Morecambe Property Market Report

Traditionally, the Morecambe Housing Market would slow down in November as we head into the winter months. Being a seaside town, things can be seasonal. This year, that hasn't happened. It’s quite the reverse.

Did you hear the great news in the Autumn budget?   If you blinked, you might have missed it. However, The Labour government confirmed the £50 million for Eden.    This is superb news for the local economy, and whilst it will take time for any effect to filter through the local housing market, we can’t help but be excited about Morecambe’s future.

Looking at this month's figures,  it is easy to think the market has acted very similar to how it was 2 years ago.   The number of new instructions and the number of sales agreed are very similar.    However, look closer and you’ll see the choice of homes available for sale is at a 5-year high.  Buyers now have 60% more homes to choose from than they did in 2022 and over double the choice available in 2021. 

It’s been a summer of mixed dynamics in Morecambe, with the market showing a blend of encouraging activity and emerging challenges that we need to keep an eye on.

Property sales in Morecambe saw a marginal increase compared to the same period last year. This uptick in sales reflects the continued appeal of our town, with its beautiful coastal views, vibrant community, and growing amenities which makes it an appealing destination for a diverse range of buyers, young and old. 

Welcome to our latest market update. As an estate agent with a keen eye on property trends, I've noticed that homes in seaside towns and coastal resorts like Morecambe often sell better during the summer months. The warmer weather, longer days, and vibrant coastal lifestyle draw potential buyers eager to experience the unique appeal of living by the sea.  

In the 2 years that followed COVID-19,  buyers flocked to Morecambe and homes were quickly snapped up.   The market now though has gone back to a normal pre-pandemic market.

I think it’s safe to say that the general election didn’t create any pre-election slowdown in Morecambe. 

Local housing trends are more influenced by regional factors than by national political events.  And the advancements with the Eden Project North is keeping Morecambe’s hope of a better future alive. 

Finally, the sun is shining over the bay which brings the people out.  The promenade is busy,  people are on the beaches and life feels good.  Seaside towns like Morecambe, often take a more seasonal feel when it comes to property transactions, attracting more out-of-town buyers in the sunnier months.    

Sales in Morecambe are up both year on year and month on month.   They are by over 10% on the year and by over 40% on last month, emphasising my point of a more seasonal market.

A client asked me today how the Morecambe Market is compared to this time last year.  Eden has just held a two-day event in Morecambe where Si Bellam, Eden Project’s Chief Transformation Officer indicated that they hope to start the build in late 2024 with a provisional opening in 2026.

Listening to the people, it feels that hope in Morecambe’s future is renewed, however when it comes to how it is affecting the housing market,  the reality is,  that it hasn’t yet.

Month by month in 2024, Morecambe property sales have picked up in Morecambe.  January started slow with with just 62 sales.  February performed better with 82 sales agreed and now that we heading into the spring,  sales have picked up with 105 new sales agreed.    We’ve always said seaside resorts like Morecambe are seasonal.

Sales and New Instructions are very much in par with last year which confirms that the housing market has stabilised, not just in terms of property sales but also property prices.

If you read the national press, you could be forgiven for thinking that house prices are falling.  After all, a report released by WHICH ?  this morning announced that prices fell by around 1% in 2023, and stated that further drops could be on the cards.

Look closer to home though in Morecambe and Land Registry reports that property prices in Morecambe have continued to increase, up 3.1% year on year.  Sales are up.   New instructions are down.  The number of buyers looking has started to increase.   A feeling of positivity has returned to the market and this looks set to continue as we head into the spring.

Will 2024 be the year that Morecambe’s fortunes turn?  There is so much regeneration planned for Morecambe,  it’s just a question of when.   

When is the question that people have been asking for quite some time, some people have even wondered if they should hold off on their house move because of the exciting planned project.

2023 will always be known as the year the housing market calmed and returned to what has been dubbed a more “normal” market.    Normal is good, especially after all the ups and downs and uncertainty 2022 caused!

With Winter officially here, Morecambe is experiencing freezing temperatures. However, is the local housing market showing any signs of thawing?   The housing market seems to be sending mixed messages, so it's important to closely examine the facts and figures.

Are you a half-glass full or half-glass empty person?    I’d love to know.

The weather is grey.  The damp wet months are here and seaside towns across the UK are starting to go quieter.   For the day trippers and holidaymakers,  a trip to the coast in October just doesn’t have the same appeal.   

Prior to the pandemic, the Morecambe market was seasonal.  Homes always sold better in the Spring / Summer months and it appears that it’s heading back that way.

