Lancaster & Morecambe 01524 843322
Posted on Thursday, March 2, 2023
I really want to be positive. The future is positive and hopefully, in the longer term, the local economy will benefit from the planned investment. However, until then we have to point out that future promises do not and have not protected Morecambe from the downturn in the housing market.
Like other parts of the UK, property sales in Morecambe have dropped as buyer activity has slowed off. Completed property prices are actually holding strong, the problem Morecambe has is over-optimistic sellers buoyed up by over-eager estate agents. I say this with fact-based evidence. 60% of homes listed on the Morecambe Property Market have been for sale for 4 months or longer. Ask yourself why?
Here are your figures for February 2023
The average price of a home in Morecambe now stands at £163,206. Last month prices increased by £485. This month it has dropped by £255. However, over the past 12 months, they have still risen by 4.52%.
Land Registry is behind when recording completed house prices, so given that it is a known fact prices have dipped, we do expect this to fall slightly. The reality is that prices have across the UK dropped by 3.7% since August 2022 (source Nationwide).
My message again for anyone thinking of selling is clear, sensible pricing is key.
For those interested in the premium market, the highest price property to sell (SSTC) so far this year is a home in Morecambe is £510,000. This is a home at Sunderland Point. Only 3 homes above £400,000 have sold in Morecambe so far this year. 82% of all property sales in Morecambe have been under £250,000.
As you can clearly see below, buyer demand has fallen back again. We had the January pick up however it has calmed. Back in 2022, buyer demand was 2.5 times higher.
The lack of buyer demand is mirrored in the large drop in sales and a large increase in price reductions. It is thought that many estate agents and home sellers are being over-optimistic with their prices, hoping that the news that Eden Project will go ahead will bring new buyers.
There is no doubt that the Eden Project will bring a much-needed boost to the economy however it will be some time before that filters down to the housing market. Wages need to increase first!
As we head into March there are 540 homes available for sale in the Morecambe market. It is a concern though that 60% of these (323) have been for sale for 16 weeks and longer. That is 4 months. For reference, across the UK, the average time it is taking to find a buyer is now 62 days. It is a big concern that many Morecambe homes are simply asking a price which is too high.
16 different estate agents we involved with the 69 property sales in February. At JDG we achieved some good results for our clients and it was pleasing to see that homes on Acre Moss Lane, Tranmere Crescent, Main Street and Kenwood Avenue all sold within a couple of weeks of being listed. We also waved a fond farewell to several clients including Marine Road Court and Woodlands Drive as those sales were completed and new happy buyers collected their keys!
Property sellers now need to study the above and understand that the property market is changing. It has turned back to pre-pandemic levels and whilst homes are still selling well if priced sensibly, many buyers who fled the cities for coastal resorts are now returning back to their city lives and as such we are returning to a more normal marketplace.
If we can help you move (we have a proven 87% success rate in getting our client's homes sold) please call us on 01524 843322 or email me at michelle@jdg.co.uk
Thanks for reading
Michelle
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 The Property Academy. 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.
