The Lancaster and Morecambe Housing market is a story of two halves. If you follow our market updates, you’ll have read this week that 42% of the homes advertised for sale in Lancaster and Morecambe Housing are actually struggling to sell. When we say struggling to sell – these are homes that have been on the market for sale for 12 weeks and longer.
House sales are also taking longer to sell. 12 months ago, a house in Lancaster and Morecambe was taking just 13 days to find a buyer. Currently, it is an average of 37 days (source- Rightmove).
However, there is another story. And that is that there is a shortage of homes for sale. Simply put, the homes that people want to buy, simply aren’t readily available. No wonder property sales are down!
This morning I was doing some research for a client in Bowerham. They have a 3-bed semi-detached home to sell. Looking at the data when they hit the market next week, they will be the only 3-bed semi for sale under £250,000 within a 1/4 mile radius of their house. I fully expect this house will sell very quickly indeed!
The graph above highlights the property shortage across the UK. In the Northwest, there are 7% fewer homes for sale than there were last year. Closer to home in Lancaster, the choice is actually a whopping 34% less and over in Morecambe the number of homes currently available for sale is down by 19%. Buyers need more choice.
So why are some homes sticking? There are various reasons, one is that the don’t offer what many buyers are looking for and don’t forget some properties are a niche market – eg retirement apartments are age restricted! Sadly many of the properties look to have been over valued and dare I say, poorly marketed.
If you are thinking of buying or selling in Lancaster or Morecambe, can we talk? Many of our homes are still finding buyers within 10 days of hitting the market. We also ranked as the No.1 Estate Agents in the UK.
My name is Michelle Gallagher, you can call me on 01524 843322 or email me at michelle@jdg.co.uk.
Thanks for reading
Michelle