The Morecambe Property Market Update | August 2023

If we go back to 2021, The Times Newspaper was reporting about how people were flocking to the coast to live.   People were holidaying in the UK and we were all getting excited over the Eden Project North.   Even the weather was better!   Homes in Morecambe were selling as fast as they were been listed.  

The market has now cooled.   Buyers have choices.   In August there have been over 800 homes for sale that buyers can choose from and I expect it will soon double the choice of 2021.

The big problem Morecambe has is that many estate agents and sellers are still acting like it’s 2021 hence the number of homes struggling to find buyers.   Buyers however are reading the media.   They are the ones that have seen the impact of mortgage rates increasing and their borrowing power isn’t as strong as it was.   They are acting more cautious.   

The good news is that prices are still higher than they were 12 months ago.   A good estate agent recognises this and explains it to you.    They also advise you on to how navigate this more difficult marketplace. 

Here are your figures for August 2023

Property Prices

The average price of a home in Morecambe now stands at  £162,942.   Last month, it was £164,621.  The month before £165,077.   Prices are falling back, however, they are still 2% higher than they were 12 months ago.    

We all need to be aware of how the market is changing and I anticipate this gradual fall will continue as we head into the Autumn.  

Buyer demand

Buyer demand is down.  But it’s down across the country.   It’s also down on all the property portals including Zoopla.   Many blame the higher mortgage rates for this.  We must also remember that 2021 was an exceptional year fuelled by stamp duty holidays and pent-up demand.  

When buyer demand is down,  it is imperative that estate agents take a proactive approach to communication with their registered buyers and ensure your home stands out in the marketplace.  

Struggling Properties

As we head into September there are 669 homes available for sale in the Morecambe market.  This means that buyers have choices.   Ask yourself,  why should they buy your home?   Are you the best one on the market in your price range?  

I’m still concerned about the number of homes that are struggling to sell.  The average house in the UK takes 7.8 weeks to sell,  yet in Morecambe, there are 370 homes that have been for sale for 12 weeks and longer. 179 of these have been for sale for over 6 months.    Why? 

18 different estate agents we involved with the 89  property sales in August.    Our team had some great results with homes at Kingmuir,  Morecambe Sea Front and Overton all getting snapped up.    We also waved a fond farewell to several clients including Lowlands Road,  Bellamy Avenue and Redwing Close as those homes were completed and new buyers were handed their keys. 

I want to finish by saying homes are still selling.   You just need to ensure you get the three things right.    At JDG we call it the 3 P’s.  Price, Presentation and Promotion.   There is a 4th,  and that is the right estate agent.    It will make a huge difference.  

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

Thanks for reading

Michelle 

PS.   Here’s an interesting fact that I would like you to think about.   The biggest estate agent in Morecambe has 269 homes for sale in Morecambe, yet only agreed 11 sales all month.   That’s a success rate of under 5%.     Think carefully about the agent you choose to use!       Our success rate was 66%…..