2023 Cockermouth Property Update
As Branch Manager & Valuer for H&H Land & Estates in Cockermouth, here is my overview of what has been a challenging but successful year for us as we take on a dynamic property market.
The beginning of January 2023 saw a positive start marked by a notable surge in property viewings, setting a record for this period. However, as Spring approached the market faced an unexpected slowdown, primarily due to a shortage of available properties, and this scarcity persisted, leading to a notable decrease in transactions.
Summer brought its own set of challenges, with a flurry of property sales falling through, primarily attributed to the ongoing increase in mortgage interest rates at this time. Noteworthy is the 5% decline in overall house prices in Cockermouth compared to the preceding year, with detached properties selling for an average of just over £330,000 – a trend observed across all agents, reflecting broader market conditions.
Despite the slower months, as autumn appeared and winter approached, we witnessed a revitalised market, marking a positive end to the year with many transactions now successfully finalised for a diverse and wide range of properties, from apartments to rural properties with land.
One ongoing challenge here in the Cockermouth property market is the scarcity of family-oriented properties in the £300,000 - £350,000 range, along with a particularly limited selection for first-time buyers. So, we have a constant call out for property of this type as supply is certainly not meeting the requirements of aspiring first- time and family homeowners.
Looking ahead to the New Year, there is optimism fuelled by sustained strong demand for properties in and around Cockermouth from both local and external buyers. Despite the challenges faced in 2023, the overall outlook remains positive, and we anticipate a more balanced and active property market to develop in the coming year.
I have confidence in the resilience of the Cockermouth property market, and here at H&H Land & Estates we will continue to commit to providing an exceptional standard of services to our clients in the upcoming year. As we conclude 2023, the Cockermouth office looks forward to a vibrant and dynamic market in 2024.
For more information please contact the H&H Land & Estates Cockermouth team on 01900 828239 or at [email protected].
