Background to The Local Property Market in Liverpool
Liverpool has always been a lucrative centre for industry and trade, and its port has been one of the most successful in the world over the course of the last two centuries. Since the banking crash of 2008, however, the city has been hit harder than most by unemployment, stagnant wages and a collapsing property market led to a drop in the prices of houses for sale in Liverpool. However, all the signs point to a recovery, and home prices are rising as a result.
Liverpool has experienced a tricky five-year period regarding house prices, but the market is still relatively healthy. A growing population and a range of regeneration schemes throughout the city have led to a sustained period of booming property values since 2002. According to LHT, property prices rose by 76 per cent between 2002 and 2012, and although they did suffer during the recent recession, they are once again on the rise, so possibly an excellent time to cash in on your biggest asset. If you need to sell a house quickly, we can find a cash buyer for your Liverpool home in a fraction of the time the task would take on the open property market.
Getting the highest price possible for your Liverpool home
In the North West city of Liverpool, the housing market’s recovery was slow compared with other parts of the UK. Indeed, according to Housepricecrash.co.uk, only Manchester and Bradford suffered worse house price falls in 2012. Fortunately, the market is now gaining ground on the rest of the UK quickly. As a result, demand is up, and because of a chronic shortage of new housing in the city, this could be an excellent time to get a fantastic price for your Liverpool home.
Despite rising house prices in the city, you shouldn’t set your price expectations at an unrealistic and unachievable level. Buyers have become more price-conscious than ever, and mortgage approval rates are still at comparatively low levels. If you want to sell your house quickly in Liverpool, setting the right asking price is essential. Zoopla, Rightmove and The Land Registry all provide house sold and transaction data, so you can assess what your home may be worth. However, it is important to compare only those properties that are similar in size, dimensions, condition, and properties in your local area of Liverpool. Property values in the city can fluctuate from street to street, so it’s important to choose your comparisons carefully.
How best to market your property with so many houses for sale in Liverpool
Property prices are rising in Liverpool, and that’s great news if you happen to own property in the city. However, it’s important to realise that the real estate market is now very different compared to only a few years ago. The priorities and financial constraints on buyers have changed considerably, and if you need to sell your house quickly in Liverpool, you will need to fight for customers’ attention. Of course, you can do this independently, but you will need to put the work and time in. Selling a house involves taking professional photos, devising property listings, advertising, marketing, property viewings and negotiations on price. The process takes lots of time and knowledge of how the market operates, and if you don’t have both, you risk achieving an unsatisfactory final sale price.
Fortunately, there are hundreds of qualified and experienced estate agents with houses for sale in Liverpool. Not only do they have a working knowledge of the city’s property market, but they also have the network of contacts needed to ensure the broadest range sees your property of potential buyers possible. Of course, this service comes at a cost, but hiring the right agent for your particular area of the city could deliver a far higher final sale price – more than covering the fees and commissions you’d have to pay.
What time of year is best for property sales in Liverpool?
The real estate market in the UK usually ebbs and flows according to the time of year. There is a peak in demand for a property during the early part of spring and autumn in normal circumstances. However, the banking crisis and subsequent recession seem to have changed the house buying landscape in Liverpool somewhat.
The Home website publishes a range of house sales data, and it recently reported that the most popular month of the year to buy a home in Liverpool was November 2013. July and August were also popular – which is unusual, as many buyers are more concerned with holidays and leisure at this time of year. It may suggest a squeeze on disposable incomes and people more concerned about financial security than holidays and recreational activities.
House prices aren’t usually subject to massive swings according to the time of year. However, some evidence suggests that property buyers approach house hunting with different attitudes and priorities, depending on the time of year. So marketing your home according to the seasons will make it appeal to the broadest range of buyers possible, which could speed up the process and squeeze a little extra value out of a sale.
How do Liverpool property house prices compare in the different neighbourhoods?
