House prices in LA2 (Galgate)

This article shows price per square metre data and various charts to help you understand the housing market in LA2 - stats were last calculated on 03 December 2024.

Defining 'LA2'

This analysis is limited to properties whose postcode starts with "LA2", this is also called the postcode district. There are no official postcode district names so I've just labelled it LA2, Galgate. It is shown in red on the map below.

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Price per square metre

Knowing the average house price in LA2 is not much use. However, knowing average price per square metre can be quite useful. Price per sqm allows some comparison between properties of different size. We define price per square metre as the sold price divided by the internal area of a property:

£ per sqm = price ÷ internal area

For example in October 2024, 3, Main Street, Galgate, LA2 8JR sold for £330,000. Given the internal area of 92 square metres recorded on the EPC, the price per sqm is £330,000 ÷ 92 sqm = £3,586.

England & Wales have been officially metric since 1965. However house price per square foot is prefered by some estate agents and those of sufficiently advanced age ;-). It is a huge pain to code the automatic conversion for square meters to square feet for all the graphs and charts on LA2 and elsewhere. All the conditionals turn my tidy code for into spaghetti. I will get around to it at some point, but for now you can just divide everything by 10 in your head, move a decimal place and you'll be close enough. If you want to be more precise 1 sqm = 10.76391 sqft.

Distribution of £ per sqm for houses vs flats in LA2

The chart above is called a histogram, it helps you see the distribution of house price per sqm in LA2 To make this chart we put all the sales data into a series of £ per sqm 'buckets' (e.g. £2,800 to £3,000, £3,000 to £3,200, £3,200 to £3,400 etc...) we then count the number of sales with within in each bucket and plot the results. The histogram is based on 519 sales that took place in LA2, in the last 24 months.

Generate a custom histogram like the one above but based on your own criteria.

You can see the spread of prices above. This is because although internal area is a key factor in determining valuation, it is not the only factor. Many factors other than size affect desirability; these factors could be condition, aspect, garden size, negotiating power of the vendor etc.

The spread of prices will give you a feel of the typical range to expect in LA2, Galgate. Notably, only 25% of properties that sold recently were valued at more than £3,280 sqm. For anything to be valued more than this means it has to be more desireable than the clear majority of LA2 homes.

Box plot of £ per sqm for LA2

Tip: click on the chart to see the values.

The chart above is called a boxplot (or a box-and-whisker plot). Box plots, like histograms, are used to graphically represent the distribution of data, showing the central tendency, spread of the distribution. In the context of £ per square metre property price distributions, box plots represent the variation in property prices within a geographic area e.g. Galgate. The chart above shows a boxplot for 'LA2' as well as the 'LA' postcode area.

  • Median: The horizontal line inside the box represents the median (£ per square meter). This is the midpoint of the data, meaning 50% of the prices are below this value, and 50% are above. The middle price per square metre in 'LA2' is £2,850.
  • Interquartile Range (IQR): The box spans from the 25th percentile (Q1) to the 75th percentile (Q3). This is the range where the middle 50% of the data lies, giving a good indication of the typical price spread. Of the 519 transactions in LA2, Galgate half were sold for between £2,380 and £3,280 per square metre.
  • Whiskers: In our case, the whiskers extend from the 9th percentile (at the lower end) to the 91st percentile (at the upper end), This provides a slightly broader view of the distribution by including the middle 82% of records. The whiskers capture most of the variation but exclude extreme outliers caused by data errors in recording sold house prices or internal area.
  • 'n=' is the number of property transactions the box plot is based on; 519 for LA2, Galgate.

    • Property price map for Galgate

    Have a look at the interactive price map I created for myself. Use it to explore 'LA2' house prices all the way down to individual property plots.

    Property price heatmap for Galgate
    House price map for Galgate

    Will LA2 house prices drop in 2025?

    I cannot tell what house prices will do in the future and don't believe anyone who says they can. However we can plot price trends, I have done this in the chart below for LA2 (Galgate) compared with the wider postcode area 'LA'. You can extrapolate from this based on your own views on future interest rates, inflation and other factors.

    House price index for LA2

    Tip: click on the legend items to show/hide different lines

    Download house price index as CSV (premium users only).

    The chart above shows changes in 'LA2' property prices over the last 20 years. The index is calculated from the average price paid per sqm for property in LA2 and is set to 100 in 2004. The chart compares trends for LA2, Galgate against those of the broader postcode area 'LA'. What is more interesting is to look at the difference between flats and houses, even those in the same area follow a very different trend, to get a robust enough sample size to see this we need to zoom out and look at house price trends for the entire Lancaster local authority.

