Or do they?
That is the big question on everyone’s lips. What is really happening in the local housing market? Why are some homes selling so quickly and often over the asking price, whilst others seem to sit and linger on the market?
Dataloft reports that across the UK there was no sales let-up in January. Sales activity in January were 10% up on the long term average across the UK. Closer to home in Lancaster and Morecambe it was on par which when you consider the shortage of homes available to buy is no mean feat. Buyers still want to buy and this has put pressure on house prices.
There are early signs forming that the local housing market is starting to stabilize. The number of new properties coming to the market is rising. Requests for valuations are up – according to Rightmove by 27% year on year.
What is though more concerning is that the market is starting to be one of two stories. Did you know at the beginning of February there were just 158 homes for sale? However, 85 of these had been on the market for longer than 3 months! Over in Morecambe, there were 306 homes available for sale, yet again – over half the market (179 homes) had been for sale longer than 3 months!
The housing market is still selling well. 8 new properties hit the market at JDG last week and 7 are under offer already. My worry is that it’s overvaluing estate agents that will slow the market down, not the economy itself!
My name is Michelle Gallagher. If we can help you with anything property related please just ask away. We are here to help!
Thanks for reading
Michelle x