The Morecambe Property Update - August 2022

 The question is why?   It’s easy to blame the Summer holidays however when you are selling in a seaside town,  the Summer is normally the peak time for the market.    Who doesn’t want to live by the coast when the sun is shining?  You can see that if you look back at the Summer of 2021.    The Morecambe Market is now starting to go back to how it was at pre-pandemic levels. 

Over the past 5 years, property prices have increased by 26.9 %.  The problem is, that wages haven’t increased in line and given the fact we are not a commuter town, it was only a matter of time before the market started to slow.

Whilst we are still all hoping to get good news on the Eden Project soon,  we all need to recognise that the cost of living crisis is starting to bite.   Even the Rightmove House Price Index released 2 weeks ago revealed in its monthly house price index that August saw a fall of more than 1% in property prices in the space of a month.      Thankfully in Morecambe sold prices are holding well,   it just that some of the advertised homes for sale are being a little optimistic.   

Now don’t get me wrong, well-priced and marketed homes are still selling well.   We have had full asking prices offers agreed on homes on Bryony Court and Harewood Avenue just this week.    However, if you want to get sold before Christmas,  sensible pricing is now key.     

Here are your figures for August 2022. 

Property Prices

The average price in Morecambe for a property is now £159,499   This is an increase of £2721in the last month, an annual increase of 4.8% and a whopping increase of 26.9% over the past 5 years.   The gap between average prices in Lancaster and Morecambe has closed further - it is now just £7,245.  

Buyer demand

Buyer demand in Morecambe is continuing to slow as people can’t keep up with price growth.  Month by month it has decreased.   Fewer buyers are looking, however, those that are, still tend to be keen.   

It is important now more than ever that your home gets the best marketing and most attentive service to make it stand out to those buyers looking, especially now there is more choice available to buyers

Struggling Properties

In August there was a choice of 578 different properties for sale in Morecambe.  104 of these found buyers.    That is less than 18% of the market.    

Of the 578 homes available,  241 of these homes have been for sale for 12 weeks or longer.    That equates to 41.6% of the market.    There were 72 price reductions in total.   

For complete transparency, at JDG we only reduced 1 property price - it’s still one too many though! 

22 estate agents were involved with the 104 property sales in Morecambe.  

As we head into September buyers will find they have more choices as stock levels continue to grow.    There are now 440 homes for sale in Morecambe, spread across LA3 and LA4.

We had some great successes.   Bryony Court and Harewood Avenue were both snapped up in days and both sold for their full asking price.   St Margaret Road found its happy buyer.   We said goodbye to Hampsfell Drive, Empress Court, Ridge Grove and Westgate Park Road, as the new buyers came to collect their keys to their new homes.

We now need more homes for sale.  We have the buyers.   Can you help us,  help them?   You can email me at michelle@jdg.co.uk or call me on 01524 843322.   

Thanks for reading 

Michelle Gallagher 

Ps.  JDG Estate Agents are officially ranked by as the No.1 performing estate agent in the UK.  This was independently judged over a 9-month period.  The award is based on marketing,  service and results.  Please see the home page of our website for more details