The Morecambe Property Market Update - June 2023

Property prices are still holding steady in Morecambe and have been since the start of the year.   This month they showed a slight increase of £840.  What we must remember though, is that our report is based on land registry completion prices, and these are always several months behind today's market.

What we can say is that homes are still selling however not at the rate they were. Back in June 2021, homes were selling as fast as they came to the market.   The turnover rate was 97.8%.    

In June 2022, the turnover rate was 68.7%.    This June it has dropped to just 50%.   Buyer demand isn’t as it was and we all need to be aware of this.   Your home is now up for sale in competition, not in isolation.   Sensible pricing really is key.  

Here are your figures for June 2023

Property Prices

The average price of a home in Morecambe now stands at £165,077.  Last month, it was £164,237.  It’s a modest rise, however, the reality is that prices have remained quite stable since the start of 2023.

This month another 151 properties have had to reduce their asking prices.    Since the start of the year,  517 homes have reduced in price.   There have been 852 new properties for sale which means 60% of homes that come to the market in Morecambe end up reducing their price.  

I will keep on repeating my message again for anyone thinking of selling,  sensible pricing is a key.  

Buyer demand

Buyer demand is down year on year.  You can see that clearly when you look back at 2021 and 2022.  However, it is still higher than it was in 2019.   The big concern is that there are more homes coming to the market than are actually selling pivoting Morecambe towards a buyers' marketplace.

When buyer demand is low,  an estate agent's client bank is key and thankfully at JDG, we have a large one.  In June alone we have registered over 200 new buyers looking across the region. 

Struggling Properties

As we head into July there are 623 homes available for sale in the Morecambe market.  The choice available to buyers keeps on growing.  

Did you know that 50% of the Morecambe market (313 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 remains at 55 days (7.8 weeks).    

18 different estate agents we involved with the 85 property sales in May.   At JDG we achieved some good results for our clients and it was pleasing to see that homes onDalesview Crescent, Burdock Walk and Wingate Avenue all found buyers.   There were others too.    We also waved a fond farewell to several clients including Akeman Close,  Lichfield Avenue and Sandylands Promenade as those homes were completed and new buyers were handed their keys. 

The Morecambe Housing might may have slowed but it is only reflective of what is happening across the UK.    It is really important 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 your 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!