Liverpool Property Boom - Highest Price Growth of Major UK Cities
Monday 12th July 2021
Liverpool's housing drought as boom sees homes selling in 22 days. House price growth in Liverpool is presently higher than any other major city in the UK.
Houses in Liverpool are selling so fast that there aren't enough properties to keep up with the huge demand that's fuelling the city's housing boom.
And according to Zoopla's latest House Price Index, Liverpool has the highest levels of price growth (+7.9%) amongst the UK's largest cities.
While property prices keep going up, the sheer scale of buyer demand means there aren't enough houses on the market to keep up on the supply side of things. This has seen the total stock of homes available to buy running -24% below average levels last year, according to Zoopla.
Liverpool (+7.9%) and Manchester (+7.2%) continue to register the highest levels of price growth amongst the UK's largest cities.
The demand for properties across Liverpool has been felt by buyers and sellers over the last 12 months - and according to Zoopla, the largest share of that demand is for properties up to £250,000.
With such high demand and the stiff competition to get an offer accepted on the dream home, it's unsurprising to see time to sell has almost halved, falling from an average of 42 days in the 'normal' market of May 2019 to 22 days in May this year. This makes it the fastest moving market for five years.
Kate Eales is the head of regional agency at Strutt & Parker estate agents, and she said: "Time to sell has roughly halved since 2019 despite the stamp duty holiday extension coming to an end. In the past, properties that may have taken weeks to go under offer are now taking just days and we are seeing, in some of the hottest markets, properties going to best and final offers."
"The total stock of homes for sale continues to run well below historical norms, and this will underpin pricing. At the same time, it may also constrain potential activity, especially for buyers looking for family houses. Even so, we forecast that this year will be one of the busiest for the housing market since the global financial crisis - with 1.5 million residential transactions."
Source: The Liverpool Echo 5th July 2021
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