A question we are getting asked almost daily now is what is happening in the Lancaster and Morecambe Housing markets. It’s something the British are obsessed about, even when they aren’t moving and seems to be their 2nd favourite topic, after the weather that is!
At JDG we work closely with two key data companies. They are Dataloft and Twenty Ci. They monitor exactly what is happening. Their findings above are based on a national picture. Read the small print and you will see they have compared Q3 of 2022 to Q3 of 2019. 2019 is seen as a “normal” market – eg, the market before the pandemic.
We are now in Q4. However, when we look back at Q3, the number of Sales Agreed and Exchanges in Q3 2022 were both higher than pre-covid (Q3 2019), while the numbers of Price Changes and Withdrawals remain low. This is where we want to see a minus figure!
That said, fall-throughs have sadly risen by 18% and they are generally thought to be a signal of market pressure ahead. Also, the lag in housing market data means that key indicators for the UK sales market are not yet fully reflecting the pressure on affordability created by higher inflation and rising interest rates.
It’s going to be an interesting ride. At JDG we are finding there is still a market out there. Already 9 homes have successfully found buyers this month. We have registered 65 new buyers looking to buy locally in Lancaster and Morecambe. We are still listing homes for sale. It is not all doom and gloom, it is just a little harder work!
If you would like to read what is happening at a more local level, please check out our market reports on the links below where we go into finer details at a local level.
Do you have any questions about the local housing market? If so I would love to help. You can email me at michelle@jdg.co.uk or call me on 01524 843322
Thanks for reading
Michelle x