Does a fall in Lancaster sale volumes translate into an equal fall in Lancaster home costs? It’s an fascinating query isn’t it. And it’s one we now have been requested a number of instances.
Gross sales ranges in Lancaster are roughly 10% decrease than they have been 12 months in the past, but accomplished property costs are nonetheless truly nonetheless 7.3% increased over a 12 month interval. (Please notice that is accomplished home gross sales and costs have levelled out because the begin of 2023).
What’s fascinating is after we evaluate to the nationwide image. There have been simply over a million residential gross sales throughout England and Wales within the yr to the top of July. That is only-11.4% under the amount a yr in the past and never that dissimilar to what’s occurring domestically.
What all of us want to recollect is that the next on from the pandemic, the housing market skilled excessive transaction volumes primarily as a result of a mix of pent up demand, the race for house and the stamp obligation holidays. It was unsustainable! The truth is that the demand for dwelling transferring is simply 7.8% under the 5 yr pre-pandemic ranges. Folks do nonetheless need to transfer and gross sales are nonetheless occurring.
Wanting again to the final housing market downturn, the worst annual fall in sale volumes was -47.6% (yr to February 2009) while the worst fall in costs was -15.4% (yr to finish March 2009). Bear in mind the circumstances then have been very totally different to what they’re now.
I hope this assist provides you some reassurance. Homes are nonetheless promoting. Sensibly pricing is vital. At JDG we now have agreed 28 gross sales to date this month, contemplating its solely September twenty first, I feel this alone confirms that pretty priced houses are nonetheless promoting properly!
Do you have got any questions? In that case please let me know. At JDG we’re right here to assist. You may electronic mail me at michelle@jdg.co.uk or name me on 01524 843322
Thanks for studying
Michelle
