This week our reserach team have had a spring in their step. The sun is shining, the sky is blue. We can visitors in our garden and it’s not only the birds that are buzzing – the Lancaster and Morecambe Housing market is too!
Across the country, houses are selling well. Dataloft and HMRC report a 6% annual growth in house prices. The banks have reported a 19% annual increase in mortgage approvals and sales across the UK are for 49% annually.
Supply and demand is the cause of this. Due to the stamp duty holiday, demand for property has risen, however at the same time many families chose to put their moving plans on hold whilst they juggled working from home with home schooling. A lack of supply put pressure on the housing market and this extra demand pushed prices upwards.
The average property price in the UK is now £232,134 – an an annual increase of 6%. Our research team though like to look closer to home. In Lancaster it is £154,378 ( an annual increase of 3.6%) . Over in Morecambe it is £143,849 (an annual increase of 5.9%).
With demand up and supply down, we expect to see a further increase in property prices although as the UK comes out of lockdown and more sellers become comfortable with viewings and people visiting their homes, we are expecting to see an increase of new listings.
One thing for certain is that this Summer looks to be a very interesting housing market for Lancaster and Morecambe homeowners!
If you would like to know what is happening within your postcode sector – please get in touch. At JDG we are here to help.
Thanks for reading
Michelle x
michelle@jdg.co.uk or call me on 01524 843322