Selling a home in the Lancaster and Morecambe Bay, like anywhere else, involves a series of steps and considerations. Here is a general guide to help you through the process:
Prepare Your Home: Before listing your home, make necessary repairs, clean, and declutter. Curb appeal is crucial, so consider enhancing the exterior’s appearance to attract potential buyers.
Hire a Local Estate Agent: Working with a local real estate agent like Coast N Country who are familiar with the Lancaster and Morecambe Bay area can be highly beneficial. They can assist with pricing, marketing, negotiations, and legal aspects of the sale.
Determine the Right Price: Your agent will help you set a competitive and realistic price for your property. They will consider factors such as the current market conditions, comparable property sales, and the unique features of your home.
Market Your Home: Your agent will create a marketing strategy to promote your property. This may include professional photography, virtual tours, online listings, open houses, and traditional advertising.
Negotiate Offers: When potential buyers make offers, your agent will help you negotiate the best terms. They will also handle any counteroffers and ensure you understand the implications of each decision.
Accept an Offer: Once you’ve agreed on the terms with a buyer, you’ll formally accept their offer, and the sale process will move forward.
Complete Legal Requirements: Your agent will work with solicitors and handle the necessary paperwork to finalize the sale. This process includes property surveys, searches, and contracts.
Exchange Contracts and Complete: After the buyer’s solicitor and mortgage lender are satisfied with all the legal requirements, you’ll exchange contracts, and a completion date will be set. On the completion date, ownership will transfer to the buyer, and you’ll receive the agreed-upon payment.
Remember, the process of selling a home can vary depending on the specifics of your property and local regulations. Working with an experienced real estate agent like Coast N Country will ensure a smoother and more successful sale. They can guide you through the process, answer your questions, and help you achieve the best possible outcome.
Lancaster and Morecambe Bay Housing Market Update: Spring 2023.
The UK housing market has been experiencing a decline in annual residential property prices, with a YoY decrease of 3.1% in March, according to mortgage lender Nationwide. This marks the biggest price drop since the financial crisis, mainly due to the uncertainty created by last year’s mini-budget in September 2022, which is still being felt. As a result, the housing market is struggling to recover momentum, with weak consumer confidence and household budgets affected by high inflation.
The housing market in the Lancaster and Morecambe Bayarea is also feeling the impact of these challenges. However, we have found that transaction levels remain stable and that the volume of new properties coming onto the market is steady. Committed buyers and sellers are slowly returning as morale improves, although there is still some uncertainty about the future.
Despite the challenges, the Lancaster and Morecambe Bay housing market shows signs of resilience. For example, some flexible sellers are more likely to accept below-asking-price offers to hasten the sale of their homes, and stock levels are increasing, thereby providing more space for price negotiations. These factors suggest that the housing market is adjusting to the current challenges and is poised for a more realistic and efficient sale.
One of the factors that is likely to affect the housing market in Lancaster and Morecambe Bay is the level of demand from potential buyers. Although prices are expected to decrease by around 8% this year, bringing them back to 2021 levels, it is unclear how many buyers will be willing to purchase homes in the area. Some may be deterred by the economic uncertainty, while others may be holding out for better deals.
However, there are some positive factors that could help to support the housing market in the area. For example, the Lancaster and Morecambe Bay area is known for its natural beauty and attractive coastline, which could make it attractive for buyers looking for a second home or a retirement property. In addition, the area has good transport links to other parts of the country, which could make it appealing to commuters.
Another potential factor that could impact the housing market in Lancaster and Morecambe Bay is the level of new construction. Although the volume of new properties coming to the market is steady, it is unclear how many of these will be new builds. A significant increase in the number of new builds in the area could help to boost demand from buyers looking for modern, energy-efficient properties.
In conclusion, Lancaster and Morecambe Bay’s housing market faces challenges due to the uncertainty created by last year’s mini-budget and weak consumer confidence. However, there are signs that the market is adjusting to these challenges, with committed buyers and sellers slowly returning as morale improves. Although prices are expected to decrease this year, the future of the housing market in the Lancaster and Morecambe Bay area will depend on a range of factors, including demand from buyers, the level of new construction, and economic conditions more broadly.
