Tuesday, 13 January 2015

Local Property Market Update - Lancaster & Morecambe

Morecambe Property Market

Bursting into 2015 with 2 sales in the first week, I thought it would be lovely to spread the joy about the housing market in the local area.

Below I have included some infographics for the LA1, LA3, LA4, LA5 areas that you can take a look at to see where how the price of your property has fared during 2014.

Regional Increases

Overall the North West has seen an increase in 2014 of 3.1% but has this really had an impact in your specific postcode?  Well, for all out local postcodes there has been increases. 

Trend in LA areas

Following on from a successful 2013 was the first half of 2014 which saw a monumental increase in house prices and property transactions.  This waned a little in August, more so than ususal, in part to the fact that April 2014 saw more stringent checks on Mortgage Applications and more strict guidelines to keep a lid on the Predicted 'property boom'.  Note that this was only predicted due to the high rises in London and the South.  Us mere mortals in the north west usually see a small ripple from London that eases prices upward ever so gently. Following a slow August, our usual enthusiastic September was a bit of a damp squib, just 4 week later seeing a big increase in October and November transactions, sales and new instructions (sellers). This is reflected in the November and December Natiowide Property Index.  The fast paced growth has continued to slow in the North West with the final Quarter of the year showing  a -0.3% figure.  The fast paced first half of the year has meant that overall 2014 showed a house price rise of 3.1% (Nationwide Property Index)

Over the last 10 years the North West has seen an average house price increase of 9%. (subject to local variations)

see our local infographics below

Stamp Duty Land Tax (SDLT)

4th December saw a long awaited shake up of the SDLT bands.  This welcomed change was to try and keep momentum of property transactions up, making it more affordable for people to upscale.  The benefits also mean that they dreaded £125,000 tax band that there was previously no longer is an issue, ensuring that sellers can negotiate slightly above this figure without the worry of a hefty bill for the buyers.  72% of property transactions will see a softening in their expected costs now too. Wahooo.  

Lancaster & Morecambe

Biggest Price Rises in the last 12 months was in the LA3 area at 3.49%*

Smallest Price Rises in the last 12 months was in the LA4 area at 0.86%*

These prices are average and will vary from street to street and area to area along with the work that has been done on any one property.  For an up to date valuation and full market review of your property and ways to increase visibility whilst selling please call me on 01524 230722, I will be only too happy to help.

LA1 had the most transactions over the last 12 months with 14.2% opting to sell, closely followed by 13.7% in the LA4 area, 13.6 in LA% and 13.4% of LA3 areas choosing to move.

Fantastic to see some positive news.

What's next?

The Election is the big one for 2015.  We fully expect, as previous years that this may mean a slow down in sales as we approach May.  We are not yet seeing this as January is proving very strong so far.  With the approach to spring, a boost in sales and transactions is welcomed with open arms.  There are a lot of Buy to Let investors out there currently, so if you have a buy to let it may be the time to sell.  The jury is out however, on weather this really is the right time to buy an investment property with the impending election.

Well that update was quite an in depth one, but, it doesn't harm to have a look whilst having a coffee, you never know when your itchy feet will get the better of you!

Until next time

Lancaster Property Market

Carnforth Property Market

© VMOVE Estate Agents Blog | All rights reserved.
Blog Layout Created by pipdig