The Morecambe Property Market Update - October 2021

When you look at how property prices have altered you can understand why.  In Lancaster,  house price growth over the past 5 years is just 6.7%.   In Morecambe, it has jumped by 23.1%.  Many people ask why such a huge jump?    People wanting to live near the coast has been a big factor,  however,  the Bay Gateway which opened 5 years ago has been a major contributor to this.    Morecambe became more accessible and commutable!

Take a look at the graph below, whilst the number of people listing for sale has fallen back from last year, it is still on par with 2020.  Sales have outstripped the number of new listings, however, this is a positive - some of the homes that have been for sale for some time, are starting to find buyers.  

Property prices remain strong and as equally important, so does buyer demand.  

Here are your figures for October 2021

Buyer demand

I always like to look closely at buyer demand.   Whilst it is almost double what it was last year, it has started to drop off in October   Last month it was measured at 120.1 average daily views.  In October it was just 98.8.   This could be due to various factors - the lack of choice won’t help but also now the world is opening up,  people will spend less time looking online as they start to enjoy life as they used to. 

Struggling Properties

This month in both Morecambe and also in Lancaster I wanted to focus on struggling properties.   Throughout the month of October, there has been a total of 398 homes for sale in Morecambe. 

As we enter into November there are just 260 homes for sale however 143 of these homes have been for sale for 12 weeks and longer.   184 of them have been for sale for 6 weeks and longer.  This is more than half the available of stock.    Even worse, 79 of them are with just one agent!

This is a serious concern.   Estate Agents are implying that all homes are selling quickly, however, this is not always true.  The figures don’t lie.   If your home is one of the struggling 143 homes,  we need to talk about how we can help you.   I’m also going to suggest if your home has been for sale for 6 weeks or longer,  you need to re-vamp your marketing and possibly reconsider your pricing strategy. 

Property Prices

The average price in Morecambe for a property is now £151,393.   This is an increase of £822  in the last month alone and 10.5% over the past 12 months and 25.7% over the past 5 years.   The gap between average prices in Lancaster and Morecambe is now is £12,507.   It is closing gradually month by month.

20 estate agents were involved with the 108 property sales in Morecambe.  We head into November with just 260 properties for sale on the Morecambe market.  This is the 3rd month the available choice in Morecambe has been under 300 homes.  

 If you are thinking of moving,  please think JDG.  We would love to help.  We have a  100% success rate in Morecambe - everything we are listing we are selling!   Not many agents can boast that. 

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

Ps.  Did you know that we have just been ranked in the Top 1% of agents in the UK by The Property Academy in conjunction with Rightmove?   This is based on 3 key things.  Marketing,  Service, and Results.   The result bit is important to you.  On average, we achieve 2% more of our clients than other Morecambe estate agents!   We put more money in your pocket!