Liverpool is the fastest city to sell a home!
For those looking to sell their homes quickly, Liverpool has emerged as the fastest city to do so in the UK. According to data by Zoopla, Liverpool homeowners agree an offer just 12 days after putting their home for sale on average. This means that in two weeks of listing your home, you could have an offer in place. The remarkable speed from listing to offer in Liverpool is arguably a tribute to the city’s dynamic and desirable character. It’s a city known for music, sport and nightlife, as well as having multiple universities, theatres, and so on. But what else contributes to Liverpool’s status as the fastest city to sell a home?
Reasons why Liverpool is the best place to sell a property
Liverpool’s regeneration has made the city one of the UK’s leading business spots. This no doubt attracts everyone from young professionals to experienced business owners looking to invest in property in the city. The project features Liverpool Science Park and the Knowledge Quarter, which is ideal for science and technology companies and other investors.
It’s not just commercial regeneration that contributes to fast property sales, but Liverpool’s residential regeneration projects too. The city has witnessed significant regeneration over the past few years, breathing new life into previously neglected areas. This has attracted investment and spurred development, making Liverpool an attractive location for both residential and commercial property buyers. Some of these include
- Liverpool One
- Regeneration of the Albert Dock
- Lime Street Regeneration
- Liverpool Waters
- The Anfield Project
- Liverpool’s Housing Stock
Liverpool offers comparatively affordable housing options, especially when contrasted with other major UK cities such as London and Manchester. This affordability has attracted first-time buyers, investors, and families looking to upsize or relocate. For example, at the end of 2022, the average price for a home in Liverpool was £184,447 compared to £221,224 in the North West and £294, 910 in the UK. That makes Liverpool properties over 16% cheaper than the average in the region and a third cheaper than around the UK.
Good rental yields
Liverpool’s rental market has also experienced significant growth, offering landlords and investors attractive returns on their investment. This has contributed to a buoyant property market, as more investors enter the market, eager to capitalise on these lucrative opportunities. Areas such as L3, L4, L5, L11, L20 all have a rental yield over 6%, with L4 being the best at 6.8%. This area covers Waltan Hall Park, Anfield and Kirkdale. While Liverpool may not be as good as Manchester for rental yields, it’s still an attractive area for landlords.
Value for money
Stats on Liverpool versus London arguably demonstrate how properties in Liverpool are better value for money. In Liverpool, the property price to income ratio is 7.52%, compared to 15.49% in London. Furthermore, mortgage rates average at around 51.79% of income, compared to 113.90% in London. While London is known for being extraordinarily expensive, Liverpool still comes out as better value than in other cities such as Manchester and Birmingham.
How does Liverpool compare to the rest of the UK?
Liverpool is the fastest city to sell a property, with other cities closely following. At 12 days from listing to sale, Liverpool’s average is better than last year, although the same can’t be said for the UK. The UK average time is 29 days, which is 9 days slower than last year. This is attributed to higher mortgage rates, cost-of-living pressures, and low consumer confidence have affecting buyer demand across the country, resulting in slower sales in many areas. However, some urban markets are defying this trend.
Value for money is playing a crucial role in determining buyer preferences, with city and urban markets such as Liverpool, Birmingham, Manchester, and Newcastle seeing faster sales than last year, taking just 15 days or less to sell homes. Likewise, homes in affordable and well-serviced commuter areas like Salford and Bury near Manchester, as well as Knowsley near Liverpool, are going under offer within 15 days—significantly faster than last year. In contrast, unaffordable markets are facing the greatest impact of high mortgage rates, leading to longer sale times, as seen in markets such as Plymouth, Exeter, and Gloucester. Some areas, including Redditch, Dartford, Nuneaton and Bedworth, Bristol, Coventry, and Northampton, have consistently been among the fastest-moving markets over the past year.
The outlook for Liverpool’s property market remains positive, with ongoing regeneration projects and economic growth continuing to drive demand. However, as the market matures and supply begins to catch up with demand, the speed at which homes sell may begin to stabilise.
For those considering selling their property in Liverpool, now is the time to capitalise on the city’s booming market. Working with an experienced estate agent can help you navigate the competitive landscape, ensuring a successful and efficient sale. If you’re considering investing in Liverpool’s property market, it’s crucial to obtain a professional home survey or building survey before finalising your purchase. This essential step will provide you with an accurate assessment of the property’s condition, helping you make an informed decision and safeguard your investment for long-term success.
Or, if you’re looking to sell your Liverpool home, make sure you set the price right to ensure it sells as quickly as other local properties. A RICS Valuation will enable you to find the right price for your property in Liverpool and promote faster sales.