The Morecambe Housing Update - October 2023

Homes are still selling though,  just not at the rate they were.   New instructions are up year on year.   Sales are down, at the lowest level in 5 years.

People though are still looking to move.   What Morecambe homeowners need to do is acknowledge the change in the market in terms of both pricing and activity.  They need to ensure their home is marketed at its best and ensure they work with the right estate agent who isn’t just going to stick it on Rightmove and hope for the best.  As the figures below show,  that’s not where the buyers are looking in the same droves they were!

 Here are your figures for October  2023

Property Prices

The average price of a home in Morecambe now stands at  £164,322.  12 months ago it was £161,277.     Morecambe prices are still 3.1% higher than they were 12 months ago.

Morecambe’s issue is more linked to buyer demand, especially now that news of the Eden Project has gone quieter.   Let's hope we all here good news soon!

Buyer demand

Buyer demand on property portals such as Rightmove and Zoopla is at a 5-year.  You can see that in the table below.   The problem is that the number of available properties available is at a 5-year high.  

Morecambe has once again become seasonal.  Homes will still sell with the right marketing approach.   At JDG we talk a lot about the 3 P’s -  Price, Presentation and Promotion.  This needs to be perfect to ensure selling success. 

When buyer demand is down, it is important that your estate agent communicates well with you and the buyers in the marketplace. 

Struggling Properties

As we head into October there are 729 homes available for sale in the Morecambe market.   445 of these have been for sale for 12 weeks or longer.   206 of these have been for sale 6 months or longer.   Would you be shocked if I told you that 120 of these are with one agent?  That’s a problem.  

13 different estate agents we involved with the 77 property sales in October.    Our team had some great results with homes at Sulby Drive,  Buxton Street and Redshank Drive all getting snapped up.   We also waved a fond farewell to several clients including Middleton Road,  Melrose Avenue and Victoria Street as those homes were completed and new buyers were handed their keys. 

Homes are still selling.  Buyers are still out there.  The market is tougher, you can see that from the figures above.  However, if you follow the JDG advice and get the 3 P’s correct - Price, Presentation and Promotion, we can help get you sold.

If we can help you move please call us on 01524 843322 or email me at michelle@jdg.co.uk

Thanks for reading

Michelle  x

Ps.  If you are thinking of selling, this is quite important.   For the 2nd year in a row,  we have been ranked as the No.1 Estate Agent in the UK Best Estate Agent Guide.   We have also made the finals for this year!   You do not pay to enter, every single estate agent in the UK is automatically entered.  There are 15,000 different companies entered.  

This is the highest award any estate agent in the UK can win.  It is judged on 3 key elements - marketing, service and results.  The results are the important part for you.  On average we achieve 2% more for our clients than other agents in our area.