Your 2020 Property Round up for the Morecambe Housing Market

Fact 1

In 2020, 826 properties sold across LA3 and LA4

In 2019, 1081 sold across the region

Fact 2

At the end of 2020, the average property price is £137,418

At the end of 2019, the average property price was £134,336

We began the year with a Brexit decision and high hopes.  Morecambe was buzzing,  plans for the Eden Project were really taking off and the town had a planned future ahead of it. January sales were slightly down year on but by the end of February, back on track.   March was set off really well until the UK got locked down that is.   

I’ve put below a table so you can see how the year progressed.

What was interesting during the lockdown and the beautiful weather we had, was how people re-connected with Morecambe, starting to really appreciate what is on your own doorstep with a beautiful promenade, sea views and parks. Many talked about the brilliant community and really started to see Morecambe through new eyes.

What happened in the Morecambe Housing Market - your key dates and headlines

March - the housing market closed. Predictions in the news were that the housing market would nosedive.

May - The housing market was one of the first industries allowed to re-open. We were given no notice. Most agents re-opened on May 17th behind closed doors. Some would wait until June.

June - Rightmove reported that the demands for homes with gardens rose by 42%

July - Rishi Sunak announced the stamp duty holiday

August - December - Sales in Morecambe increased by 21% helping to catch up on the previous months. It is thought this was fuelled by the stamp duty holiday.

Where were the most expensive property sales?

The 3 most expensive homes to go under offer in Morecambe was a 5 bed detached period home on Heysham Road, marketed at £650,000. Next was an apartment at the new Broadway development at £450,000, followed by a 4 bed detached home in Bare at Mount Avenue which was reduced to £420,000 by the selling agent.

In total there were just 39 property sales above £300,000 and only one above £500,000.

Where the cheapest property sales?

The cheapest properties to sell were a selection of flats on Euston Road that were marketed at just £18,000. There were tenanted and sold at auction. Next was a 1-bed park home on Westcliffe which was advertised at just £22,000.

The cheapest house was on Clarence Street Morecambe. This 7 bed home needed full refurbishment.  It was advertised at £55,000 and sold at auction.

What happened to houses prices in the area?

Buyer demand certainly pushed up property prices in Morecambe. The increase in property price however was modest at 2.6% when you look at the land registry figures.

What was the most popular property type?  

In Morecambe, the most popular property type to sell was the semi-detached home with 256 sales.   3-bed homes are still the most popular.  In 2020, 336 homes with 3 bedrooms sold. 280 homes with 2 bedrooms sold and 157 homes had 4 bedrooms (or more!).  Only 38 properties with 1 bed sold as buyer’s need shift to having a more flexible layout fuelled by the need of a home office for many.

 
In 2020 there were 1187 new instructions across Morecambe (LA3 and LA4).   In total 826 homes went under. This equates to 69%.   In the year 421 properties reduced their asking price.  
 
The outlook for 2021 is looking positive. Rightmove have predicted a 4% increase in property prices, Zoopla and Knight Frank 1% increase. The Brexit deal is done and the government have reported a record number of trade deals. Vaccinating has started with Covid.

We have to be aware though of the Tier restrictions and also that it is possible there could be more lockdown restrictions. What we have learned though is that home is very important to people. The way we are now live has changed considerably since the pandemic started with a bigger focus on an extra space both in terms of a garden and a work from home room!

If you want to know what the new Tier Rules are and why the government is stressing that that virtual valuations and video marketing is essential - please click on this link below.

https://www.jdg.co.uk/blog/property-selling-tips/what-do-tier-4-restrictions-mean-for-the-lancaster-and-morecambe-housing-market.html#.X_H8pi2l1QI

If you are thinking of moving in 2021, please get in touch. My name is Michelle Gallagher. At JDG we are here to help you get the price for your home! We sell properties across Morecambe, Lancaster, Hest Bank, Bolton-Le-sands and the Lune Valley. Call us on 01524 843322 or email me at michelle@jdg.co.uk

Ps. May we thank everyone who trusted us with their property sale and all the buyers who chose to buy through us. Your home is your biggest asset and we know that.