It’s no secret the last year has been a busy one for the property market, with prices soaring across our region.
Local estate agency Liverpool Property Solutions say the past 12 months have been some of the busiest years in their history.
Nationally it is reported house price growth is at its strongest level in more than 13 years.
READ MORE:Waterloo property so ‘hot’ that estate agents received ‘abuse’
While here in Merseyside, Liverpool Property Solutions (LPS) say the prices for properties in the area have rocketed by an average of 18% in Liverpool and 17% in Wirral.
In specific cases, some properties have even sold with an increase of 31% compared to last year.
(Image: Liverpool Property Solutions)
A three bedroom terrace property on Tiverton Street in Wavertree sold with LPS in May for £120,000. Similar houses in the Tiverton Street area were selling for £83,000 in January 2021.
This means there has been a staggering increase of 31% or £40,000 in just a few months.
A three bedroom end of terrace house in Lockfields View sold for £160,000 this year. In the last two years, homes had sold for £136,000 – which is an average increase of 13%.
Meanwhile in Wirral, on Town Lane in Bebington, a three bedroom semi sold for £167,000. According to LPS, these properties were selling for £137,000 in 2020 seeing an increase of 17%.
(Image: Liverpool Property Solutions)
LPS managing director Joe Gervin said: “Looking specifically at Liverpool, year-on-year house prices have increased by an incredible 18.1% to £156,855.
“This is the third highest increase across the entire North West and Wirral sits just behind with a 17.6% rise and an average house price of £180,350.”
Joe added: “Few would have predicted then the current state of play, yet despite all that has happened, property has remained robust.
“Mortgage lending and property sales hit record highs in March, as did the average price of a newly marketed property.
“That record was broken again in April, with the average asking price now just over £333,500.
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“The time taken to secure a buyer has fallen to just 45 days, the quickest Rightmove has ever recorded.
“We have seen properties going to sale agreed on the day it was listed.
“Although sales and mortgage approvals fell slightly in April, they remain significantly higher than the longer-term average and the impetus to move continues.”
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