I’m a bit concerned about the Morecambe Housing Market.  And if you look at the figures below it is easy to see why.

New Instructions are up,  sales are down and there is far too much choice available for sale on the market.    The pace of the market has changed drastically to where it was just 2 years ago. Properties are coming to the market at a faster rate than they are selling.   There is now double the choice for buyers than there was just 2 years ago.

Has the Morecambe Housing Market returned to a normal housing market?     It’s certainly feeling that way.   12 months ago we talking about the return of the dreaded price reduction.   It’s now at the highest rate in the past 5 years.  

Two years ago we chatted about how people were flocking to Morecambe for day trips, enjoying the sunshine and how the beaches were packed.    Today it is wet, miserable and pouring down hence the seafront is rather quieter.   What a difference the weather and cost of living crisis can make.

What a month June has been.  I don’t think anybody honestly expected the Bank of England would increase the mortgage rate by 0.5%, although many of us were expecting an increase!  Since then the two main questions we are getting asked at JDG, are…..

1. What is happening with property prices?
2. Are homes in Morecambe still selling?  

Can you believe it 3 years since the Morecambe Housing Market opened back up after the first lockdown?     What 3 years it has been.   In such a short period of time, Prince Phillip and Her Royal Majesty The Queen have both passed away.  We have a new King.   We have a cost of living crisis.  Mortgage rates have soared.   The Eden Project has been given its green light and Morecambe Winter Gardens has been awarded the much-needed £ 2.7 million pound in funding.

Last month we spoke about a potential spring bounce in the Morecambe Housing Market.  Sadly I think we spoke too soon as sales levels have dropped this month by a 22% from April last year, yet the number of people wanting to sell remains high.    They have also dropped by almost 1/3 from last month. 

Now I don’t want this report to be all doom and gloom.  There is no doubt that Morecambe is a town on the up.   There is so much happening and investment is starting to happen, however, we have to accept it will be a while before we see that positive impact on Morecambe property prices.  

Are we seeing a spring bounce in the Morecambe Property Market?    It is certainly looking that way.    We don’t want to get too excited yet,  but after a slow winter where sales activity dropped like a lead balloon,  this month has been suprisingly good.    

Now before we get too excited, it’s not hit the levels it did last year, but sales activity is up from 67 sales in February to 107 sales in March.   That’s a jump of 60%!

If you live in Morecambe,  you love Morecambe.  Local people are passionate about it.  The beautiful coast, the stunning sunsets, and even the growing community spirit.

Morecambe has a lot going for it.    Morecambe Sparkle has just hosted Baylight, a new annual festival of light art.   The Bay TV programme is about to return to tv and it hopefully won’t be long before we see work starting on the much anticipated Eden Project North.

Welcome to the first Morecambe Property Market Update for January 2023.  If you have been following our market reports, you’ll know by now that we share what is happening in the Morecambe housing market each month.

Let’s discuss the Morecambe Property Market and how it performed in November. 

Morecambe has historically shown seasonal tendencies in regard to the property market.   The last 2 years however have been different.   It is no secret that across the UK, the housing market has boomed and simply put, it continued for Morecambe through the Autumn and Winter months of 2020 and 2021, as it did for most of the UK.  Morecambe also performed better than most regions as people flocked to live close to the sea.   Programmes like The Bay helped put Morecambe on the map and the Eden Project North gave people hope for a better future. 

Last month we asked what does a normal housing market look like?     We think we might be soon to find out as activity calms, more choices come available for sale and prices hopefully steady.    

I think it is safe to say that the crazy times we have experienced over the past 2 years are coming to an end.    Interest rates have gone up and buyers are now acting much more cautiously.   

What does a normal housing market look like?    We truly are beginning to wonder.  

September has been a very strange month.   We have a new prime minister.  Her Majesty, The Queen sadly passed away.  The country gained a King.  And then the government announced their mini-budget.  All these events have an impact on buyers' behaviours - the latter having a huge impact. 

What is happening in the Morecambe Housing Market?   New instructions are up, sales are down.   Many sellers are now starting to realise that they have let their agent price their homes too high and we are seeing a return of the dreaded price reduction.

Is the housing market slowly returning to normal levels? It is a question we’ve been asking for a couple of months and the evidence all shows that is slowing. It had to though. Local wages aren’t keeping up with property prices, the cost of living crisis is starting to become a real concern to many and now we have hit the Summer holidays.

Over the last two years, many people chose to have staycations but now that restrictions have been dropped, people are back travelling abroad. Simply put, people aren’t sitting on Rightmove looking at houses in the same way they have been. They have other things to do!

