Are you house hunting in Lancaster or Morecambe but finding homes are getting snapped up even before you have had a chance to view them? If so you are not alone. There is quite simply not enough homes for sale.
Buyer demand has just by 36% across the UK and by a whopping 52% across Lancaster and Morecambe. Just in case you are wondering – buyer demand is the increase in the average number of people looking at properties on websites such as Rightmove. In January it averaged at 65.9 views per property. So far in March, it is averaging 100.1 views per property.
Sales have jumped too. Year on years Rightmove report that sales in March are up 12% across the UK. However, closer to home in Lancaster and Morecambe, sales are up 50%. ( 167 v 251 sales agreed – first 3 weeks in March ). The northwest has been highlighted as a property hotspot. They are not wrong!
Lockdown 3 has exacerbated the supply/demand imbalance across the market place which in turn has pushed the property price growth.
But with lockdown restrictions starting to ease plus the extra incentives to move, all eyes will now look to whether new supply starts to increase. Early signs are that it’s working, especially now that the kids are back at school!
Thinking of moving? Think JDG. We have registered over 650 buyers since the start of the year. Do you have the home they are looking for?
Call us on 01524 843322 for your free valuation and to find out if your home is worth more than you think!
Thanks for reading