While the Liverpool property market enjoys health rises in average property values for houses for sale in Liverpool, the story is not consistent throughout the city. Indeed, there are huge gaps in house prices between different parts of Liverpool and Merseyside – a fact demonstrated in the Liverpool Echo’s postcode analysis. So you must take the time to assess the state of the property market in your local area of the city, as headline figures may not necessarily apply to your neck of the woods.
The WhoSoldWhere website recently published a report on Liverpool’s top five property hotspots. Despite a chronic shortage of houses for sale in Liverpool, Britain’s sixth-largest city, some high profile housing developments are underway, which subsequently affect other districts of the city. For example, Liverpool’s Norris Green has historically been a run-down area, but a major regeneration project is gradually raising average house prices in this part of the city. Other areas, including Croxteth, Woolton, and Allerton, are also experiencing sustained growth in property values. However, the real value is in Kensington, Toxteth, New Brighton, Crosby and Aigburth, where publicly-funded housing programmes and new private housing estates transform poverty-stricken areas into desirable residential neighbourhoods. As a result, in percentage terms, house prices in these areas are amongst the fastest-growing in the UK.
What influences the price of houses for sale in Liverpool?
Although property values are rising in Liverpool, there seems to be a growing disparity between average prices and average incomes. According to the Liverpool Housing Trust, the average wage in the Liverpool area is a little under £20,000, but the average price of a home in the city is now well over £140,000. This means the typical worker has no hope of affording the average house in Liverpool. What is causing this? There are suggestions that foreign investors and buy-to-let buyers are driving prices up. However, only 64 per cent of the new homes needed in Liverpool are currently being built, according to the LHT. This huge shortfall is driving prices higher, and until more new houses are built, property values in Liverpool are likely to continue rising.
Liverpool is a major port city, and it is home to a range of major employers that depend on the exports and imports that pass through the Port of Liverpool. When the British economy is struggling, Liverpool suffers more than most cities in the UK, why house prices have fallen in recent years. However, manufacturing output and exports are on the rise, and unemployment is falling, attracting new businesses and investors and giving more people a disposable income. All of these factors and the chronic housing shortage are combining to drive up average property values in the city.
However, there are other factors influencing property prices in Liverpool, including the proximity of good schools, off-street parking, and local crime rates.
Things to do and see in Liverpool
With a population of around 470,000, Liverpool is the UK’s sixth-largest city. It has a rich and proud shipping and international trade tradition, and its port was once the busiest in the UK. However, the city has been completely transformed in recent years, and modern developments and institutions dedicated to the arts have replaced many of its industrial landmarks and run-down neighbourhoods.
Liverpool is a city of landmarks, and none of its buildings is more recognisable throughout the world than the Royal Liver Building. The Port of Liverpool Building and the famous Albert Dock are also popular landmarks in the city, and they attract thousands of international tourists every year. Indeed, several areas around Liverpool’s port have acquired UNESCO World Heritage Site status.
Of course, Liverpool is famous for being the home of The Beatles. The Beatles Story is a museum that tells how the band rose to international fame, and The Cavern Club – where the boys perfected the art of live performance – is still open for business. Other landmarks in the city include Penny Lane, the houses of Sir Paul McCartney and John Lennon, and the immortal Strawberry Field building.
Liverpool is a modernising city, and its Commercial District and Cultural Quarter are full of examples of modern architecture and neo-classical buildings. However, a trip to Victoria Street is essential if you’re a fan of 18th century British architecture, as the entire street is lined with stunning buildings from the era. Other famous landmarks you should look out for in Liverpool include Liverpool Cathedral, the beautiful West Tower skyscraper, Speke Hall and the Adelphi Hotel. And the Victorian Parks are some of the most serene inner-city areas in the UK.
The Liverpool property market has suffered a tumultuous time since 2008, but it seems that average house prices in the city are now well on the way to a full recovery. If you are trying to sell your home in Liverpool, you could benefit from these rising property values, but only if you can afford to wait for a buyer. However, if you need a quick sale, we can buy your house today. We help investors and people looking to avoid the uncertainty of the open market.
Need to research the property market in Liverpool? Try our property data page for Liverpool here.
