Liverpool House Price Inflation At 7.2% Year On Year
The latest Hometrack index has been released for June 2018 and reveals that city house prices have grown by 4.6% over the last year.
Manchester is registering the highest rate of growth at 7.4%, followed by Liverpool (7.2%), Birmingham (6.8%) and Leicester (6.5%). However house prices are falling in real terms across six cities; Southampton, Oxford, Belfast, London, Cambridge and Aberdeen.
Discount from asking prices varies across cities
The discount from asking to sale prices provides important insight into the relative strength of local housing markets. For example, Liverpool has the second fastest rate of growth as prices rise quickly off a low base. The level of discounting in the city has narrowed over the last two years but remains above average at 4.6%. Fig.4 shows the discount from asking prices across selected cities while Table 2 contains the latest data for each city.
The Liverpool economy is now worth more than 2.3 times its value back in 1998 with an average annual growth rate of 4.8% over the last 18 years. While much focus is placed upon the new wave of start-ups, it is worth remembering that there are also a large number of more traditional companies operating out of Liverpool. It is this mix of old and new businesses which offers a unique environment for property investors and property developers.
What to expect in the second half of 2018
We expect current trends to continue into the second half of 2018 as housing market forces continue to play out against the backdrop of rising employment and low mortgage rates. The main risks on the horizon are 1) the timing and scale of any increase in mortgage rates and 2) how the BREXIT negotiations unfold in the coming months and in the run up to March 2019.
LIVERPOOL PROPERTY INVESTMENT
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