    The dashed lines show nominal house price changes, the solid lines show the same data adjusted for inflation. Economists call this the 'real' price change. You have to take inflation into account when comparing prices over time. It's calculated using the formula:

    Real Rate of Return = (1 + Nominal Rate) ÷ (1 + Inflation Rate) – 1
    In this formula, the nominal rate is the rate of change before any adjustments, and the inflation rate is taken from the Consumer Price Index. The real rate of return is a more accurate measure of change in value, because £1 today does not have the same buying power as £1 in the past. For example, if a savings account pays an interest rate of 3% per year and the inflation rate is 5% per year, the real rate of return is -2%. This means that the investment's value is shrinking by 2% each year.

    Historic returns for LA2
    LA area LA2 district
    Nominal Real Nominal Real
    20 yr per annum 3.2% 0.5% 2.5% -0.1%
    20 yr total 86.3% 10.3% 64.6% -2.5%
    10 yr per annum 3.0% 0.2% 3.1% 0.3%
    10 yr total 34.5% 2.1% 35.2% 2.7%
    5 yr per annum 3.6% -0.4% 5.1% 1.0%
    5 yr total 19.5% -2.2% 28.1% 4.9%
    1 yr per annum 1.0% -3.0% -0.7% -4.7%
    1 yr total 1.0% -3.0% -0.7% -4.7%

    This table complements the house price index chart above, presenting the data in a more detailed format. It breaks down the information into 20-year, 10-year, 5-year, and 1-year periods, further categorized by property type. For each period, we display both a per annum rate of change and a total rate of change.

    The total rate of change represents the overall change over the entire period. The formula for total return is:

    Total return = (Index at end of period ÷ Index at start of period) - 1

    The per annum rate of change is the annualized rate of change over the period. This is equivalent to the annual bank savings rate you would need to achieve the same total return over the given period. This annualized return is also known as the Compound Annual Growth Rate (CAGR). The formula for CAGR is:

    CAGR = (1 + Total return) ^ (1 ÷ Number of years) - 1

    Some specific examples:

    • Over the past 20 years, LA2 district have seen a -0.1% annual change when adjusted for inflation. This translates to a total change of -2.5% in real terms.
    • Over the past 5 years, LA2 district have seen a 1.0% annual change when adjusted for inflation. This translates to a total change of 4.9% in real terms.

    Most recent LA2 sales

    For the most recent sales activity, rather than a summarized average, it is better to see the underlying data. This is shown in the chart below, where blue dots represent individual sales, click on them to see details. If there is an obvious trend you should be able to spot it here amid the noise from outliers.

    Tip: hover over dots to see details

    Street level data

    Street Avg size Avg £sqm Recent sales
    Main Street, , LA2 8J 97 sqm £2,715 17
    The Marina, , LA23 3B 115 sqm £5,273 17
    Main Road, , LA2 0J 90 sqm £1,488 16
    Millans Court, , LA22 9B 49 sqm £3,521 16
    Salford Road, , LA2 0L 72 sqm £2,000 15
    High Road, , LA2 6P 91 sqm £2,256 14
    Elleray Gardens, , LA23 1J 49 sqm £2,699 13
    Town End Way, , LA2 6R 87 sqm £2,236 13

    Search for your street here.

    Nearby geographies

    The table below shows how 'LA2' compares to the other postcode districts nearby 'LA2'.

    District Lower quartile Median Upper quartile Sales in last 2yr
    PR3 Longridge £2,100 sqm £2,680 sqm £2,980 sqm 1,397
    LA9 Kendal £2,700 sqm £3,200 sqm £3,710 sqm 896
    LA8 Staveley £2,710 sqm £3,350 sqm £3,920 sqm 252
    LA7 Milnthorpe £2,460 sqm £3,230 sqm £3,730 sqm 114
    LA6 Kirkby Lonsdale £2,600 sqm £3,160 sqm £3,790 sqm 353
    LA5 Bolton Le Sands £2,120 sqm £2,770 sqm £3,390 sqm 416
    LA4 Morecambe £1,570 sqm £2,140 sqm £2,800 sqm 734
    LA3 Heysham £1,710 sqm £2,210 sqm £2,650 sqm 612
    LA23 Bowness On Windermere £3,360 sqm £4,180 sqm £5,130 sqm 223
    LA22 Ambleside £3,930 sqm £4,950 sqm £6,040 sqm 152

    Raw data

    Our analysis of LA2 is derived from what is essentially a big table of sold prices from Land Registry with added property size information. Below are three rows from this table to give you an idea.

    Address Paid sqm £/sqm
    3, Main St, £330,000
    Oct-2024
    		 92 3,586
    6, Main St, £317,500
    Oct-2024
    		 109 2,912
    14 Mount Pleasant Terrace, Mount Pleasant, £135,000
    Oct-2024
    		 49 2,755

    See the entire list of all sales in LA2 here.

    About

    I created HouseMetric because I wanted to see this data and analysis myself, I also wanted to teach myself to build a website. Please give me feedback or spread the word about it. I'm constantly tinkering and adding more stuff to it.