We here at CoastnCountry know what it takes to sell for the maximum price and we are happy to advise on any improvements to make your home more sellable. Want to find out more? Please contact kellie or Sarah at coastncountry.co.uk or call 01524 389814.
Lancaster house prices rise by 1.8% and buck the national trend.
House prices in Lancaster bucked the national trend in September by continuing to rise.
New figures show they increased by 1.8% – more than the North West average for September,. The rise contributes to the longer-term trend, which has seen property prices in the area grow by 13% over the last year. The average Lancaster house price in September was £198,963, Land Registry figures show – a 1.8% increase on August.
Over the month, the picture was different to that across the North West, where prices increased 0.6%, and Lancaster was above the UK as a whole, where prices did not change. Over the last year, the average sale price of property in Lancaster rose by £23,000 – putting the area 20th among the North West’s 39 local authorities with price data for annual growth. The highest annual growth in the region was in Warrington, where property prices increased on average by 20.4%, to £266,000. At the other end of the scale, properties in Barrow gained 3.6% in value, giving an average price of £145,000. An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic. But typical property values stalled across the UK between August and September, which caused annual growth to slow.
Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of “a turning tide for house prices”. The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatility in the mortgage market and saw interest rates on new agreements soar. Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes.”
First steps on the property ladder.
First-time house buyers in Lancaster spent an average of £175,000 on their property – £20,000 more than a year ago, and £44,000 more than in September 2017. By comparison, former owner-occupiers paid £222,000 on average in September – 27.2% more than first-time buyers.
Owners of detached houses saw the biggest rise in property prices in Lancaster in September – they increased 2%, to £343,312 on average. Over the last year, prices rose by 14.5%. Among other types of property: Semi-detached: up 1.9% monthly, up 13.5% annually, £211,620 average; Terraced: up 1.9% monthly, up 13.2% annually, £172,880 average flats: up 1% monthly, up 8.6% annually, £114,531 average.
How do property prices in Lancaster compare?
Buyers paid 9.2% less than the average price in the North West (£219,000) in September for a property in Lancaster. Across the North West, property prices are lower than those across the UK, where the average cost £295,000. The most expensive properties in the North West were in Trafford. The highest property prices across the UK were in Kensington and Chelsea.
Average property price in September.
*Lancaster: £198,963; North West: £219,005; UK: £294,559 *Annual growth to September *Lancaster: +13%; North West: +9.1%; UK: +9.5% *Highest and lowest annual growth in the North West *Warrington: +20.4%; Barrow: +3.6%
First Published November 17, 2022 | Debbie Butler. @ lancasterguardian.co.uk
Chronic shortage of private landlord homes continues to push rents higher.
Investment Property News September 2022
Renters are being pushed towards smaller properties and lower running costs in the face of higher rents and rising living costs including rising energy prices, new research shows.
According to Zoopla’s latest quarterly home rental market report, the average rent has increased by £115 per month since last year, reaching £1,051 per calendar month – and accounting for 34.4% of the average income of a single earner. This surge in rents is heavily impacted by a severe supply and demand imbalance with the stock of homes available to rent standing at just half of the five-year average – while the average letting agent currently has just eight homes available to rent.
This chronic supply shortage is also impacted by an increase in renters staying put in their properties to avoid rent hikes and landlords continuing to sell properties in the face of tax and regulatory changes. Currently, approximately 3 in 4 renters will decide to stay in their current property and although they will experience lower levels of rental growth of 4% or less – this will squeeze supply in the market as a result.
There has been an acceleration in demand for one and two-bedroom flats as renters feel the cost-of-living squeeze, and fewer renters looking for two and three-bedroom houses. Outside of London, the average asking rent is £105 lower per month for a two-bedroom flat compared to a three-bedroom house.
Renters making decisions about what type of property to rent will also consider running costs and rising energy prices are likely to be playing a role in the shift in demand to smaller homes.
When it comes to energy prices, the amount of gas to heat and run a purpose-built flat for a year is 40% lower than a terraced house and 25% lower for a converted flat. New-build city centre flats are also becoming increasingly appealing to renters seeking out smaller homes with lower running costs.
