Lancaster & Morecambe 01524 843322
Posted on Tuesday, May 4, 2021
Morecambe has also hit the news in a positive light. We’ve been one of the highest searches towns on Rightmove and now we have lots of filming happening. People are visiting us and seeing what we truly offer through new eyes.
The demand for homes across Morecambe is greater than it has ever been. Here at JDG, we are seeing multiple offers on various properties. When demand is high and supply is low, property prices get pushed up. Prices have increased by almost 20% in the last 5 years. In the last 12 months, the increase is 6%.
Here are your figures for April 2020
It is unfair to compare this year to last year due to the lockdown, so let's look further back.
In April 2019 - 83 homes sold
In April 2018 - 103 homes sold
If we compare to 2019, sales are up by 82% in Morecambe!
The average daily number of views on Rightmove this year was 108 per property. In 2019 this was 37.8. This figure has almost trebled! Demand is up. Supply is down and that is what is pushing property values up.
We are seeing big demand from all buyer types. Investors are still snapping up properties as Morecambe is still seen as an excellent investment given the rents that can be achieved against the outlay of purchase.
But what is also great to see is the high number of local buyers. First-time buyers are back due to the availability of 95% mortgages and families are upsizing from smaller starter homes or coming out of rented accommodation, hence the demand on 3-bed semi-detached homes
Something to note is that only 9.9% of all property sales were above £250,000. The most expensive property sale was a detached home on Broadway at £389,950. We have noted the same in the Lancaster market that the higher end market is showing signs of slowing. Could this be due to the higher end stamp duty coming to an end in June?
Property prices are increasing. The average semi-detached home now is £160,476. The average detached home is now £251,841 and the average terrace home is now £113,056. Over the past 12 months, property prices are have increased by an average of 6%. The biggest growth area is detached homes which have jumped by an average of 15.7%.
19 agents were involved with the 151 property sales in April. At JDG we found many of our properties were snapped quickly. Brendjean Road, Homfray Avenue, Heysham Hall Grove and Willow Grove were just some of the homes to sell in days. Many homes had multiple competing offers resulting in offers at the asking price and above. We really do need more homes to sell!
In April we registered another 281 people looking to buy locally. This takes us to over 1000 active buyers looking to be in our area. We know who these buyers are and what they are looking for.
Are you thinking of moving? Think JDG. We would love to help. Call us on 01524 843322
Thanks for reading
Michelle
Ps. Have you seen our new interactive brochures? At JDG we really do more for our clients. We are on a mission to ensure sellers and buyers are better informed! Please take a look - we love them.
