The question on every Lancaster and Morecambe homeowner’s lips at the moment is – will property prices continue to rise in 2022? Is the housing market sustainable?
Over the course of the past 12 months, property prices in Lancaster have increased on average by 10.8%. In Morecambe, it is by 9.5% but did you know when you look at the UK as a whole, house price growth is less? The latest data from HM Treasury is that by the end of the year it is predicted house price growth will hover around 5.8%.
As we head towards 2022, people are asking what will happen with property prices? Predictions are that on average prices will continue to increase, however, the house price growth will be lower at an expected 3.9%.
Excluding the South, Lancaster always performs well with house price growth, mainly thanks to the fact we are a rather unique city boasting two highly regarded universities and a training hospital. Morecambe, which has always been considered a poor relation, is now experiencing very similar house price growth. The bay gateway has certainly made an impact with price growth in the area, and since the pandemic, the fact we are a coastal resort has only added to its popularity as people discover its hidden secrets and natural beauty.
Moving into 2022, we predict price growth locally in Lancaster and Morecambe will outstrip the national predictions, especially if we get the official go-ahead on the highly anticipated Eden Project.
Ultimately though, annual price growth has moderated since the double-digit figures evident in May and June, however, the search for space continues to drive demand. Working from home, at least part-time, is a lasting legacy for many of COVID-19.
If you would like to chat about property prices in Lancaster and Morecambe, please get in touch. My name is Michelle Gallagher. I’d love to help. My email is michelle@jdg.co.uk or you can call me on 01524 843322
Thanks for reading
Michelle