February 2023 Market Report for Lanarkshire

March sees the start of the Spring Rush which is traditionally the busiest time of year for the property market. Warmer weather brings home buyers out of their self-imposed winter hibernation. Longer days give more opportunities for evening viewings, and spring flowers brighten up and bring outdoor areas to life. All of these things make now the ideal time to put your property on the market. 

Let's have a brief look at what's been happening over the last month in the local property market around Lanarkshire.

There are currently 771 properties available on the market in the area. This is an increase of 43.6% more than were available in February 2022 which is excellent news for buyers as it gives them more choice. In January there were 693. In December there were 568, in November 620 and in October 687. 

There have been a steady number of properties coming onto the market over the last few months. In February, 296 properties were put on the market in the local area. In January, that number was 203, in December, there were only 153, which is likely because many sellers were busy with festive plans. However, before that, in November there were 219 and in October there were 299. These figures clearly demonstrate that the market in this area is remaining busy.

February is the month of love, and this certainly was true in the local property market with 260 homebuyers falling in love with a new property in the local area. In January there were 215 sales agreed; in December there were 135; in November there were 265; and in October there were 271. There is a high level of activity in the local property market, and we expect the second quarter of 2023 to be as busy as usual. 

In October, we saw 54 price reductions across the Lanarkshire property market as a whole. There were 81 in November, 30 in December, 92 in January, and 45 in February. The market is returning to normal, and seller expectations are now more realistically aligning with reality. The local market may no longer be gripped by the frenzy that followed the pandemic, but it is remaining buoyant. 

In January, there were 231 slow movers in the Lanarkshire area. This is a property that has been on the market for at least 12 weeks. This could be due to the market returning to more normal levels but expectations still being at peak levels. In January, there were 251 slow movers in the Lanarkshire area; in December, there were 182, in November, there were 120, in October, there were 90, and in September, there were 81. When houses are priced properly, they sell quickly. Setting an unrealistically high asking price at the outset can delay your move by several months

Slow movers can often be due to the 3 Ps: presentation, promotion, or price. We are proud to be in the top 5 agents in the area with the smallest number of slow movers. Choosing the right agent for your property can make a very real difference in achieving your moving plans.

In October, each property in the Lanarkshire area had an average of 149 daily views on Rightmove. This is the average of the top ten agents in the area. In November, it was 129.2. In December, it dropped to 76.5. This was highly typical for December, with commitments over the festive period taking precedence over house hunting for many buyers. In January, average daily views sprung back up to 122 and increased further to 153.1 in February. The levels of activity in the local Lanarkshire property market have, as expected, returned to their normal high levels in the first quarter of this year. 

Average daily views per property on Rightmove for properties listed by Lanarkshire Law were 210.6 in January, which was 37.6% higher than average. We are pleased to consistently deliver above-average results for our clients. It shows the difference your estate agent can make when it comes to attracting the right buyer to your property. 

If you're looking for further information about the Lanarkshire property market, or if you're thinking of selling or buying in the area, please don't hesitate to get in touch. You can call 01698 441327 or email sales@lanarkshireestateagents.co.uk.