Lancaster & Morecambe 01524 843322
Posted on Thursday, April 30, 2020
When you look around, Morecambe is home to some fabulous buildings. There are large Victorian Terraces in Bare and Central Morecambe, beautiful art deco homes on the promenade, substantial 1930’s dotted around Bare and Torrisholme and the older, traditional fisherman cottages in Poulton which span back to the mid 18th century. Many of the traditional terraces on the seafront date back to pre-1864.
Over the years more modern housing developments have popped up, the latest being the Broadway Apartments where it is rumoured the penthouse sold for £750,000. Property prices in Morecambe are as varied as the British weather.
Today the average property in LA4 stands at just £136,033, an increase of 14.5% over the past 5 years. In 2015 - the average property price was £119,274. If we exclude the rumours of the Broadway development, the most expensive property to sell in the last 12 months in LA4 was a 4-bed semi-detached home which was listed for sale at £370,000. The cheapest (if we exclude the part ownership properties) was a 2-bed cottage on Tunstall Street which sold for £58,000.
Terrace homes account for 19.5% of the local properties in LA4. They range in size from small 1-bed fisherman cottages upwards, with many larger period homes that are 5 bedroom plus. The current average price of a terrace home is £105,686, although many of the larger homes can command prices in the region of £200,000 and above.
Apartments account for 26.7% of the homes in LA4. Most of the apartments are just 1 or 2 beds. The average selling price over the past 12 months for apartments has been just £117,792. When you exclude the new Broadway development, the most expensive apartment to sell was at The Elms which sold for £305,000. It is not unusual however to find apartments listed at auction in LA4 for as little as £20,000. These are normally flats which are part of a converted house. Often though the sale price can end up being double this.
LA4 is a family orientated area with semi-detached properties accounting for 45% of all the homes. Detached properties are just 8.8% of the LA4 housing stock. The average price for a detached home is £215,766 ( The highest price was £370,000 ) whilst the average semi-detached home is now worth £151,110.
Whilst I was undertaking my research, I came across an old property brochure. It was actually the original brochure of a house on 10 Lonsdale Road, Bare. This home was built in the 1930’s. It sold at the time for just £450. In 2013, needing renovation, it sold for £139,950. Today, in good order, you would expect that same home to be worth in the region of £200,00. Who says property isn’t a good, long term investment! (Just in case you wondered - £450 today equates to £25,785)
If you would like to know what your home might be worth or just want to chat about property prices and property investment in LA4, please give us a call. My name is Michelle Gallagher. Call me on 01524 843322 or drop me an email at michelle@jdg.co.uk.
