Although there was a small drift mine on the edge of the village which closed in the 1970s, Lanchester's economy was mainly based on agriculture and is now a residential village which with a number of housing estates has expanded significantly since the late 1960s.
Although there was a small drift mine on the edge of the village which closed in the 1970s, Lanchester's economy was mainly based on agriculture. It is now a residential village in which a number of housing estates have been developed since the late 1960s.