The Morecambe Property Market Update - January 2022

January has started off very well with sales levels on par with 2021.   The level of new instructions jumped by 21%.  This is very similar to what we have seen in Lancaster, showing signs that the property market is starting to stabilize as more people look to get moved.    Covid restrictions have eased and with a new year and signs of normality returning,  people’s behavior patterns are also returning to normal.

We can’t though let this month's report pass though without the really positive news that planning permission for the Eden Project North has been passed and also that Morecambe's beaches have retained their blue flag standard.      

We’ve already had people ask what this means for Morecambe’s property prices.   Currently, the status quo remains the same.   It’s when the funding for the project is finally approved, that real change is expected to happen in Morecambe.    It’s going to be an interesting time as all the eyeballs are on Morecambe!   

Here are your figures for January 2022

Property Prices

The average price of a home in Morecambe now stands at £156,221.  This is an increase of £1,272.  In the last 12 months, the average property price has increased by 11.4%.  In the past 5 years, they have increased by 30.3%.  The biggest increase over the past 12 months has been in the apartment market which has seen price increases of 18.3% on average.

Buyer demand

Buyer demand is considerably higher with average property now getting viewed 129 times a day a Rightmove. This shows that people are looking closely at Morecambe and judging by the level of viewings we are booking, they are looking with intent.

Struggling Properties

As we head into February there are just 306 homes for sale in Morecambe, however, did you know that 179 of these homes have been for sale for 12 weeks and longer. 48% of them are with one estate agent. The number of properties struggling to sell equates over half of all the properties currently listed for sale. Is your home one of them? Overvaluing and optimistic prices continue to be an issue, please ask your estate agent if they can justify the price they recommend for your home.

At JDG, we have a shortage of semi-detached homes and an ever-growing demand for bungalows. We also desperately need 2-bed starter homes for first-time buyers. A recent sale in Westgate had over 20 viewings booked in and received numerous offers.

At JDG,  we are to help. We have a desperate shortage of properties for sale in Morecambe. Over 90% of our Morecambe homes are now sold SSTC. Our role is to get you the best possible price. Our marketing works.

If we can help you move, please call us on 01524 843322 or email me at michelle@jdg.co.uk

Thanks for reading

Michelle

Ps.  Did you know?  We have just been ranked as the Best Estate Agent in the UK by Rightmove and The Property Academy.   This is the highest award for any estate agent in the UK.  It is judged on 3 key elements - marketing, service, and results.  The results are the important part for you.  On average we achieve 2% more for our clients than other agents in our area.