The Morecambe Property Market | August 2024

Interestingly, we’ve also observed a significant rise in the number of new properties coming onto the market, up by 10% from last year.  This is a positive sign of confidence from homeowners, signalling that many believe now is the right time to sell. However, while choice is generally a good thing for buyers, I do have some concerns that we must address.

Currently, the number of homes available for sale has reached 886, marking a 5-year high. While this increased supply offers more options for prospective buyers, it also signals that competition among sellers is intensifying. The implications are clear—pricing your property correctly and presenting it in the best possible light is more important than ever.

Here are your figures for August 2024. 

Property Prices

The average price paid for a property in Morecambe has dipped. Last month we reported the average price paid was £168,173.  This month it is £164,824.

What is very important though is that the price achieved per sqft has remained steady at £192 per sqft.    This is important as it indicates that real prices haven’t dropped,  it’s more that the lower end of the market is selling which is reflected in the chat above. 

Buyer demand

Buyer demand on Rightmove has remained steady, matching both last month and August this year. For Morecambe home sellers, this means the market is consistent, even as we enter a typically quieter season. It’s common for buyer demand to dip slightly this time of year as many people are away on holiday, but the continued interest is a positive sign for those looking to sell.

Struggling Properties

As we move into September, there are currently 886 homes for sale in the Morecambe market, offering buyers plenty of choice. However, it’s concerning that 550 of these properties (62%) have been listed for 12 weeks or more. While the UK average time to find a buyer has decreased to 59 days, it currently takes an average of 102 days in Morecambe, with an additional 111 days to complete a sale. This highlights the critical importance of sensible pricing.  These homes should also consider refreshing their marketing to reflect the changing seasons. 

In August, 18 estate agents facilitated the sale of 88 properties in the area. At JDG, we’re proud of our strong performance, securing sales for homes on Oak Drive, Branksome Road, and Low Lane, and saying a fond farewell to Draycombe Drive and Kingfisher Drive, among others.

At JDG, we know how to get your home sold. Your property needs to stand out with superb photos, compelling descriptions, expert marketing, and a strategic pricing plan. Remember, we were named the UK’s best estate agent in 2022 and 2023—we deliver results.

If you're looking to move, please call us at 01524 843322 or email us at michelle@jdg.co.uk.

Thanks for reading.

Michelle

Ps. We're proud to inform you that we've been ranked among the top 2% of all estate agents in the UK for the fourth consecutive year. Additionally, we've been declared the UK's Number 1 estate agent for both 2022 and 2023. 

This is the highest accolade any UK estate agent can receive, and it's based on marketing, service, and results and is judged against all other agents across the country.   

On average we achieve 2% more for our clients than other agents in our area, a key reason to_ choose us for a successful property sale!