Property prices hit record high across Lancashire as availability hit new low

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Lancashire house sale prices hit an all-time high last year - and despite a record low number of available homes on the market, the future is set to be brighter for buyers, a Fylde coast estate agent predicted.

The pandemic resulted in a sharp rise in prices across the county, as lower mortgage interest rates and the Stamp Duty relief prompted homeowners to sell up.

According to property portal Rightmove, the average sold price in the county in 2021 was £198,849 –a six per cent increase on 2020, and 14 per cent higher than 2019 figures.

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In Blackpool, the average sold price in 2021 was £143,652. An increase of eight per cent on 2020, and 11 per cent on 2019 prices.

Estate agent Ben MooreEstate agent Ben Moore
Estate agent Ben Moore

And in Preston, the average sold price in 2021 was £179,047. An increase of three per cent on 2020, and five per cent on 2019 prices.

Despite the price hike, the number of available properties hit a record low last year, online agent Rightmove said.

In January, it reported that “the number of homes available for sale per estate agency branch hit another low of 12 properties.”

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Tim Bannister, Rightmove’s director of Property Data, said: “Early-bird sellers who got themselves ready to come to market in the New Year are now benefitting from the busiest start to the year that we’ve ever recorded, with the number of prospective buyers enquiring about homes up 15 per cent on this time last year.

"All of the signs suggest that prices are likely to continue to rise until more choice is available.”

Although current property supply outweighs demand in the county, a Fylde coast estate agent predicted that numbers will increase in the coming months, making life easier for house-hunters.

Ben Moore, owner of Ben Moore Bespoke Estate Agent in Cleveleys, said: “In the year following the first lockdown, the full impact of the pandemic became evident as the residential market began to move quickly.

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"But towards the end of 2021, the market started to slow down and it’s continued into 2022. However, I think this will soon change.

Sellers are noticing the premium prices their neighbours are achieving, and while overall listing numbers are low, the number of homeowners requesting valuations from estate agents are up an incredible 48 per cent nationally since 2020.

“This would suggest many property owners across the Fylde Coast and Preston are planning to market their homes in coming months, which will be welcomed by buyers. Buyers have really struggled to find properties in the past year due to the lack of availability.”