There is something pivotal about June.  The end of the month marks the halfway part of the year and Summer officially begins.

Seaside resorts like Morecambe tends to always perform better in the Summer months, as people choose to head to the coast for days out, weekends away and fall in love with the lifestyle coastal living offers.

For the last two years though Morecambe hasn’t been seasonal.  Homes have been snapped, faster than ever before but now with the cost of living crisis deepening,  energy bills and fuel costs rising,  the housing market is starting to show early signs of slowing.

It’s 2 years since the housing market re-opened following the first lockdown and what a rollercoaster 2 years it has been in the property market.

Over the course of the past 2 years, property prices in Morecambe have increased on average by 15.6%.   Property price growth has now started to steady, however, given the economic climate and increase in living costs, that is no surprise.   

Is the Morecambe Housing Market starting to return to pre-pandemic levels?  

It is certainly starting to feel like that.  Across the UK, estate agents have been talking about cooling off in the housing market.   Property prices are stabilizing as buyer demand is starting to slow.     It feels like people are starting to become more cautious.     Many people will also be pleased to also hear that property prices are now starting to level off.   

Morecambe is a really interesting property market and one which since the pandemic really has seen one of the most impressive turnarounds in the UK.    Sellers want to sell and buyers want to buy!

Prices in Morecambe have gone up by 30.5% in the past 5 years.  This has given people equity in their homes and due to this,  they are taking the opportunity to move.   

Morecambe’s Housing Market had such a strong start in January and whilst it is considered by many that prices will soon start to stabilize and the market will begin to slow,  Morecambe just keeps ongoing.

At the beginning of February, Morecambe received the confirmation that the planning permission for the Eden Project had been passed and despite the fact the funding is not yet fully in place,  it didn’t stop property investors from calling and there were quite a few requests for potential air BnB properties!

Hello,  I’m Michelle Gallagher and this is the first Morecambe Property Report for January 2022.  Each month,  we’ll be reporting on what is really happening in the Morecambe Property Market and the driving forces behind it.

If you read my annual update,  we discussed how sales in Morecambe were up by 42% year on year. Last year  Morecambe had one of its best sale years on record as people rushed to the coast and investors started to take a serious look at Morecambe as plans for the Eden Project edged closer.  

As 2021 ends and 2022 starts, we thought we would take a moment to look back on the Lancaster and Morecambe Housing Market, how it has performed, and what’s predicted for 2022. To be able to predict the future, you need to also understand the past.

What a difference 12 months makes.  12 months ago, we were reporting a 2.5% increase in annual property prices.  Now we are reporting that prices have increased by 9.1% in the last 12 months alone and 23.8% over the past 5 years.

Morecambe has been in demand ever since the first lockdown started to ease.   It took a little while to see an increase in property prices, but once people started to realise what Morecambe truly offers, the buyers started to flock in, attracted by the blue flag beaches, fabulous views and also affordability.   

12 months ago as I reported on the Morecambe Housing market, the stamp duty holiday was in full swing and the UK was about to enter the 2nd lockdown.   What a difference a year makes.  

People are heading back abroad for their holidays,  the majority of covid restrictions have been lifted and plans for the Eden Project continue to plow ahead despite the fact that the next major announcement has been delayed until the New Year. 

Demand for homes in Morecambe continues to remain high.   Lancaster is seriously struggling from a lack of home sellers, however, in Morecambe people are still looking to capitalize on the increasing property prices.   

If you ask any estate agent how the month of September was, they will most probably report it was one of their busiest months in memory, not because of new sales agreed and viewing activity but due to completion levels. The stamp duty holiday ended at the end of September. Solicitors, conveyancers, removal companies, mortgage lenders all worked longer hours than normal to ensure as many buyers as possible could complete and save up to £2500 in Stamp Duty.

Did you see the article in The Times newspaper in August about seaside resorts and property prices?    If you didn’t, it made for interesting reading.    We were asked to contribute.

I think everyone now knows that the impact of Covid has really had a positive effect on property prices, more so in coastal resorts, as people have flocked to more a relaxed way of life and a less densely populated area but mixed into all of that we have so much more going on.

Homes in Morecambe are in demand, especially ones that are close to the beach and/or have sea views.   Simply put, we cannot get enough.

Morecambe feels revitalized. The sun is shining, the sea looks blue and two of our beaches have won the blue flag seaside awards for their cleanliness and quality.  People are flocking to Morecambe for day trips.  Many are falling in love with the area and realizing just what a great place Morecambe is to live and the superb value for money our properties are.

