The Morecambe Property Market Update - November 2020

Property demand is up.  Year on year demand has increased by 20% as people look to move to the coast, many seeing the benefits of open space and fresh sea air.  

Locals moving within the area are still telling us how much they love Morecambe and how grateful they are to have the bay on their doorstep.   Many of these people are upsizing, the biggest growth area being in homes priced above £250,000.   This price sector has seen a +250% increase in demand.  

The biggest issue all agents are now seeing is in the first time buyer market.  This is across the UK. First-time buyers are struggling to get on the property ladder due to the higher deposits requested by many of the banks, plus if they have been furloughed - several banks are shying away from lending.   For those in the hospitality sector, this has become a real problem. 

It is also worth noting that the stamp duty holiday deadline will soon be looming.   It’s going to make for an interesting December which historically is normally a quieter month.

Here are your figures for November...

Whereas the Lancaster Housing Market slowed in the early part of November,  the Morecambe Housing Market flourished.   In the first week, alone 27 new sales were agreed. 

What is interesting to note is that the number of people looking on Rightmove jumped by over 50% year on year.  Buyers are still looking as they realise more and more what they want and also need from their homes.

17 Estate Agents were involved with the 110 property sales agreed in November. 

At JDG we now have a big property shortage in  Morecambe, Heysham, Bare and Torrisholme.  We have a huge demand for 3-bed semi-detached homes,  true bungalows in Bare and Westgate and also terrace homes which are ready to move into.

If you are thinking of moving,  please get in touch.  At JDG we are here to help and achieve you the best possible price for your home.   Call us on 01524 843322 or email me at michelle@jdg.co.uk 

Notes 1

Eden still wants to come.  The issue is funding.  Should they secure it,  Eden will be one of the most significant and long-lasting investments in North Lancashire since the canal system of the 18th century.  It is an all-encompassing project that will tie many facets of the community together. It is much more than a tourist attraction as it will be the bridge between the scientific, educational, business, tourism, environmental, and third-sector communities.  (Souce - Beyond Radio)