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Lancaster and Morecambe Bay Housing Market

Lancaster and Morecambe Bay Housing Market Update

Lancaster and Morecambe Bay Housing Market Update: Spring 2023.

The UK housing market has been experiencing a decline in annual residential property prices, with a YoY decrease of 3.1% in March, according to mortgage lender Nationwide. This marks the biggest price drop since the financial crisis, mainly due to the uncertainty created by last year’s mini-budget in September 2022, which is still being felt. As a result, the housing market is struggling to recover momentum, with weak consumer confidence and household budgets affected by high inflation.

The housing market in the Lancaster and Morecambe Bay area is also feeling the impact of these challenges. However, we have found that transaction levels remain stable and that the volume of new properties coming onto the market is steady. Committed buyers and sellers are slowly returning as morale improves, although there is still some uncertainty about the future.

Despite the challenges, the Lancaster and Morecambe Bay housing market shows signs of resilience. For example, some flexible sellers are more likely to accept below-asking-price offers to hasten the sale of their homes, and stock levels are increasing, thereby providing more space for price negotiations. These factors suggest that the housing market is adjusting to the current challenges and is poised for a more realistic and efficient sale.

One of the factors that is likely to affect the housing market in Lancaster and Morecambe Bay is the level of demand from potential buyers. Although prices are expected to decrease by around 8% this year, bringing them back to 2021 levels, it is unclear how many buyers will be willing to purchase homes in the area. Some may be deterred by the economic uncertainty, while others may be holding out for better deals.

However, there are some positive factors that could help to support the housing market in the area. For example, the Lancaster and Morecambe Bay area is known for its natural beauty and attractive coastline, which could make it attractive for buyers looking for a second home or a retirement property. In addition, the area has good transport links to other parts of the country, which could make it appealing to commuters.

Another potential factor that could impact the housing market in Lancaster and Morecambe Bay is the level of new construction. Although the volume of new properties coming to the market is steady, it is unclear how many of these will be new builds. A significant increase in the number of new builds in the area could help to boost demand from buyers looking for modern, energy-efficient properties.

In conclusion, Lancaster and Morecambe Bay’s housing market faces challenges due to the uncertainty created by last year’s mini-budget and weak consumer confidence. However, there are signs that the market is adjusting to these challenges, with committed buyers and sellers slowly returning as morale improves. Although prices are expected to decrease this year, the future of the housing market in the Lancaster and Morecambe Bay area will depend on a range of factors, including demand from buyers, the level of new construction, and economic conditions more broadly.

We here at CoastnCountry know what it takes to sell for the maximum price and we are happy to advise on any improvements to make your home more sellable. Want to find out more? Please contact kellie or Sarah at coastncountry.co.uk or call 01524 389814. 

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Lancaster house prices rise by 1.8%

Coast N Country Lancaster Property Sales

Lancaster house prices rise by 1.8% and buck the national trend.

House prices in Lancaster bucked the national trend in September by continuing to rise.

New figures show they increased by 1.8% – more than the North West average for September,.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 13% over the last year.
The average Lancaster house price in September was £198,963, Land Registry figures show – a 1.8% increase on August.

Over the month, the picture was different to that across the North West, where prices increased 0.6%, and Lancaster was above the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Lancaster rose by £23,000 – putting the area 20th among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Warrington, where property prices increased on average by 20.4%, to £266,000. At the other end of the scale, properties in Barrow gained 3.6% in value, giving an average price of £145,000.
An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.
But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of “a turning tide for house prices”.
The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatility in the mortgage market and saw interest rates on new agreements soar.
Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes.”

First steps on the property ladder.

First-time house buyers in Lancaster spent an average of £175,000 on their property – £20,000 more than a year ago, and £44,000 more than in September 2017.
By comparison, former owner-occupiers paid £222,000 on average in September – 27.2% more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices in Lancaster in September – they increased 2%, to £343,312 on average. Over the last year, prices rose by 14.5%.
Among other types of property:
Semi-detached: up 1.9% monthly, up 13.5% annually, £211,620 average; Terraced: up 1.9% monthly, up 13.2% annually, £172,880 average flats: up 1% monthly, up 8.6% annually, £114,531 average.

How do property prices in Lancaster compare?

Buyers paid 9.2% less than the average price in the North West (£219,000) in September for a property in Lancaster. Across the North West, property prices are lower than those across the UK, where the average cost £295,000.
The most expensive properties in the North West were in Trafford.
The highest property prices across the UK were in Kensington and Chelsea.

Average property price in September.

*Lancaster: £198,963; North West: £219,005; UK: £294,559
*Annual growth to September
*Lancaster: +13%; North West: +9.1%; UK: +9.5%
*Highest and lowest annual growth in the North West
*Warrington: +20.4%; Barrow: +3.6%

First Published November 17, 2022 | Debbie Butler. @ lancasterguardian.co.uk

Kindly Shared by “SME Growth UK”

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The cheapest UK cities to flip a house

Property Investments Lancaster

Revealed – the cheapest UK cities to flip a house – Property Investment Lancaster.

There has been a significant increase in demand for move-in-ready homes and CIA Landlord Insurance has taken the liberty to research which UK cities are most cost-effective to buy and renovate a home for those looking to maximise their property’s profits.

Using the average rate of tradespeople to disclose the cheapest cities in the UK to ‘flip a home’, the study also looked at the demand for these workers and availability to show the cities that may have more access to certain trades.

London vs Lancaster

The research shows that London is £596 per day pricier than Lancaster when hiring tradespeople and renovating a home in Lancaster would total to £1,723 – a combined day rate of the 10 tradespeople essential to flipping a home.

Structural changes are of particularly good value in this area too as it has the lowest day rates for builders (£173), plasters (£158), and handymen (£56).

When the study turned its attention to London, the data shows that this would be the most expensive city to renovate a home, with the average daily rate of hiring the necessary tradespeople being £2319.

This could largely be because of the higher cost of living here, as well as the need for workers to cover the costs of any equipment, transport, and tools.

Tradespeople in demand

Based on Google search volume, plumbers are the most in-demand tradespeople in the UK, with over 20,000 searches made per month. Another 5,000 searches were recorded for electricians and nearly twice as many as gardeners.

Whilst there are differences across the UK in how much it will cost, and how long it will take to renovate a home, landlords can increase the marketability of their property by doing so making it a worthwhile, long-term property investment choice.

Article By Mine Lombard
Article Published Date: 12 August 2022 – Property Investor Today propertyinvestortoday.co.uk