The thriving Liverpool property market has seen great results during 2020, despite national lockdowns, local tier 3 lockdowns and wider economic uncertainty. As we look into early 2021, Liverpool is set to remain a hotspot for investment opportunities in property as the housing market continues to flourish.
Here’s a guide of the investment opportunities in property:
Like many northern cities, the lifting of lockdown restrictions have resulted in a major increase in demand for Liverpool properties. Year-on-year accepted offers have risen by 77%. And viewing requests are up by a massive 99% in the period June to August 2020 compared to 2019.
Because of lack of supply in Liverpool, this rise in demand has led to fantastic results for house price growth. Zoopla’s house price index now places Liverpool fourth in the entire country with annual capital growth at 3.8%. The only cities ahead of Liverpool are Nottingham (5.1%), Manchester (4.6%) and Leeds (4.5%).
Certain parts of Liverpool have performed better than others and have some of the best investment opportunities in property in the city.
Kensington, on the edge of Liverpool city centre, has seen fantastic capital and rental growth this year, which has trickled down to other areas such as L8, Toxteth and Bootle. Other key parts of Liverpool for property investment opportunities are Anfield and Wavertree, which are both good prospects for student accommodation.
However, this property boom has also had some negative impacts for Liverpool property investors. In some areas of the city – particularly Mossley Hill and Allerton. Property prices have risen so high that it’s now too expensive for landlords to get a good deal.
Stamp duty effect
There is no doubt that the stamp duty holiday has had an effect on the Liverpool property market. The people of Liverpool have rushed to take advantage of the savings to be had, with over twice as many accepted offers reported in the city in July 2020 compared to 2019.
And despite the country having suffered a second lockdown, after which Liverpool has been put in tier 2, sellers are still keen to sell and save before the stamp duty holiday is over on April 1st 2021. Such a buoyant market means plenty of Liverpool property investment opportunities for people interested in the area.
Here’s what Sam Mitchell, CEO of online estate agent Strike, said of the Liverpool market. “It’s clear from our latest figures that the market is currently a seller’s paradise. And that now really is a great time to sell if you are thinking about it.”
He went on to say. “Selling before Christmas would be advised to allow ample time to complete and exchange on a property. Before the stamp duty deadline and take advantage of the red-hot market. But each seller has to make a choice for themselves.”
Find out more about investment opportunities in property
For more information on investment opportunities in Liverpool or anywhere else in the north, contact North Property Group now.