Well, it doesn’t seem like two minutes ago that it was Christmas – and now it’s all over!
Last month, I met an old client of mine in the coffee shop and we got talking about the Lancaster property market. I had just completed my research for my next blog article and I would like to share with you the parts of the conversation relating to the Lancaster property market.
He asked me what my thoughts were about the last half of the year in regard to the Lancaster property market and if there were any great buy to let deals around. In reply I said that, in my view, shrugging off the uncertainty of the initial post Brexit vote, I have seen an increase in supply and a rise in the number of properties selling at the lower to middle end of the market, meaning both first time buyers and buy to let landlords have been returning in the last few months – proof the market is beginning to bounce back.
So let’s look at the numbers ..
In November 2016, according to the three main property portals (Rightmove, Zoopla and OnTheMarket) there were a total of 749 properties for sale in Lancaster (within 2 miles of the centre of Lancaster to be exact). In November 2015, there were only 544 properties for sale, a rise of 38%.
When I split it down into bedrooms (note things like building plots and part commercial/part residential etc won’t be in these figures so the numbers below wont exactly match up to those in the above paragraph).
.. and when I looked at type of properties .. .it got even more interesting
As the number of Lancaster properties put up for sale has soared by 38%, homeowners have become more realistic about how much their homes are worth. This increase in homeowners wanting to sell suggests there is renewed confidence in the Lancaster property market and there are also signs that people are being more realistic about pricing their property.
As you can see, there has been a significant uplift in terraced properties in particular, which means they are a great choice for first time buyers and landlords. So with a combination of realistic pricing and more properties on the market – both first time buyers and landlords alike might be able to pick up a few bargains!