Rental growth has accelerated over the last 12 months from an annual rate of less than 2% in July 2021 to 12.3% today, while rental growth is out-pacing earnings growth in all regions and countries of the UK. Rental growth is ranging from 7.6% in the North East to a staggering 18% in London – however, there are signs that rental growth is close to peaking.
Despite rents in London rebounding from a low base, the pace of rental growth in London is not sustainable at current levels with average rents in London currently 7.8% higher than pre-pandemic.
In a reversal of a trend seen during the pandemic, rental growth in urban markets (10.5%) is now outpacing that in rural markets (8.5%) as strong employment growth drives demand in cities.
The strongest performing urban markets are London (17.8%). Manchester (15.5%), Glasgow (14.4%) and Bristol (12.9%) – where rental growth is standing above the UK average of 12.3%. Rents are also rising faster at the top end of the market with asking rents for 2-bed flats rising more quickly at the upper end (top 25%) of the market in comparison to the lower end of the market where demand is more price sensitive.
What is the outlook for the rental market?
There is no real prospect of significantly improved rental supply in the near term as private landlords and property investors continue to sell off homes due to tax and regulatory changes. Renters renewing their tenancies will also amplify the fierce supply squeeze and keep upward pressure on rents into 2023.
There is headroom for some renters to pay more, especially outside London and the South East, however overall, we expect the headline rental growth to slowly taper over Q4 and into 2023.
Richard Donnell, executive director at Zoopla, said: “Rents have surged ahead over the last year but there are signs that the pace of growth is peaking and set to slow into 2023. Renters are responding and looking for smaller, better value for money homes to rent with an eye on energy costs as much as rental levels.
“What the rental market needs to combat these challenges is more new homes for rent. Greater regulation has seen less new investment and a small but growing number of landlords selling up, meaning the rental market has stopped growing since 2016. There is a risk that more regulation to improve standards or potential new measures to dampen rental growth, as proposed in Scotland, may compound the supply problem which is pushing rents up in the first place. Policymakers need to tread a careful path between protecting consumers and ensuring a decent supply of homes for rent.”
Hannah Gretton, lettings director at LSL’s Your Move and Reeds Rains brands, commented: “We are experiencing high levels of demand for rental properties with homes being snapped up within hours of hitting the market. With over 270 lettings branches nationwide, it’s a picture that is reflected up and down the country with particular demand in urban areas.
“On average, we are seeing double figures of enquiries per property with a one-bedroom property in Manchester last week receiving over 100 requests to view, highlighting just how busy our branches are and the challenges renters face when it comes to finding an appropriate property”
First Published September 13, 2022 | Marc da Silva. @ propertyindustryeye.com
Revealed – the cheapest UK cities to flip a house – Property Investment Lancaster.
There has been a significant increase in demand for move-in-ready homes and CIA Landlord Insurance has taken the liberty to research which UK cities are most cost-effective to buy and renovate a home for those looking to maximise their property’s profits.
Using the average rate of tradespeople to disclose the cheapest cities in the UK to ‘flip a home’, the study also looked at the demand for these workers and availability to show the cities that may have more access to certain trades.
London vs Lancaster
The research shows that London is £596 per day pricier than Lancaster when hiring tradespeople and renovating a home in Lancaster would total to £1,723 – a combined day rate of the 10 tradespeople essential to flipping a home.
Structural changes are of particularly good value in this area too as it has the lowest day rates for builders (£173), plasters (£158), and handymen (£56).
When the study turned its attention to London, the data shows that this would be the most expensive city to renovate a home, with the average daily rate of hiring the necessary tradespeople being £2319.
This could largely be because of the higher cost of living here, as well as the need for workers to cover the costs of any equipment, transport, and tools.
Tradespeople in demand
Based on Google search volume, plumbers are the most in-demand tradespeople in the UK, with over 20,000 searches made per month. Another 5,000 searches were recorded for electricians and nearly twice as many as gardeners.
Whilst there are differences across the UK in how much it will cost, and how long it will take to renovate a home, landlords can increase the marketability of their property by doing so making it a worthwhile, long-term property investment choice.
Article By Mine Lombard Article Published Date: 12 August 2022 – Property Investor Today propertyinvestortoday.co.uk
Morecambe woman makes £35K on Channel 4 George Clarke’s Flipping Fast
A woman from Morecambe has the chance to win £100,000 on a new TV property show hosted by popular presenter George Clarke.
