Lancaster & Morecambe 01524 843322
Posted on Tuesday, August 1, 2023
Back in 2021, homes in Morecambe were selling as fast as agents could list them. The choice available was at a 5-year low.
The tide has now turned. Mortgage rates have increased making homes more expensive and like many parts of the UK, Morecambe house sales have started to slow as more choice comes available and fewer buyers are out there looking. I know a lot of people are hoping that the Eden Project will have a positive effect on Morecambe Housing and it will, however, it needs to be built first.
This isn’t all doom and gloom though. Look at the positives. Over 100 homes still did find buyers in July and what's wrong with buyers having a choice?
All you need to do is price your home sensibly, make sure it is presented well for photos and choose to work with a proactive estate agent that understands what the market is actually doing!
Here are your figures for July 2023
The average price of a home in Morecambe now stands at £164,621. Last month, it was £165,077. The month before £164,237.
It’s a small drop of just £456, however, the reality is that prices have remained quite stable since the start of 2023 and are still showing a healthy increase over the past 12 months. We just all need to be aware that the market is changing.
Buyer demand continues to fall, which is a concern as this dictates future property sales. We take our buyer demand figures from Rightmove which is the UK's biggest property website and where most buyers start looking for their next property.
It is down year on year. It is also the lowest it has been all year. Morecambe is a seaside town. It should be at its highest this time of year.
You can also see a big difference between the sales agreed v the number of homes going up for sale. There is a big choice for buyers. This is why sensible pricing is key.
Luckily at JDG, we still have lots of buyers registered with us, many of whom have come via our own website and social media campaigns. When buyers aren’t looking on Rightmove, estate agents have to think more creatively!
As we head into July there are 681 homes available for sale in the Morecambe market. The choice available to buyers keeps on growing. Last month it was 623.
Did you that 52% of the Morecambe market (355 properties) has been for sale for 12 weeks or longer? That is 3 months. Across the UK, the average time it is taking to find a buyer still remains at 55 days (7.8 weeks).
20 different estate agents we involved with the 103 property sales in June. At JDG we achieved some good results for our clients and it was pleasing to see that homes on Ashfield Avenue, Lodges Grove, and Melrose Avenue all find buyers quickly. There were others too. We also waved a fond farewell to several clients including Grange Street, Tranmere Avenue and Ullswater Road as those homes were completed and new buyers were handed their keys.
The slowdown in the Morecambe Housing Market is only reflective of what is happening across the UK. It is more important than ever now that if you want to get moved, you price your home sensibly (eg in line with what similar homes have actually sold for) and you make sure the home is presented exceptionally well.
If we can help you move (we have a proven 87% success rate in getting our client's homes sold compared to an area average of 50%) please call us on 01524 843322 or email me at michelle@jdg.co.uk
Thanks for reading
Michelle
Ps. If your home is up for sale with a different estate agent and you want to chat in confidence about what you need to do to get sold, please get in touch. We have lots of other clients in this position and often a few simple tweaks can make a big difference!
