Lancaster & Morecambe 01524 843322
Posted on Sunday, March 3, 2024
We all wait with bated breath for the spring budget, will it be kind to the housing market? Will there be a stamp duty reduction for older downsizers looking to move into smaller properties? Will the rumoured 99% government-backed mortgage be announced as a replacement for the help-to-buy scheme?
Here are your figures for February 2024.
After a slow start in January, the housing market in Morecambe picked up in February with 82 homes sold (STC). The market is still down on the crazy post-COVID years of 2021 and 2022 when people were rushing to move to coastal resorts, however, the year ahead looks encouraging.
What’s interesting though is how Morecambe Property Prices are still tracking upwards. Land Registry adjusts the prices as new sales are completed, however, the average price now stands at £167,550.
When I looked closer at the square footage price data, Morecambe prices in the past 12 months have risen by 3.1% overall.
With Christmas firmly out of the way, more buyers resumed their property searches in February with buyer demand on the property portals starting to recover.
This was reflected in more property sales, resulting in sales year to date now being up by 10%. As we head into the Spring we expect this recovery to continue
.
As we enter March there are currently 663 homes available for sale in the Morecambe market. Out of these, 450 (67.8%) have been listed for sale for 12 weeks or longer. 207 with one agent. Whilst this is a marginal improvement from last month, this does concern me. My advice to these people is that at the very least you need to refresh your marketing and consider a price adjustment or even a change in estate agent.
In February, 21 different estate agents were involved with 82 property sales. Our team achieved great results with homes at Chapel Avenue, Hampsfell Drive and Kensington Road all being sold. We also said goodbye to several clients, including Silverdale Avenue, Buxton Street and Townley Street. Their house sales completed and we passed the keys across to the new happy buyers!
At JDG we know how to get you sold. Your home needs to stand out and this includes superb photos, great wording, expert marketing and a pricing strategy. Don’t forget we were crowned the UK’s best estate agent in 2022 and 2023! We get results.
If you're looking to move, please don't hesitate to call us on 01524 843322 or email us at michelle@jdg.co.uk.
Thanks for reading
Michelle x
