The Morecambe Property Market Update | September 2023

Morecambe sellers have started reacting by reducing their asking prices, but as we head into the Autumn, will these reductions be enough to kick-start the Morecambe market or will we be seeing a gloomy Winter?

There is positive news though.  The Bank of England has held the interest rate at 5.25%, ending a cycle of 14 consecutive interest rates.    Property prices of completed house sales have also held strong, and it’s this Morecambe homeowners must focus on if they want to get sold.

Look at what has been selling.  See how your home compares in terms of its location,  size and condition.   Check out other homes for sale.  Be realistic with your asking price.   Choose your estate agent wisely as they are all performing very differently…..

Here are your figures for September 2023

Property Prices

The average price of a home in Morecambe now stands at  £163,767.   Last month, it was  £162,942.  Since the start of the year prices of completed house sales have remained quite consistent,  despite transaction levels being lower.    

Sellers need to be aware of this when pricing their Morecambe home.  Look closely at the homes that have sold - be honest with yourself.  How does your home compare in terms of size, layout and condition?   

Buyer demand

Buyer demand is still down year on year, although it has marginally improved now the Summer holidays are over.  

The big issue now is that there are so many homes for sale competing for buyers’ attention.  You need to make sure your home is presented as well as it can be.   Make sure any odd jobs are finished.   You only have one chance to create a great first impression.  

When buyer demand is down, it is important that your estate agent communicates well with you and the buyers in the marketplace.  

Struggling Properties

As we head into October there are 724 homes available for sale in the Morecambe market.   481 of these have been for sale for 12 weeks or longer.   That’s a problem.  

Buyers have a lot of choice.   For example, there are 167 semi-detached homes for sale right now.   If you are selling a semi-detached home,  how does yours compare to the other

20 different estate agents we involved with the 76  property sales in September.    Our team had some great results with homes at Moss Gate Park,  Mattock Crescent and Middleton Road all getting snapped up.   We also waved a fond farewell to several clients including Duddon Close,  Ashfield Avenue and Burdock Walk as those homes were completed and new buyers were handed their keys. 

Homes are still selling.  Buyers are still out there.  The market is tougher, you can see that from the figures above.  However, if you follow the JDG advice and get the 3 P’s correct - Price, Presentation and Promotion, we can help get you sold.

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

Thanks for reading

Michelle  x

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 Best Estate Agent Guide.   We have also made the finals for this year!   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.