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The Morecambe Property Market Update - July 2022

Posted on Monday, August 1, 2022

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!
The Morecambe Property Market Update - July 2022

Now, this report isn’t doom and gloom.  But it is a warning. prices are stabilising - they are not going up.  If you want to get sold this year, now is not the time to try and push for record-breaking prices.


Take a close look at the figures below.  The number of people searching for property for sale in Morecambe is slowly dropping - this shows in the average daily number of property views. They are more new properties coming to the market than are selling.  Price reductions have almost doubled in the past 12 months.  Almost half of the properties that went under offer were under £250,000.  Ultimately though, buyers once again are starting to have a choice as stock levels grow.

 

 

 

Property Prices

The average price in Morecambe for a property is now £156,778  This is a decrease of £1691in the last month, but still an annual increase of 2.4%  and a whopping increase of 26% over the past 5 years. The gap between average prices in Lancaster and Morecambe has closed further - it is now just £8456.  

 

 

 

Buyer demand

Buyer demand in Morecambe is slowing.  Month by month it has decreased. It is always expected in the Summer holidays as people focus on the annual holiday, however we have to note that it has almost halved since the beginning of the year.


JDG clients are still achieving higher views than the area average which is reflected in the sales results we are achieving for our clients.  On average our clients achieved 15% more than the Morecambe average.

 

 

Struggling Properties

In July, there was a choice of 537 different properties for sale in Morecambe. 105 of these found buyers. That is less than 20% of the market. Of the 537 homes available, 214 of these homes have been for sale for 12 weeks or longer. That equates to almost 40% of the market. There were 71 price reductions in total.  

For complete transparency, at JDG we only reduced 1 property price - it’s still one too many though! 

 

19 estate agents were involved with the 105 property sales in Morecambe. As we head into August buyers will find they have more choices as stock levels continue to grow. There are currently 409 homes for sale in Morecambe, spread across LA3 and LA4.

 

If you are thinking of moving, please think JDG. We still have buyers looking, especially in the price range up to £200,000. Modern townhouses and semi-detached homes are in great demand, as are bungalows. We also have people looking for an apartment with a view! Did you know - of the homes we have for sale in Morecambe 75% of them are already under offer - it all comes down to the marketing and correct pricing! 

 

You can email me at michelle@jdg.co.uk or call me on 01524 843322.  

 

Thanks for reading   

 

Michelle Gallagher 

 

Ps.  Did you know?  We are ranked as the No.1 Estate Agent in the UK by Rightmove and The Property Academy.   This is the highest award any estate agent in the UK one.  It is judges on 3 key elements - marketing, service and results.  The results is the important part for you.  On average we achieve 2% more for our clients then agents in our area.