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The Morecambe Property Market Report - January 2020

Posted on Monday, February 3, 2020

Welcome to the first Morecambe Property Report of 2020. Taking a short moment to review 2019, there were mixed reactions and activity in the property market. I reported signs of hesitancy in the last quarter from both potential vendors and buyers, largely due to political instability. However, on a positive note, there was also increased interest in the area and enquiries from “early investors” up and down the country, due to the area being highlighted thanks to the potential of the Eden project.
The Morecambe Property Market Report - January 2020

So with a general election under our belt and like it or not, the Brexit decision made, the foundations were laid for a solid start to 2020. As the figures below show, we’re not quite back at the activity levels of Jan 2019, however with average daily views on Rightmove up by 27% in Jan 2020 compared to 12 months earlier, buyers are definitely showing strong signs of activity.

Here are your figures for January 2020

 

 

In January 2020 compared to 12 months prior, new instructions were down by 27%. The available stock was down 16% and sales agreed were down by 28%. There were 29% fewer price reductions than 12 months earlier. Whilst these indicators are down year on year, it will take a little time to recover from the reduced activity in the latter part of 2019 and with new year activity up so significantly on Rightmove, the signs are there for a strong first quarter.


What sold and where?


In January 2020 across the LA3 and LA4 postcodes 74 properties sold. 36 of these sales were in the LA3 postcode area with 38 sales across in LA4.
The most expensive property to sell was a 5 bedroom seafront terraced property located on Marine Road East on the market at £350,000 and at the opposite end of the scale a 3 bedroom apartment sold on West End Road, Morecambe, on the market at £25,000 (as part of a shared ownership scheme).

 

January breakdown

 

 

The average price paid in LA3 stood at £155,238  and in LA4 it stood at £162,108. These figures are taken from the sales registered at the Land Registry over the past 3 months. 

Semi-detached houses took the lead in the most popular property type to sell in January. Talking of popular semi-detached properties, Eardley Road didn’t hang around for long, this home was only on the market for a week before going under offer!

So with the first month of January under our belt, 2020 is looking bright for the Morecambe Property Market. With the promise of Eden on the horizon, it feels like the tide is turning!

If you are thinking of selling please get in touch. At JDG we are here to help you get moved. Call us on 01524 843322 or email me at jody@jdg.co.uk