Selling Houses Fast In Liverpool: Current Trends And Prices
It is fair to say that the future of the Liverpool housing market has been made uncertain by Brexit. However, this is not to say that it is all negative. According to Rightmove, the average cost of a house in Liverpool is £151,185. Over the past three years, there has been a steady rise of house prices in Liverpool. Therefore, it can be said that houses have not lost value in a time of doubt. A growth in costs should imply a stable market. One question remains, is this true for Liverpool?
Current trend – Lettings
New research has found that the city has the most successful property yields for landlords in the UK.
Liverpool is a current hotspot for buy to let rentals. Once the mortgage costs have been accounted for, a landlord can expect a yield at around 8%. This gives the landlord room for a substantial profit margin, even if interest rates increase.
Therefore, buy to let investors who own properties in the city are currently in the best position out of anywhere else in the nation. This is down to lower prices for houses and higher rental costs. A rise in the number of students who spend years in the city has meant that landlords have guaranteed costs for the homes that they rent out.
Over the next five years, the rental market is expected to grow at a steady pace. In total it will climb by 17.6%. The peak is expected to be seen in 2021, as it is predicted to grow 4% in that year alone.
As mentioned previously, the rise of students in Liverpool has helped boost the property market revenue. Student life has also contributed to more developments in the city. The more that they choose to set up their homes in Liverpool, the higher the demand for a place to live. Investors respond well to this as the higher the demand, the steeper the rental costs, which influences them to begin more property developments.
Help to Buy schemes have also contributed to the prospect of more developments throughout Liverpool. The more people who set up a scheme, the more the market will thrive for new-build homes within the city over the coming years.
As the city continues to develop its academic, retail and leisure offerings, the more it has to offer to potential investors.
Over the next five years, the Liverpool property market is expected to prosper as house prices are expected to climb by 22.8%. 2017 and 2021 will see an increase of 4.5% in both years, with a slight dip of 3% in 2019. As prices are set to rise, it is safe to assume that the market will continue to prosper over the coming years.
Something to bear in mind is that whilst house prices are on the rise in Liverpool, the length of time it takes to sell and the costs involved in selling can vary with the change in housing market. It’s a known fact that one in three transactions made through estate agents fall through due to house chains, so it’s much easier and quicker to sell through a quick property buyer to take the hassle out of selling your home.
Located on the water’s edge, Southport is a small town with a great beach location. In the summertime, visitors can enjoy the sea front with their families. The average cost of a house in Southport is £190,472 and is therefore significantly higher than the cost in Liverpool.
Chester is home to the oldest racecourse in the UK, a 1,000 year old cathedral and one of the most popular zoos in the country. It boasts fun for all of the family and has an average house price of £227,222. It is considerably more expensive to purchase a house in Chester than Liverpool, however the city has lots of offer.
Situated in Cheshire, Warrington is a city full of culture. Warrington Museum and Art Gallery displays artefacts from all over the world, as well as paintings and archaeological findings. Warrington is the home of the Gullivers World theme park, which is great for hours of fun with the family. The average cost of a home in Warrington is £207,446 and you can find beautiful properties in quiet, suburban areas for that money.
If you have a smaller budget, Liverpool may be the ideal location for you to purchase a house. However, if you have a higher budget then you might consider the neighbouring locations.
Taking all of the current information into account, the future of the Liverpool housing market looks to be a positive one. With new developments on the horizon and the growing strength of both of the universities in the city, the market is currently in a great position. If you have an interest in property and some money burning a hole in your pocket, now might be the perfect time to invest…
If you’re considering selling your property in Liverpool, you should be able to get a good offer. With Good Move, you’ll be able to save on the cost of expensive solicitors, estate agency fees and survey or valuation fees as these fees are paid for you.