In the past, the Merseyside property market was known for its slow performance. In fact, this part of the country used to have a significant problem with low property sales.
But many UK online estate agents noted a change in the last few years. Online property sales in the area have gone up. Prices are rising, interest levels are high, and sellers who have property in the area have a lot to look forward to.
What caused this change, and what does it mean for you?
A Welcome Rise in Sales
Between January 2017 and January 2018, prices in this region rose a stunning 8%. The national average at this time was merely 0.6%, so the rise drew people’s attention. In the subsequent months, Merseyside saw an influx of property investors as well as personal buyers.
Over the course of 2018, Merseyside became one of the few bright spots in Britain’s property market.
Because of financial and political uncertainty, buyers and sellers alike have become cautious. Property sales have particularly gone down in London, and many former property hotspots have lost popularity.
But while sellers in these regions have a lot to worry about, the North has seen a drastic change for the better.
Many first-time buyers moved to the region, and there’s been some unexpected economic growth there. While the biggest change happened in the North East, estate agents have also observed an improvement in the North West.
What Kind of Properties Are People Buying in Merseyside?
Let’s look at the current state of the property market in this area. Here are the three key points you should keep in mind as an investor, seller, or buyer.
• A Wide Range of Housing Options
Considering its diversity, Merseyside is one of the most appealing counties for investors at the moment. Whether you’re hoping to invest in a rural home, a Liverpool flat, or a different form of real estate, Merseyside could be right for you.
• New-Build May Be Hard to Find
The rich architectural history of Merseyside is part of the county’s appeal. But this has a downside – many of the buildings available in the area are older and in need of renovation. If you’re exclusively interested in buying new housing stock, Merseyside shouldn’t be your top option.
• Commercial Real Estate Still Has Far to Go
You should also note that Merseyside’s renaissance applies mainly to residential buildings. Families and single professionals who are looking for a home can find a wide variety of options. But for businesses that plan to expand in this region, the matter becomes somewhat more complicated.
The neighbouring county, Manchester, has shown an impressive ability to accommodate the changing demands of the professional world. In particular, it offers extremely well-built, new office blocks.
Considering the area’s economic growth, there’s a demand for similar commercial buildings in Merseyside. But unfortunately, this demand hasn’t been met yet. If you want to buy new office buildings in Liverpool, you may end up disappointed.
Looking at the Reasons
Now, let’s put the county’s popularity into perspective. Why has Merseyside attracted new buyers from all across the UK?
1. Reasonable Prices
Though property prices are going up, they haven’t reached yet insupportable levels.
After the Brexit referendum and the subsequent chaos, many people have changed the way they approach their finances. Buyers who would have gone for a property hotspot before instead go for a more cautious investment.
So, while Merseyside might be too pricey for first-time buyers, it’s still affordable enough for most people.
2. Great Job Market
Despite the relative lack of commercial buildings, the area is enjoying economic growth. Many people move here for a new job. The fact that the BBC moved parts of its business here is also an important sign of future growth. Students from the University of Liverpool often decide to build their career here.
3. Quality of Life
Liverpool is a good option for families looking to settle down in a pleasant suburb. Public transportation is excellent, and there are high-quality parks and schools.
The rural parts of Merseyside have seen some development as well. Some choose to buy affordable, large homes there, and then commute to Southport and Liverpool.
Is Merseyside Right for You?
There’s another reason why Merseyside is experiencing an impressive influx of buyers and sellers.
It’s becoming easier for people to move across the country if necessary. You can now buy or sell your house online without having to show up in-person too many times. It’s easier than ever to hire reliable but cheap online estate agents.
If you’re thinking of exploring Merseyside’s property market, you have no reason to hesitate. Start looking into your options today.