The Morecambe Property Market Update | March 2024

Interest rates have held, and inflation is falling.  

There's still lots of talk around the Eden Project Morecambe happening and whilst there is no firm news on start dates,  the Eden Project bosses state they are on track to start work by the end of 2024.  They have also confirmed they have taken a retail unit at the Winter Gardens which should open shortly.   It’s a positive sign.   Many people wonder how this will affect local property prices - for it to have a real impact,  the local economy needs to benefit also.

House prices are dictated by supply and demand and currently, the supply of homes for sale in Morecambe is the highest it has been in 5 years.   It’s the sensibly priced homes that are selling…..

Here are your figures for March 2024. 

Property Prices

Buyers might have more choice than they have had in the last 5 years, however, the high supply of homes for sale in Morecambe hasn’t affected the average property price.  Prices have remained stable, with the average price now standing £168.013 which is £463 higher than it was last month.    Stable prices are good for everyone. 

Buyer demand

Buyer demand on the property portals has dropped slightly, however, we must remember that Easter is early this year which means many home buyers will have been focussing on the school holidays and getaway breaks.    It is marginally higher than it was averaging in 2023!

Struggling Properties

As we enter April there are currently 684 homes available for sale in the Morecambe market. Out of these, 413  (60.3%)  have been listed for sale for 12 weeks or longer.  198 with one agent.   

It is an improvement from last month, but mainly because several of these home sellers look to have switched agents,  recognising that they have an issue with their marketing.   For complete transparency, we have 3 of these properties for sale with JDG. 

In March, 16 different estate agents were involved with 105 property sales. Our team achieved great results with homes at Sugham Avenue, Draycombe Avenue and Marine Road Central all being sold.   We also said goodbye to several clients, including Mattock Crescent,  Osbourne Grove and Wenning Court.   These sales were completed and the team got to pass the keys across to the happy buyers. 

At JDG we know how to get you sold.   Your home needs to stand out and this includes superb photos,  great wording, expert marketing and a pricing strategy.    Don’t forget we were crowned the UK’s best estate agent in 2022 and 2023!   We get results. 

If you're looking to move, please don't hesitate to call us on 01524 843322 or email us at michelle@jdg.co.uk.

Thanks for reading

Michelle  x

Important notice for potential sellers 

We're proud to inform you that we've been ranked among the top 2% of all estate agents in the UK for the fourth consecutive year. Additionally, we've been declared the UK's Number 1 estate agent for both 2022 and 2023. 

This is the highest accolade any UK estate agent can receive, and it's based on marketing, service, and results and is judged against all other agents across the country.   

On average we achieve 2% more for our clients than other agents in our area, a key reason to_ choose us for a successful property sale!