicate an excess of properties or reduced buyer interest. Therefore, monitoring sale times is crucial for assessing market performance and making informed buying or selling decisions.
Average Time to Sell a Property in Lancaster
Whether you’re a Lancaster landlord looking to liquidate your investment or a homeowner considering selling, understanding market trends is essential. Recent data from Q2 2024 provides valuable insights into Lancaster’s property market performance.
Independent research shows that of the 297 Lancaster homes sold in Q2 2024, the average time to agree on a sale was 43 days, a significant improvement from Q1 2024, where the average was 62 days. However, sale times vary by price band.
Performance by Lancaster Price Bands
The time to find a buyer in Lancaster in Q2 2024 varied by price band:
- Under £100k: 40 days
- £100k to £200k: 39 days
- £200k to £300k: 37 days
- £300k to £400k: 42 days
- £400k to £500k: 53 days
- £500k to £1m: 65 days
- £1m +: 176 days
In comparison, the UK average sale times for Q2 2024 are:
- Under £100k: 69 days
- £100k to £200k: 63 days
- £200k to £300k: 69 days
- £300k to £400k: 62 days
- £400k to £500k: 64 days
- £500k to £1m: 81 days
- £1m +: 92 days
Tips for Lancaster Homeowners to Expedite Their Property Sale
If you’re a Lancaster homeowner looking to sell quickly, consider these strategies:
- Choose the Best Estate Agent: Select a reputable agent with a proven track record. Ask about their average time to find a buyer and get tailored advice.
- Ensure High-Quality Listings: List your property on major portals with professional photography and a well-crafted description. High-quality images, floor plans, and detailed descriptions make your home stand out.
- Effective Marketing: With more properties on the market (694,281 now versus 432,238 two years ago), additional marketing can make a difference. Consider extra services like premium listings, video tours, or social media promotions.
- Competitive Pricing: Price your property competitively. Overpricing can lead to longer market times, while a well-priced property attracts more immediate interest.
- Flexibility and Presentation: Be flexible with viewing times and ensure your property is always clean and presentable. First impressions are crucial.
Tips for Lancaster Landlords to Expedite Their Property Sale
When selling a rental property, consider the pros and cons of keeping tenants during the sale. A tenanted property can appeal to investors seeking immediate rental income, and responsible tenants can showcase the property’s value. However, tenants may not cooperate with viewings or maintain the property well, deterring buyers.
Factors to consider include current market conditions, tenancy agreements, and the type of buyers you aim to attract. For instance, in high-demand rental areas, keeping tenants might be beneficial, but for owner-occupiers, vacant possession could be more appealing.
This decision can be complex, so we recommend contacting us for tailored advice. Our expertise can help you decide whether to sell with tenants in situ or opt for vacant possession.
Property Market Context
It’s important to note that these statistics only relate to successfully sold properties. Nationally, only about 53% of homes listed for sale in the last 12 months have sold (i.e., exchanged contracts and completed). Nearly half of the properties on the market do not sell, often due to overpricing or poor marketing.
As a leading property agent in Lancaster, we are committed to providing the best advice and strategies to ensure your property stands out and sells quickly. By following these tips and leveraging our expertise, you can increase your chances of a successful and speedy sale.
Understanding and adapting to market conditions is key. With the right approach and professional advice, you can navigate the property market efficiently and achieve your selling goals.
If you are thinking of selling, can we talk? My name is Michelle Gallagher. You can call me on 01524 843322 or email me at michelle@jdg.co.uk
Thanks for reading
Michelle
