The Morecambe Property Market Update | November 2024

Key takeaways 

• November Sales in Morecambe were 20% up year on year
• However, buyer choice is at a 5-year high, with the number of homes for sale in November surpassing 900
• 109 Morecambe Homeowners chose to list their home for sale, an increase of xx% on last year
• The number of price reductions remains high.  On average, 10% of all the homes for sale in Morecambe were reduced in November. 
• Properties available for sale for more than 12 weeks is still high. It is still over 50%.
• The number of buyers looking is on par with last year

Sales are up by a whopping 20%. More new homes have come to the market, and while the number of buyers looking on websites like Rightmove has remained steady, those who are looking are looking intently.

Many are questioning if the latest Eden Project News in last month's budget has given the Morecambe Housing Market the boost it needed or if is it just down to increased buyer confidence.   We say it’s a bit of both. Mortgage rates are more attractive than they were 12 months ago and savvy buyers will be keen to avoid having to pay high stamp duty charges when that comes into effect next April, hence they are buying now. 

It is fair to say that the Morecambe housing market has returned to growth in 2024, with more sales and higher house prices compared to 2023. The sales market has performed better than we expected a year ago, thanks to faster growth in household incomes and lower mortgage rates. 

Here are your figures for November 2024. 

Property Prices

Over the past year, the average property price in Morecambe has risen by £4,596 to £168,786. However, this increase is largely driven by the sale of higher-priced apartments, which skews the overall picture. Some property types have actually dipped in price over the past 12 months.  

The average price per square foot is now £191, the same as in early summer, indicating a stabilised market. Below, I’ve broken down the trends by property type for a clearer view.

Buyer demand

Despite the fact sales are considerably up on both last month and last year,  the number of people looking on Rightmove dropped in November, to it’s lowest point all year.  This indicates that those people looking in the Autumn months are more serious buyers.

As we enter December, buyers in Morecambe still have plenty of options, with 715 homes currently on the market. However, 437 of these have been listed for over 12 weeks—nearly half with just one agent—which highlights challenges for many sellers.

Last month, homes took an average of 102 days to sell, compared to 84 days in November 2022. Coupled with the average conveyancing time of 113 days, sellers should plan for up to six months to move from listing to completion.

Despite the challenges, November saw successes. In total, 16 agents sold 86 homes in the area. At JDG, we agreed sales on properties such as Redwood Drive, Branksome Road, and Lodge Grove, while celebrating completions on Walker Grove, Central Drive, and Kingsway.

At JDG, we excel at helping your property stand out with stunning photography, engaging descriptions, expert marketing, and a smart pricing strategy.  We know how to get results. 

If you’re planning to move, get in touch at 01524 843322 or email michelle@jdg.co.uk. We’re here to help.

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 fifth consecutive year.

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!