The Morecambe Property Market Update -November 2022

Now the tide has started to turn.   This is no reflection on Morecambe,  more on the state of the UK economy and like most others areas of the UK,  the Morecambe Market is changing.   

You could argue that property sales are still relatively strong, only 5 less than in November 2021 and only 7 less than last month, however, the big difference is the number of homes that have come to the market.   We have seen 50% more homes come to the market in November and given that sales numbers have dipped, rather than grown in line,  this does have an impact.

The housing market is now turning into a buyer's market.   Buyers might not feel like this,  due to the increase in mortgage rates,  they either a - can’t borrow as much or b- it will cost more each month.    But what Morecambe buyers now have is a choice as the number of homes available for sale goes back to pre-pandemic levels.   

This is not all bad news.   A choice for buyers is good and for local people to afford to buy a home, we needed prices to calm.   Sellers just need to recognise that the market has changed,  although, given the 95 price reductions in November,  I think many may now know this!

Here are your figures for November 2022. 

Property Prices

The average price in Morecambe for a property is now £161,638.   Despite it being known knowledge that property prices are now dipping,  the average property price in Morecambe has actually gone up by £3512.  Prices in Morecambe are up 8.6%.

We must note however that this price figure is based on property completions.  These are homes which would have had sales agreed prior to September 2022 when the mortgage market changed.  The market is now changing and this will be reflected in future reports

We must also note the high number of price reductions.  15% of all properties for sale listed in November have reduced their asking prices. 

Buyer demand

At JDG we always keep a very close eye on buyer demand.   Month by month, the number of people looking at properties in Morecambe has dropped.   News on the Eden Project North has gone quiet and we are seeing a drop off in interest from out-of-town buyers.    If we get the news we all hope for though, this could quickly turn.  

We must also remember that the market is just returning to pre-pandemic levels.  This figure is actually quite normal for Morecambe.  

Struggling Properties

In November, the choice of homes for sale grew to 629.  Just 75 of these found buyers.    This was just 15.8% of the market.    

Of the 629 homes available,  296 of these homes have been for sale for 12 weeks or longer.    That equates to 47% of the market.    There were 93 price reductions in total, the month before there were 87.   For complete transparency, at JDG we reduced 3 properties in price.  

In total 21 different estate agents we involved with the 75 property sales in November.

We may be approaching Christmas but if you are wanting to sell don’t think you have to delay until the New Year.  You could miss out on the flurry of activity on Rightmove.  Last year Rightmove reported over 150 million hits on their website between Christmas Day and the 2nd of January.  Ask about our Do Not Disturb service for over the Christmas period whilst we market your property for you but leave you in peace!

If you are thinking of selling please get in touch. At JDG we are here to help you get moved. 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 is the important part for you.  On average we achieve you 2% more for our clients then agents in our area.