Well its been a few months since Brexit and as we settle into the Autumn with Great British Bake Off, Strictly and the Football season … the newspapers are returning to their mixed messages of good news, bad news and indifferent news about the Brit’s favourite subject after the weather….the property market.
The thing is the UK does not have one housing market. Instead, it is a patchwork of mini property markets all performing in a different way. At one end of scale is Kensington and Chelsea, which has seen average prices drop in the last twelve months by 6.2% whilst in our North West region, house prices are 6.6% higher. But what about Lancaster?
Property prices in Lancaster are 3.1% higher than a year ago……
…..and 1% higher than last month.
So what does this mean for Lancaster landlords and homeowners? Not that much unless you are buying or selling in reality. Most sellers are buyers anyway, so if the one you are buying has gone up, yours has gone up. Everything is relative and what I would say is, if you look hard enough, there are even in this market, there are still some bargains to be had in Lancaster.
However, the most important question you should be asking though is not only is what happening to property prices, but exactly which price band is selling? I like to keep an eye on the property market in Lancaster on a daily basis because it enables me to give the best advice and opinion on what (or not) to buy in Lancaster.
If you look at Lancaster and split the property market into four equalled sized price bands. Each price band would have around 25% of the property in Lancaster, from the lowest in value band (the bottom 25%) all the way through to the highest 25% band (in terms of value).
* Nil to £120k 222 properties for sale and 68 sold (stc) i.e. 23% sold
* £120k to £160k 186 properties for sale and 65 sold (stc) i.e. 25% sold
* £160k to £250k 172 properties for sale and 51 sold (stc) i.e. 22% sold
* £250k + 123 properties for sale and 20 sold (stc) i.e. 13% sold
Fascinating don’t you think that it is the lower to middle Lancaster market that is doing the best?
The next nine months’ activity will be crucial in understanding which way the market will go this year after Brexit … but, Brexit or no Brexit, people will always need a roof over their head and that is why the property market has ridden the storms of oil crisis’ in the 1970’s, the 1980’s depression, Black Monday in the 1990’s, and latterly the credit crunch together with the various house price crashes of 1973, 1987 and 2008.
And why? Because of Britain’s chronic lack of housing will prop up house prices and prevent a post spike crash. … there is always a silver lining when it comes to the property market!
Do you have any questions about the local property market? Are you wondering what your own home is worth? Call in for a chat. Whatever your property requirements, I am here to help.
Call me in my Lancaster Office on 01524 843322