Unsold homes in Liverpool typically sit on the market for 74 days, according to data from home.co.uk. This figure is nine days longer than the national figure of 65 days, and 34 days longer than Bristol and Plymouth, which are the areas of the UK with the shortest time on market.
Whilst the figure for Liverpool is higher than average, the city fares significantly better than many areas of England and Wales, with the worst areas to sell seeing typical time on market of more than 200 days.
The local market has also been performing well financially. In the last year, average property asking prices in Liverpool have risen by 13%, from £184,949 to £208,277. During the same time period, the number of homes coming onto the market has risen by 38%.
Danny Luke, managing director at property firm Quick Move Now, says: “Liverpool is a thriving city with a strong property market. Property price rises in the city over the last year have exceeded the national average, and rental properties remain in strong demand.
“Of course, Liverpool will not be immune to the economic pressures currently being faced by the UK, but the market is robust and offers considerably more affordable housing than many other areas of the country. This will stand the market in good stead to come through the stormy conditions.”
Top tips for a successful property sale
If you’ve got a property to sell in the city, these top tips will maximise your chances of success.
1. Be realistic about price
In a changing market, it’s really important you’re realistic about what level of price you might achieve for your property. Property prices have already started dropping and, with buyer confidence falling by the day, anyone still willing to pursue a move is going to want to future-proof their purchase by making sure they’re not going to fall into negative equity. That means buying at a good price.
2. Know your market
Mortgage interest rates and buyer confidence are changing on a daily basis. If you want to sell your property in a changeable market, it’s important that you utilise the skills and knowledge of your local estate agent. Your estate agent will be able to give you up to the minute advice on current buyer appetite and best sales strategy, adapting to changing circumstances and market conditions.
3. Be flexible
Even once a sale has been agreed, it’s important to be flexible in the current market. At the moment, property sales are taking an average of 5-6 months from the point of offer acceptance to sale completion. In the last 6 months, mortgage interest rates have risen from an average of 2% to more than 6%. Who knows what will happen in the next 6 months.
This uncertainty is not only impacting how much buyers are able to pay, but also how confident they feel proceeding with a sale at all. New figures from Quick Move Now suggest 40% of property sales are currently falling through before completion. The majority of those failed sales are attributed to buyers getting cold feet and pulling out of the sale or struggling to secure a mortgage. If you’re keen to keep your sale on track in the current market, it’s important that you remain flexible and responsive to changing circumstances.