The Metro Editorial - Property Market

Following the national lockdown in March 2020 and the halt to virtually all property transactions, the market has recently seen a resurgence. The recent classification of the Liverpool City Region into ‘Tier 3’ did not impose any further restrictions on the property industry, and we hope it remains unhampered.

Since the lockdown was lifted back in June, the local market in Liverpool has been exceptionally busy for both our residential and commercial real estate departments – we have seen, and continue to see, greater activity across our offices in Penny Lane and the City Centre. The increase in activity we have experienced is also reflected in the recently released statistics for mortgage approvals, which indicated that last month these rose to their highest rate in 13 years – a positive sign for post-lockdown recovery.

Estate agents and conveyancing solicitors are of course waiting to see whether the current increase in activity is a short-lived bubble of suppressed demand, but the incentive of the stamp duty holiday, which is in place until March next year, certainly appears to be working well in keeping the market moving at the moment.

Additionally, we recently launched our dedicated property auctions service, providing seamless assistance for anybody who is looking to either acquire or sell at an auction. Whilst property auctions can achieve good ‘deals’ in a fraction of the time, we urge clients to use caution with  ‘online’ auctions, which have increased over the lockdown period, as they can present even more potential pitfalls for the unwary than a standard auction. Over the past 6 months, we have seen a significant rise in the number of instructions for auction properties, which could be an indication of a shift in the way the market is operating – it will be interesting to monitor over the next few months whether the auction market continues to perform in this way.  

In our Commercial Real Estate department, we are also seeing an increase in instructions relating to the acquisition of land for the development of new residential property – both in the social housing and open sales market – across the Liverpool city region. For example, we have been instructed on the proposed development of a residential tower, to be constructed on the iconic waterfront. Subject to obtaining approval for planning, the development will include a hotel along with residential apartments, and hopes to be among the first in a series of high profile schemes within the area. We are seeing similar opportunities for our clients in the pipeline, and have a number who are active and looking for new sites constantly. It would appear as though this market is not currently being ‘put off’ from simply getting on with things.

Overall, there has been a significant demand for more housing for a number of years, so it is perhaps not surprising that activity remains strong despite the challenges we are being faced with– it is however vital for the sector to be protected by the Government moving forward, in order to ensure the level of confidence and activity is maintained.

As a firm, we specialise in all aspects of property and can assist you – whether you are a first-time buyer, an accomplished property investor or a property developer – our team of experienced professionals will be only too happy to help. Please feel free to contact us to discuss your requirements with no obligation, on 0808 164 5457, email [email protected] or visit our website to see the full range of services we offer.