I’ve asked before, is the Morecambe Housing Market returning to a more “normal” housing market? I think it’s safe to say, yes it is.
Looking at this month's figures, it is easy to think the market has acted very similar to how it was 2 years ago. The number of new instructions and the number of sales agreed are very similar. However, look closer and you’ll see the choice of homes available for sale is at a 5-year high. Buyers now have 60% more homes to choose from than they did in 2022 and over double the choice available in 2021.
The good news is that despite the Bank of England holding the interest rate at 5.25% in September, mortgage companies have started to bring mortgage rates down and in the main, the price that homes are selling for remains stable.
The issue Morecambe has is over-valuing. To give you an example, 562 homes have been for sale for 12 weeks or longer. This month alone, 136 homes have had to reduce their asking prices. I’m keeping a tab and that is now 721 homes that have reduced their price this year. More homes have reduced their asking price than have sold.
I’ll ask you - why do you think this?
Here are your figures for September 2024.
Property Prices
Over the last 12 months, the average price paid for a property in Morecambe stands at £164,911. 12 months ago it was £164,802, which continues to show that property prices have remained stable.  
The price paid per sqft remains steady at £191 per sqft. What’s interesting to see is how this changes by property type.
Buyer demand
As we head into Autumn, we're noticing a slight but encouraging rise in buyer demand for properties across Morecambe. According to the latest data from the property portals, the average number of views per listing has edged up from 44 to 47 per month. While the increase is marginal, it’s a positive indicator that the market remains active and potential buyers are showing a growing interest as we move into the new season.
Struggling Properties
As we move into September, there are currently 914 homes for sale in the Morecambe market, offering buyers plenty of choice. However, it’s concerning that 564 of these properties (62%) have been listed for 12 weeks or more.
While the UK average time to find a buyer is 60 days, it currently takes an average of 103 days in Morecambe, with an additional 113 days to complete a sale. This highlights the importance of sensible pricing as generally, homes which have to reduce their price tend to take on average 73 longer to sell than those that don’t !
In September, 18 estate agents facilitated the sale of 106 properties across Morecambe. We agreed sales on Branksome Drive, Aire Close, St Albans Road, Leycester Street and Rikniyld Way to name a few.
At JDG, we know how to get your home sold. Your property needs to stand out with superb photos, compelling descriptions, expert marketing, and a strategic pricing plan. Remember, we were named the UK’s best estate agent in 2022 and 2023—we deliver results.
If you're looking to move, please call us at 01524 843322 or email us at michelle@jdg.co.uk.
Thanks for reading.
Michelle
