Lancaster & Morecambe 01524 843322
Posted on Monday, October 3, 2022
September last year brought the end of the stamp duty holiday. 12 months on and due to the mini-budget stamp duty is now only paid on sales above £250,000 for home movers and free for first-time buyers up to £425,000. Given that 83% of all property sales in Morecambe this month were under £250,000, lots of Morecambe buyers will be making big savings. The problem for many is, they will also be paying more for their mortgages, or worse still, they won’t be able to borrow as much.
We can hold on to the hope of the Eden Project North getting its funding secured, but until that happens, we have to accept that the Morecambe Housing Market will be affected by soaring interest rates just like every other town and city.
Let’s look at what has been happening. New instructions have increased by almost 50% on last year, yet sales are only up by 1%. Buyers are starting to see more choices in Morecambe. Sellers now have to really focus on sensible pricing if they want to get sold this year and look closely to what the evidence shows, rather than the pricing guidelines of some optimistic estate agents.
The good news is buyers still want to buy. We just need to make it easier for them….
Here are your figures for September 2022.
The average price in Morecambe for a property is now £158,811 This is a small decrease of £688in the last month, an annual increase of 3.3% and a whopping increase of 26.9% over the past 5 years. The gap between average prices in Lancaster and Morecambe has closed further - it is now just £7,245.
Whilst the above shows you the changes in the average selling price, the table below shows you the change in price per square foot. Please remember homes vary in size, even on the same street!
Buyer demand in Morecambe may still be continuing to drop, however, we must recognise that it is still higher than it was pre-pandemic and also higher than in 2020. Should we hear positive news regarding the Eden Project, we do expect this to increase again.
In the meantime, accurate, sensible pricing is paramount along with marketing that ensures your home does stand out.
In August there was a choice of 598 different properties for sale in Morecambe. 100 of these found buyers. That is less than 17% of the market.
Of the 598 homes available, 260 of these homes have been for sale for 12 weeks or longer. That equates to 43.4%% of the market. There were 84 price reductions in total. For complete transparency, at JDG we only reduced 1 property price.
19 estate agents were involved with the 100 property sales in Morecambe.
As we head into October buyers will find they have more choices as stock levels continue to grow. There are now 462 homes for sale in Morecambe, spread across LA3 and LA4.
We had some great successes. A home on Lowlands Road and one on Cumberland Views were all snapped up quickly. Penrith Avenue had multiple offers and sold over the asking price. We said goodbye to St Patricks Walk and Grange Street to name just a couple as the new buyers came to collect their keys to their new homes.
We now need more homes for sale. Despite the changing market, we still have buyers looking. Can you help us, help them?
You can email me at michelle@jdg.co.uk or call me on 01524 843322.
Thanks for reading
Michelle x
Ps. Can we share our exciting news? 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 you 2% more for our clients than other agents in our area.
