This reflects the resilience and stability of our local market, which didn’t see the same sharp declines in 2023 experienced elsewhere.  

Predicted price drops of 1% across the UK had little effect on our area, with local prices remaining stable. Lancaster saw an increase in properties coming to market, while listings in Morecambe declined. Despite a cautious start to the year, sales activity picked up as the months progressed, ending with a solid 4% growth year-on-year.  

The 2024 market has been price-sensitive and largely steady, but saleability rates—indicating buyer demand—are an important factor to watch. At JDG, we focus on understanding the market at a local level, giving you clearer insights into what’s really happening.  

Here’s a deeper look at the facts and trends that shaped the Lancaster and Morecambe property market in 2024 and a look towards expectations in 2025.

2024’s key points in a glance. 

Market Activity

• 1229 homes were listed on the Lancaster market in 2024,  a 9% increase year on year.
• Morecambe saw 1553 homes listed for sale, a decrease of 3.5%.
• Buyer demand remains higher in Lancaster than in Morecambe.  The market is now more balanced with a 64% saleability rate (success rate) in Lancaster and a 56% saleability rate in Morecambe.    

House prices 

• House prices grew in both Lancaster and Morecambe
• House prices increased on average by a modest 1.4% in Lancaster
• In Morecambe, they grew by 2.8%, fuelled by a jump in apartment prices.
• The highest house price recorded in Lancaster was £1,100,000 in March 2024
• The highest apartment price in Lancaster was £410,000, recorded in August 2024
• The highest house price in Morecambe was £1,500,000 recorded in March 2024
• The highest apartment price in Morecambe was £290,000 recorded in August 2024

Favourable Economic Conditions

Despite the continuing cost of living crisis,  a general election and some may argue the distraction of the Euros and The Olympics, the economic conditions were more favourable.   This gave the housing market an increase in confidence

• The Bank of England's decision to reduce interest rates later in the year fuelled the mortgage market.
• Inflation dropped to just 2.6%
• Economic growth improved marginally
• Wages grew on average by 4.3%

Looking forward to 2025, house price growth is expected to be similar to 2024.  Some economists predict 2%, while others are at 4%.  All expect a growth.  The financial markets are still predicting further cuts to the base rate, hoping to see it reduce from 4.75% to 4% by the end of the year.

What we do know is that despite predictions, the Lancaster and Morecambe Housing Market remains price-sensitive.  Sellers want to sell.  Buyers want to buy.  However, there is a choice out there.   If we include all postcodes LA1 - LA5,  there are 1516 homes to be exact,   Remember what we always say -  Sensible Pricing is Key!

Thanks for reading and if you have any property needs, sales or lettings, please get in touch.  At JDG we are always here to help!

Happy New Year

Michelle, John, Boots and all at JDG  x x x

Ps. If you're interested in keeping up with what's selling in 2024, check out our Facebook page. We believe in transparency, so we post sales updates as they happen.

PPS.  We research the market heavily and share our market insights with our clients and online.  We are well-known as the home of property data for Lancaster and Morecambe, with thousands of people across the area reading out monthly updates. If would like this report emailed to you,  please just let us know!