Harriet Swan from Morecambe is one of the contestants on the new property series of ‘George Clarke’s Flipping Fast’ on Channel 4 where teams battle it out to win a £100,000 cash prize.
Harriet Swan pictured on the new Channel 4 property show Flipping Fast
Harriet, 28, is competing against five other people or teams from around the UK in a battle to see who can make the most profit from buying, refurbishing and selling properties.
Whoever makes the most profit by the end of the series, wins the £100,000.
Harriet topped the leader board after the first episode, having bought a one-bedroom flat in Morecambe for £67,750, renovated it with the help of family members, and sold it for £99,000, making £18,807 profit after costs were deducted.
“I can’t believe it!” she said.
“I am happy and proud of myself but I do think there’s still a lot to play for.”
The series aired on Channel 4 TV.
It showed Harriet looking at and renovating properties in Morecambe, and on Princes Crescent in Bare (see above, credit George Clarke’s Flipping Fast, Channel 4).
Harriet, whose maiden name is Muckle, works as a sports journalist and TV presenter.
Flipping Fast continues on Channel 4 on Wednesdays. The programme is hosted by George Clarke, and property experts Scarlette and Stuart Douglas (below). Tune in to see if Harriet can win the £100,000!
Harriet Swan pictured on the new Channel 4 property show Flipping Fast
First Published in Beyond Radio By Greg Lambert. Thursday, May 26th, 2022
Lancashire is one of the top areas in England to invest in a holiday home for staycations, particularly Lytham, Morecambe and Clitheroe.
With house price growth currently at 7% year on year, and an average annual rental income of nearly £23,000, the county offers excellent long-term potential for anyone looking to invest – particularly in popular tourist spots such as Lytham, Morecambe and Clitheroe.
Lancashire ranks second on Sykes Holiday Cottages’ list of top investment hotspots in England, behind only Tyne & Wear, with Shropshire rounding out the top three.
Looking at the UK overall, Lancashire ranks in ninth behind destinations throughout North and South Wales. Blaenau Gwent in South East Wales topped the list, followed by Denbighshire and Rhondda Cynon Taf.
The Holiday Let Outlook Report 2022analyses Sykes’ revenue data, alongside current house prices and house price growth, to drill into the long-term investment opportunities within holiday letting across the UK.
Location and amenities are two of the most important factors in a holiday home property investment success, so within the regions listed, any property must also be in a good location and offer desirable facilities to strengthen the investment potential.
The report also contains consumer research, Sykes’ booking figures and insights from rental data and analytics company AirDNA, to paint a clear picture of the UK’s holiday let market.
Morecambe is one of the top areas in England to invest in properties for holiday homes staycations
According to the poll of UK holiday homeowners commissioned for the report, a quarter (25%) only started letting during the pandemic, with the staycation boom fuelling a rise in people entering the market – including investors, as well as those renting a second home already owned, setting-up glamping accommodation or transforming part of their home.
In fact, bookings for Sykes’ holiday lets in 2022 are up 35% compared to pre-pandemic levels – with bookings to Lancashire 76% higher this year than in 2019.
Graham Donoghue, CEO, Sykes Holiday Cottages, said, “The shift towards staycations had already begun pre-pandemic, Covid has just accelerated this trend. And although international travel is becoming easier, we now have new types of staycationers that are here to stay.
“Because of growing demand for breaks to Lancashire and Morecambe and rising house prices, there has perhaps never been a better time to invest. There are monetary benefits to entering the market, but by holiday letting you’re also helping others experience and enjoy your own part of the world while supporting the local tourism economy.”
For those looking to maximise the revenue potential of their holiday lets, Sykes’ analysis found that a hot tub is the leading money-boosting feature to install – adding an estimated 49% to annual revenue.
Income figures also suggest luxury amenities such as open fires could boost earnings by 19%, on average, while a rise in pet ownership fuelled by the pandemic has seen pet-friendly properties earn 9% more.
The average house price and house price growth for Lancashire is £198,824 (+7% YoY)The Sykes Holiday Cottages’ report is based on internal bookings, revenue, website and owner data from January 2019 to February 2022.
Post Produced by Nicola Adam for publication in the lep.