Connect with us

International

Liverpool is the fastest growing city in the UK

 


Liverpool is experiencing the fastest rise in house prices than any other city in the UK.

Although the number of homes across the UK has declined significantly, buyer demand is driving what is projected to be the busiest year for the UK housing market since 2007.

And Liverpool topped the charts with house prices up 10.6%.

READ MORE:Luxurious Georgian townhouse with amazing features hidden behind it

Toxteth has seen a 20% increase in asking prices this year, which he describes as “dreadful” as demand for homes in the southern L17 and L18 areas of the city is soaring.

Liverpool’s LDP leader Cllr Richard Kemp, who owns a home in Church Ward on L18, suggests new demand has driven the rise after lockdown measures and the government’s stamp duty lifted.

This summer he said: “It’s not a London price, but the fact that a two-bedroom terrace could sell for 200,000 in this area is terrifying.”

“Rising house prices limit social mobility,” he said. “In the past, only people with reasonable salaries could live here.

Now, only people who are relatively wealthy or who can receive support from the ‘Mom and Dad Bank’ can move in.”

Sutton Kersh’s real estate agent Cathy Holt told ECHO about rising house prices in Liverpool areas like Toxteth: “L8’s properties are in high demand just like everywhere else in Liverpool.

“Toxteth, L7, L15, L4 and L5 have proven popular with investors and owner-occupiers due to the high yields that most properties have.

“Prices are going up, especially since the L8 is very close to Liverpool’s bustling city center.

“Many young professionals who want a home rather than an apartment are closing their doors to purchase properties just outside the city center because they enjoy the benefits of a home and close to all the amenities the city has to offer.”

This year will be the busiest year for the UK housing market since 2007 (Image: Andrew Matthews/PA Wire)

Elsewhere, Manchester and Sheffield had the second and third highest growth rates among the cities at 8.7% and 7.9% respectively.

Zoopla said the home price index as a result of the coronavirus pandemic is showing strong buyer demand, 28% higher than the five-year average, as 1 in 16 homes change owners in 2021.

This increases the average value of homes across the country to 240,000, an increase of 40,000 from five years ago.

Average UK prices have risen by 15,500 in the last 12 months alone, with growth of over 22,000 in the southeast and southwest.

According to Zoopla, annual growth for all homes was 6.9%, up from 3.5% in October 2020.

However, the October 2021 figure slowed growth towards the end of the year, with a 7% increase recorded in August and September 2021 and a decline of 1.2% from 2.8% in July.

Wales had the highest rate of increase in house prices at 10.8%, followed by the northwest of England.

Annual price growth for all homes in the UK is nearly double the five-year average of 4.2%.

Despite a busy year in sales, inventory of new homes is actually down more than 40% compared to the five-year average.

The number of homes for sale has decreased by more than 50%, and apartment inventory has also decreased by 15%.

Zoopla’s research director, Grainne Gilmore, said: “New supplies will start to increase at the end of the year as families use them to make decisions about moving on vacation.

“The supply of homes listed for sale during peak season usually slows ahead of Christmas, but rises sharply in the new year.

“On average, the listed supply at the end of January is about 50% higher than at the beginning of December.

“Buyer demand will continue to be strong next year, but as the market begins to normalize in 2022, the proportion of activity among movers acting in the market as sellers and buyers may increase.

“This will relieve some of the supply constraints.

“Other factors that will affect prices next year include the coming economic headwinds in the form of rising inflation that will further push up household costs.

“Even with some rate hikes, mortgage rates are likely to remain relatively low relative to their long-term averages, leaving more room for price increases in some of the cheapest housing markets.”

More related articles See more related articles

Sources

1/ https://Google.com/

2/ https://www.liverpoolecho.co.uk/news/liverpool-news/liverpool-fastest-rising-house-prices-22368663

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]