Merseyside housing market making a recovery

Posted: 07/06/2012

A study by the Liverpool Post has revealed that the housing market is slowly, but surely recovering. The study was carried out on the L postcode which covers Liverpool, West Lancashire and Sefton and showed that the number of house sales increased by 2.8% between 2010 and 2011. However, only 12 out of 40 areas in Liverpool experienced an increase.

The data was supplied by the Land Registry and also showed that house prices have fallen yet again at a rate of 1.6%, making the average house price for an L postcode property around £140,000.

Another survey was done on the Ch postcode which includes Chester and the Wirral which revealed that house prices have dropped 2.7% and the average house price was around £172,000 but the amount of property sales increased 8.3%.

In comparison, the L postcode sold 6,649 houses in 2010 to 2011 and 5,542 in the CH postcode compared to 2008 where only 2,519 sales were recorded for the L postcode over a three month period and a disappointing 1,966 sales in 2008 between April and June for the CH postcode.

Estate agents have reported a lift in the market compared to the previous two years but they also state that first time buyers are still struggling to take their first steps onto the property ladder. They also predict that we are five years away from a decent housing market recovery and when that time comes, there will be plenty of people who will want to buy a home.

Within the Liverpool Post’s investigation, they found that the L3 postcode which covers the city centre, saw a giant rise of 30% mostly due to the sale of the Mann Island development of luxury offices and apartments which cost £80 million.

The CH41 postcode which covers Birkenhead saw the biggest loss at 13% but the CH64 postcode which covers Neston saw the largest rise at 10%. Chester confirmed the largest sales under the CH postcode followed by Ellesmere Port and Bidston however, in these areas there was a noticeable lack of first time buyers.

What are your thoughts on the figures from the latest housing market report for Liverpool, Wirral and Chester?

Amanda McGovern, Pali Ltd

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(0) Comments housing market, homes, property market, first time buyers, Liverpool, Wirral, Chester

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