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Average cost of Liverpool homes revealed as sluggish growth hits market

Liverpool had some of the lowest property price growth in Britain this year, new research suggest...

Liverpool had some of the lowest property price growth in Britain this year, new research suggests.

The sluggish growth is yet another reason why 2016 could be a year to forget for many homeowners across the city.

 One city estate agent said higher taxes on landlords through stamp duty could be to blame.

Average property prices rose just 0.2% in Liverpool, failing to even keep up with the rising cost of living.

The average house price in Liverpool is around £156,800, according to Halifax.

But the low growth could be good news for any would-be homeowners trying to get their first foot on the ladder in 2017.

Liverpool ranked alongside Aberdeen, Bangor, Blackpool, Wolverhampton and Grimsby among others in the 10 areas with weakest house price growth in 2016.

Meanwhile all of the top 10 areas where prices soared fastest were in London and the southeast, from trendy east London to towns not far from the capital like Luton and Watford.

John Arrowsmith, a director at estate agents Liverpool Residential , said: “It has probably slowed down this year because of landlords buying fewer properties due to the stamp duty increase.

“It’s supposed to allow first-time buyers to get cheaper properties rather than landlords, but many first-time buyers struggle to get a deposit together.

“Many terraced houses on the market in Liverpool are in a state of disrepair. Landlords would refurbish them and rent them out, but first-time buyers don’t tend to have the funds to do them up either.”

He also said the high number of new flats being built in the city centre could be holding prices down for most existing flats and homes.

Martin Ellis, a housing economist at Halifax, said: “Most of the areas that have seen the biggest house price rises during 2016 are either within close commuting distance of the capital or in outer London.

“Demand in these areas has risen as substantial property price rises in central London over the last few years have caused increasing numbers of people to seek property in more affordable areas.

“A few towns have experienced price falls, with the biggest in Aberdeen. On the north east coast of Scotland, it is highly dependent on the North Sea oil and gas sector.”

If you would like to speak to one of our expert team, please give us a call on 0151 256 0880 or email westderby@belvoir.co.uk

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