Andy Burnham and the Lancaster and Morecambe Housing Market: What Happens Next?

It has been almost a week since Andy Burnham became Britain’s new Prime Minister. The political excitement is beginning to settle, and homeowners are asking a more practical question: what could the change mean for the Lancaster and Morecambe housing market?

The honest answer is that it may have an effect, but probably not immediately.

Will Andy Burnham’s appointment affect house prices?

A new Prime Minister does not cause house prices to rise or fall overnight. Mortgage rates do not change simply because somebody new has entered Number 10, and buyers do not suddenly start booking viewings because of a change in political leadership.

What matters is the direction the new government takes over the coming months and years.

In his first speech as Prime Minister, Andy Burnham spoke about tackling the cost of living, building more council homes and giving local areas greater control. His first housing announcement also included an additional £340 million towards tackling rough sleeping.

These are significant ambitions, but they will take time to work their way through the wider housing market.

What really influences the Lancaster property market?

For anybody thinking about buying or selling a home in Lancaster or Morecambe, the biggest influences remain mortgage affordability, the availability of suitable homes, employment levels and buyer confidence.

Although government policy can affect the economy, interest rates are set independently by the Bank of England. Mortgage lenders then decide their own rates based on the Bank Rate, market expectations, funding costs and competition.

These things influence how much buyers can borrow and how comfortable they feel about taking on a mortgage.

However, national headlines only tell us so much.

A three-bedroom semi-detached house in Bowerham is not competing with every three-bedroom house in Britain. It is competing with similar homes in Bowerham and nearby parts of Lancaster.

The same applies in Morecambe, Bare, Torrisholme, Galgate and Halton. Each area has its own level of supply and demand. School catchments, transport links, parking, garden size, presentation and asking price can all affect how quickly a home sells and the price it achieves.

That is why I spend far more time looking at what is happening on our streets than trying to predict the housing market from Westminster headlines.

Could building more homes change the market?

If the government succeeds in increasing the supply of homes, buyers may eventually benefit from more choice. New council and affordable housing could also help ease pressure in parts of the rental market.

Further announcements may affect planning rules, property taxation or support for first-time buyers. Improved confidence in the economy could encourage more people to move, while changes that increase household costs could have the opposite effect.

For now, much of the detail is still to come. It is worth watching, but it is too early to make firm predictions about what Andy Burnham’s premiership will mean for Lancaster house prices.

Should you delay your move?

If you are already thinking about moving, I would not put everything on hold because of a change in Prime Minister.

The fundamentals of selling a home are the same as they were a few weeks ago. Your property needs to be presented well, marketed properly and priced according to genuine local evidence. You also need an estate agent who understands the Lancaster and Morecambe property market and will give you an honest view, even when that is not necessarily the easiest thing to hear.

There will undoubtedly be more housing announcements from the new government. Some may help buyers and sellers, while others could introduce fresh challenges.

In the meantime, good home moves will continue to depend on preparation, realistic pricing and sensible local advice.

If you are considering selling your home in Lancaster or Morecambe, a conversation about the market does not commit you to moving. It simply helps you understand your position and make your decision using local facts rather than political speculation.

Estate Agency Done Ethically

JDG Estate Agents is a proud member of the Ethical Agent Network, a national group of independent estate agents tested against standards covering honesty, service, professionalism and community care.

We are currently the only local estate agency in the network. If you would like to know more about the Lancaster property market, the value of your home or why we passed the EAN assessment, please get in touch.

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