The property market has started the year on a high, with mortgage approvals in January up 18% compared to the same time last year. Across the UK, buyers have been eager to secure homes ahead of the upcoming changes to stamp duty in April, when the nil-rate threshold will revert from £250,000 back to £125,000. This rush to purchase has injected short-term energy into the market, but what does it mean for buyers and sellers in Lancaster and Morecambe?
A Busy Start, But What Comes Next?
At JDG Estate Agents, we’ve certainly noticed a rise in buyer enquiries and activity since the start of the year. Many people are keen to take advantage of the current stamp duty savings, even if their sale may not complete before the deadline. The latest RICS UK Residential Market Survey also points to an increase in market appraisals compared to last year, suggesting more sellers are preparing to list their homes.
However, while this burst of activity is positive, it’s important to acknowledge that the market remains cautious. Once the stamp duty changes take effect in April, the extra costs could slow demand, especially with ongoing concerns about inflation and mortgage rates. While buyers remain active, they are also more price-conscious, seeking well-presented homes at fair market values.
What This Means for Sellers
For sellers in Lancaster and Morecambe, pricing your home correctly has never been more important. The combination of rising interest rates, stamp duty adjustments, and wider economic uncertainty means buyers are becoming more selective. Overpricing in this climate can lead to extended time on the market and fewer viewings.
That said, we are still seeing strong results for sensibly priced homes. Well-presented properties in desirable locations are attracting keen interest and selling well. Buyers continue to recognise good value, and when a property is marketed at the right price, it can still achieve excellent results.
Our Advice Moving Forward
If you’re thinking of selling, now is the time to get a realistic market appraisal. At JDG, we help sellers price their homes in line with market conditions, ensuring they attract the right buyers quickly. While the post-April market may settle at a steadier pace, demand remains, and those who present their homes well and price them competitively will continue to achieve successful sales.
Whether you’re looking to sell now or in the coming months, we’re here to help. Get in touch with our team for expert advice tailored to your property and situation.
Thanks for reading
Michelle x
