13 Jun Liverpool Property Market
LIVERPOOL PROPERTY MARKET
The Liverpool property market saw a surge sales during March as all buy to let investors were trying to beat the April deadline for the stamp duty rise that George Osborne has imposed on buy to let properties. Since the stampede for investment properties in March, Apil and may has seen a slump in the sell house fast Liverpool market especially in the investment sector.
Then we have the issue of Brexit which if we do vote out will effect the Liverpool property market although it will have an effect in the short term, it won’t be the ned of the world as we know it the market will pick up and property prices will recover it’s just the uncertainty of a time frame.
Liverpool property market has seen slow and steady growth year on year with property prices rising 4.7% albeit the month on month growth of 2014-2015 is a distant memory of the good old days.
The increase of properties for sale which have come on the market. For example in L1 during December, there were 220 properties on Rightmove 35 of which were new listings. In January to March 192 properties came on the market, that’s an average of 64 per month. So a total of 271 properties were available for potential homeowners and landlords alike, these figures reflect nearby postcodes throughout the sell house fast Liverpool area.
This data shows that if you think the Liverpool property market has recovered, think again it’s a long way off. According to the land registry, the average house price in England and Wales is £177,766 compared to the average house in Liverpool being only £105,780 this figure is still 20% down from 2007.
Even the more upmarket parts of Liverpool are struggling to recover, Sefton one of Liverpool’s more upmarket boroughs with house prices averaging around £120,000 and vendors struggling to sell house fast Liverpool this figure is still 20% down from the 2007 peak.The Wirral which is a fashionable part of Liverpool that includes areas such as Birkenhead and West Kirby has an average house price of around £115,000 which is 17% below its pre-downturn peak. Liverpool’s city centre was hit the hardest during the 2007 recession, even though the property market has seen a 5% rise in house prices this still makes it 23% down from its peak. The research shows that all areas of the city are in similar situation and are a long way off of a full property market recovery.
Property experts believe the reason behind the low property prices is because of the longstanding problem with depopulation which began in the 1930s due to the industrial decline within the city, in 1931 the population was 850,000 compared to the 2011 census of 466,000 and you begin to see Liverpool’s property market problem and the struggle for vendors trying to sell house fast.
Liverpool is known by the term ‘ northern powerhouse of the north’ but the figures don’t live up to this phrase, the government is ,hoping the new rail link to the city will unleash a combined strength to all the cities in the north of England.
Having spoken to a few estate agent in the Liverpool area, they are more optimistic about the Liverpool property market. This year has seen strong sales and lettings, the market isn’t booming but it’s the strongest the city has seen in recent years.
Having two top premiership football teams within the city helps the high-end property market, with properties overlooking the waterfront and on the suburbs of the city within high demand by these footballers which helps vendors sell house fast in Liverpool.
Liverpool has seen a surge of foreign investors buying up property in the city, a lot have been from china who either have been at the university here and are looking for a buy-to-let investment or parents looking at sending their child here to study. This has put Liverpool third in attracting foreign investment only behind London and Manchester .
There are more reasons to be optimistic about the Liverpool property market, the planning authority has given the go ahead for 3,000 new homes to be built in the city and a further 2,000 are going through planning at the moment. The city council has joined with Redrow homes to develop brownfield sites for affordable homes, there are 5 sites in the pipe line with 1,500 new units to be built with a further 1,00 older units to be refurbished by 2019.
Despite all these affordable homes being built Liverpool’s property market isn’t without high-end properties, Allerton and Thurstaston on the Wirral are full of expensive luxurious properties.