Lancaster & Morecambe 01524 843322
Posted on Wednesday, February 1, 2023
It’s 12 months since the planning permission for the Eden Project North was announced and so much has happened since then. Receiving the much-needed levelling-up funding is the boost that Morecambe needs. Morecambe’s future is now set to change. It will be a while before we see a real impact on the local economy and local house prices, however, we will be keeping a watchful eye on this. In the first instance, the buy-to-let market is certainly set to grow, the workforce brought in to build the project will need somewhere to live!
The Morecambe housing market has enjoyed considerable equity growth over the past 5 years, with property prices having increased by a whopping 30.8%. In the last 12 months, it has increased by 10.2% alone. Whilst the market is now changing across the UK and Morecambe is no exception, the growth we have had is certainly greater than the slight dip we are now experiencing!
January has started off very well for the Morecambe property market. The number of new sales agreed is only down by 10% compared to 2022. The big difference to note is we now have fewer buyers looking on the property portals (it has dropped by 50%) and the price reductions are more than double what they were last year. We will touch on this further down….
Here are your figures for January 2022.
The average price in Morecambe for a property is now £163,461. Despite it being known knowledge that property prices are now dipping, the average property price in Morecambe has actually gone up by £485. Prices in Morecambe have increased by 10.74% on average in the last 12 months.
We must remind you though that this price figure is based on property completions. These are homes which would have had sales agreed upon prior to September 2022 when the mortgage market changed. Despite the great news surrounding the Eden Project, the Morecambe Property market is calming.
We must also note the high number of price reductions. There were more reductions than sales in January!
Buyer demand is a key indicator of what is happening and what will happen in the housing market. It is something we keep a very close eye on. The good news is that whilst it is 50% down on January 2022, it started to improve at the end of last year and is back on par with the levels we saw in September 2022.
We must also remember that the market is just returning to pre-pandemic levels. This figure is actually quite normal for Morecambe.
In November, the choice of homes for sale grew to 635. Just 72 of these found buyers. This was just 11.3% of the market.
Of the 635 homes available, 393 of these homes have been for sale for 12 weeks or longer. That equates to 61.8% of the market. There were 84 price reductions in total, the month before there were 54. For complete transparency, at JDG we reduced 3 properties in price.
In total 15 different estate agents, we involved with 75 property sales in January.
The future for Morecambe is bright and the expectation is that there will be renewed interest in Morecambe. Property prices growth or drop ultimately comes down to supply and demand. If the demand goes up and the supply comes down, prices will rise. For now, Morecambe property prices are holding quite stable. This is good. It is what creates a healthier market for everyone.
If you are thinking of selling please get in touch. We will give you an honest opinion as to what your home is really worth backed up with full market research. At JDG we are here to help you get moved. Call us on 01524 843322 or email me at michelle@jdg.co.uk
Thanks for reading
Michelle
Ps. If you are thinking of selling, this is quite important. For the 2nd year in a row, we have been ranked as the No.1 Estate Agent in the UK The Property Academy. You do not pay to enter, every single estate agent in the UK is automatically entered. There are 15,000 different companies entered.
This is the highest award any estate agent in the UK can win. It is judged on 3 key elements - marketing, service and results. The results are the important part for you. On average we achieve you 2% more for our clients than other agents in our area.
