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The Morecambe Property Market Update - June 2022

Posted on Monday, July 4, 2022

There is something pivotal about June.  The end of the month marks the halfway part of the year and Summer officially begins. Seaside resorts like Morecambe tends to always perform better in the Summer months, as people choose to head to the coast for days out, weekends away and fall in love with the lifestyle coastal living offers. For the last two years though Morecambe hasn’t been seasonal.  Homes have been snapped, faster than ever before but now with the cost of living crisis deepening,  energy bills and fuel costs rising,  the housing market is starting to show early signs of slowing.
The Morecambe Property Market Update - June 2022

Demand though is still healthy,  and sensibly priced homes are still selling well.   It has to be noted that over half the Morecambe market is struggling to sell, as buyers identify those homes which are fairly priced for today's market conditions v those with ambitious asking prices.  

Investors still have a watchful eye as to what is happening in Morecambe with the Eden Project as the rest of the town waits with bated breath…….

 

Here are your figures for June 2022. 

 

Property Prices

The average price in Morecambe for a property is now £158,469.   This is an increase of £644  in the last month, an annual increase of 5.2% over the past 12 months and a whopping increase of 28% over the past 5 years.   The gap between average prices in Lancaster and Morecambe is now £9,337. 

 

 

 

Buyer demand

Buyer demand in Morecambe is still high, averaging 97 views per day.  It needs to be recognised, that the views on Rightmove are slowly decreasing and this is something we need to be mindful of as the year continues and the cost of living crisis deepens.  

 JDG clients are still achieving higher views than the area average which is reflected in the sales results we are achieving for our clients.   Our marketing and photography stand out.

 

 

Struggling Properties

In the LA postcodes,  the average property takes 34 days to sell.     As we head into July, there are currently 345 homes for sale in Morecambe.  191 of these have been for sale for 12 weeks or longer.    90 of these have been for sale for 6 months or longer.     It is also alarming that there have been 51 price reductions in June and 205 reductions so far this year.  To be transparent, in the entire year to date,  only 4 of these reductions have been with our company.  

If your home is struggling to sell, please talk to us.  We have helped several other clients that have switched to us and followed our advice.

 

 

 

20 estate agents were involved with the 90 property sales in Morecambe

We head into July with 345 properties for sale on the Morecambe market.   Stock levels continue to increase giving buyers more choices.

We are truly honoured that so many people choose and trust us with their property sales across the region.   In June we achieved on average 99.7% of our asking price.   The area average is 95.2%.    As a company, we sold 32 homes across the region.  

Are you thinking of moving?   Please think JDG.   We would love to help.  We have buyers looking in the Morecambe area.  To give you an example we currently we have over 70 people looking for a semi-detached home in Morecambe.   We also have lots of investors looking for homes up to £150,000.   Can you help? 

Our proven results and client reviews really do make us the best sellers for you in Morecambe and Lancaster. 

Call us on 01524 843322 or email me at michelle@jdg.co.uk

  

Thanks for reading

  

Michelle 

 

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 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 agents in our area.