Welcome to the Morecambe Property Market Update for June 2021.

There is no denying,  the Morecambe Housing Market is exceptionally active.  It is also showing no signs of slowing.  Each day we talk to people who are re-evaluating their lives and their work/life balance.  For many, this involves the home they live in and the way they need their home to be.  

The sun is shining.  Morecambe FC has been promoted.   The sea front is busy with people enjoying Spring Half term.   The Morecambe housing market is still hot, although there are early signs it might be starting to cool. 

Morecambe’s housing problem is now one which other parts of the UK are experiencing.  And this is a gradual drop in people putting their homes up for sale.  This could be a blip,  after all restrictions are lifting, the sun is shining and holidays are again allowed.  Simply put, people have other things to focus on - and who doesn’t want to enjoy a bit of sunshine after the miserable few months we have had.

Oh, I do want to live by the seaside, I do want to live beside the sea……

Can you believe a full year has passed since the first lockdown?  The last year has taught us a lot and one of the great things that I have enjoyed seeing is people appreciating where we live and just how special Morecambe actually is. 

We have so much to offer with fabulous sea walks,  clean beaches,  fabulous eateries and lots of independent shops and boutiques.   Our communities have all come out and supported each other.  It’s been a pleasure to see. 

What a difference 12 months makes.  The UK housing market was locked down for the first time on March 23rd, 2020.   12 months later, we are in our 3rd lockdown however the housing market this time has been allowed to remain open.

In March 2020 estate agents in Morecambe traded for the first 3 weeks of the month as normal.  Business was good.  Properties were selling.   Lockdown happened and the market came to a standstill.   This year it is a completely different picture. 

Morecambe may not yet have the news they hoped for relating to the funding for The Eden Project North yet, however, who says no news is actually bad news?  

This lack of news is certainly not slowing the demand for property in Morecambe.  Houses prices continue to increase, over the past 5 years, property values have increased by 16.5% overall.  

Hello,  I’m Michelle Gallagher and this is the first Morecambe Property Report for January 2021.  Each month,  we’ll be reporting on what is really happening in the Morecambe Property Market and the driving forces behind it.

2020 is the year that many say, the housing market went crazy.  Estate Agents found themselves busier than ever, many feeling the effects of a market springing back to life after a period of quietness and furloughed staff.

As 2020 comes to an end, I always like to look back, report on the facts and let you make your own decision.  

I love that homes in Morecambe are still in demand.  People wondered if the Morecambe housing market would slow, now that the future of Eden is not guaranteed ( See Notes 1.)

Property prices are up.  They have increased by 12.5% over the past 5 years and on average 2.5% over the past 12 months.   The average price today now £136,122 which is still very affordable.  ( In LA3 it is £134,581 and in LA4 it is £137,710 ).

This months report starts identical to the Lancaster report.  The initial information I have to tell you is the same…..

Stamp duty cuts, pent up demand and sadly an increase in separations and divorce, have kept the Morecambe housing market exceptionally busy with a record number of sales when compared to previous years. 

Busy is probably one of the words I hate most.  Yet it is something I’m hearing repeatedly.  Ask an estate agent how they are, and they tend to reply with the word busy.  But busy doing what?

There is no doubt that the UK Housing Market is having a mini-boom. Last month sales were up across Morecambe, however this month they are slightly down.   

Like the rest of the UK,  the Morecambe Property Market is recovering.  Sales are up year on year as people race to get moved.  

Morecambe has always sold well in the Summer months and more so now as people flock to the coast, smelling the fresh sea air and discover our beaches, our views and vast promenade. 

June is the first month since lockdown started to ease in May, that estate agents (in the UK) have had a full month of trading, and whilst some have had to take extra time to adjust, for those who were prepared early, what a month it has been.

It was the 12th of May when Boris Johnson announced that the Housing Market could re-open.  Estate Agents were caught unaware,  there was no notice - just an announcement around 8.30 pm that we could start showing houses once again from the morning.    By 9 pm we had 3 viewing requests, all wanting to view the following the day!

March has definitely been a tale of 2 halves. The month got off to a good start with plenty of buyer activity, building on the previous activity seen throughout the first 2 months of the year, until the month was punctuated with the COVID-19 lockdown.

I noted in the Morecambe Property Market Report for January 2020 that average daily views on Rightmove were up by 27% compared to 12 months earlier in Jan 2019, giving indication that buyers were definitely showing strong signs of activity as we entered the new year. Well that activity certainly came to fruition in February! 

