The Morecambe Property Market Update - June 2021

Rightmove ( the UK’s biggest property portal ) analyse their data and report back what pople are searching for. They are reporting the same that we are hearing.  Staying at home more has affected where people want to live, where they are moving to, and the type of homes they are now searching for. The desire for a garden is still a priority.  The need for more space has grown as people require a home office.  But did you know that coastal area’s now top Rightmove searches as the place people want to live?  This months sales figures are very reflective of this.

Here are your figures for June 2021

Property Sales

The £500,000 stamp duty holiday that finished in June doesn’t really affect Morecambe. Compared to many other parts of the UK our property prices are still relatively low. 135 properties sold (SSTC) in June and 86% of these are below £250,000.

There were just 2 sales above £400,000 in June in Morecambe. One was a luxurious apartment at the new Broadway development, the other a bungalow in Heysham with perfect sea views which was sold by ourselves.

Who’s buying properties?

There is a real mix of people buying properties in Morecambe currently and one thing which has surprised us all is the number of cash buyers.

First-time buyers are back - 95% mortgages have certainly helped this and as one Morecambe first time buyer told us last week, they need to find their own place as lockdown living with their parents has been rather intense!

As you can see above, family-sized homes ( semi-detached and detached ) have accounted for 42% of all the property sales. These people tend to need more space, gardens have certainly been a priority for this buyer group.

Property Prices in general

Property prices are in Morecambe are still increasing, although maybe by not quite as much as some people think. Our figures are taken from the land registry which shows that the average property in Morecambe is now worth £146,973. This is an increase of 8.1% over a 12 month period.

The average semi-detached home is now worth £160,489 and the average detached home is now worth £256,311.

20 agents were involved with the 135 property sales in June.

At JDG we found many of our properties were snapped quickly. Twemlow Parade was in high demand. Enquiries came in flooding in from both our social media posts even before it appeared on Rightmove. It sold considerably over the asking price.

Willacy Parade and Albert Road both sold in days and Main Street in Overton had 2 interested parties. We had asking prices offers and several homes sold considerably over the asking price due to the amount of interest we had.

In June we registered another 300 people looking to buy locally. In the first 3 days of July, we have also registered another 26 buyers.  This takes us to over 1700 active buyers looking to be in our area. We know who these buyers are and what they are looking for.

Are you thinking of moving? Think JDG. We would love to help. Call us on 01524 843322

Thanks for reading

Michelle

Ps. At JDG we like to do things differently. Have you seen our new property brochures? Please take a look. We like to make sure buyers are better informed!  Click here to see