Welcome to the first Morecambe Property Report of 2020.

Taking a short moment to review 2019, there were mixed reactions and activity in the property market. I reported signs of hesitancy in the last quarter from both potential vendors and buyers, largely due to political instability. However, on a positive note, there was also increased interest in the area and enquiries from “early investors” up and down the country, due to the area being highlighted thanks to the potential of the Eden project.

Let’s discuss the Morecambe Property Market and how it performed in December.

2019 reaped lots of positivity across the Morecambe Property Market. The Bay Gateway continued to drive (excuse the pun!) interest in the area due to increased accessibility and promising news of the Eden project started putting Morecambe on the map for investors and relocators up and down the country.  Will 2020 see steps taken forward in the regeneration of this lovely Victorian resort?   

Let’s discuss the Morecambe Property Market and how it performed in November.

Whilst Morecambe has historically shown seasonal tendencies in regard to the property market, this year has been a little different.  As we have headed out of the Summer season and into the winter, Morecambe has remained consistently strong with sales agreed in November 2019 up from November 2018.

Let’s discuss Morecambe and the local property market.

The buzz about what the future holds for Morecambe shows no signs of dying down. At the recent North Lancs Expo more detail was revealed on the content and interior of Eden Project North. Health and wellbeing will be the focus both for people and the environment. It is estimated the attraction will see annual visitor numbers of around 760,000.

Let’s discuss Morecambe and the local property market.

For years, Morecambe was always referred to in poorer terms by outsiders. Only a couple of years ago, The Telegraph listed it has no.7 in their list of the “crappest” towns to live. Earlier this year, the Which travel survey named it as the 3rd worse seaside town in the UK. Who remembers the bad press it received in 2003, when author Sam Jordison naming it as the 3rd worst place in the UK? It’s looking though like Morecambe and our Eric Morecambe statue will soon be having the last laugh.

I always love good news stories and positive attitudes, and right now Morecambe is full of them.  The July sunshine brought people to our town. The beaches were packed, the promenade was busy and the cafes were buzzing.

This is how Morecambe should be.

Things in Morecambe are definitely on the up.  The days of the insults, people it calling it downtrodden and also feeling like a poor relation to its neighbouring city appear to behind it.    Instead of talking about the good old days,  people are not just looking forward to the future, but also enjoying the present.

After the little blip in the Morecambe housing market in April, May has felt like a much more positive month. Property sales are not only back where they should be, they actually back up on the previous year.

Morecambe is going through a change. And it is changing for the better. Our beach has just been awarded a blue flag and even commercial agents are reporting that there new businesses looking to move into many of our towns empty shops.  There is a feel-good factor around the town and that is not just because the sun is starting to shine!

After a brilliant start to the year, April is the first month that the Morecambe housing market has shown a downward turn. As I looked at the monthly stats, I started to feel a little bit concerned.

As a company, our property sales in LA3 and LA4 were 17% up, but as a town has a whole, Morecambe sales are down by 20%. The amount of new properties which have come available for sale is up by 20%. This is a big swing with huge amounts of homes not selling. What is going on?

There’s a real buzz in and around Morecambe at the moment and it’s not showing any signs of letting up. It all began just before the bay gateway opened and the momentum is not just continuing - it’s growing.

Welcome to February’s housing market report for Morecambe. After the excitement of January, when the Morecambe Housing Market appeared to break the national trend, February all seemed a bit more subdued.

That’s not saying it wasn’t a great month. Sales might have been down on January ( don’t forget January was an exceptional month ) however year on year they were still up by 5.9%.

What is happening in Morecambe?  Seaside towns aren’t supposed to sell well in the winter!  People buy on the coast when the sun is shining and the sea is glistening, not when it’s grey, miserable and blowing gales.

Can you believe Morecambe has had it’s best selling month since April 2018?  It has outsold Lancaster considerably ( even in the price stakes ) and it is outperforming many other parts of the UK.  ( Just for your information - just 69 homes sold in LA1, 2 more than in January 2018 ). 

There’s no doubt about it. The Morecambe housing market is giving us mixed messages and it is happening across the UK. Last month in Morecambe we were breaking records ( if you recall other parts of the UK we reporting a downturn - Lancaster included ). This month, as a town, we are down compared to October 2017 by 17% but is it really doom and gloom? What is really happening?

Welcome to September’s local housing market update.  For the past 12 months we have been reporting what has been happening in Lancaster,  however, due to numerous requests, we have decided we should do the same for Morecambe.