Whether you’re an investor looking to buy or a property owner looking to sell, being up to date with the Liverpool property market in August of 2023 is essential for making the right decision. To help you make the smartest financial move, you should read this article until the very end. In this blog, we’ll cover the following topics:
- Whether property prices are going down in Liverpool
- Is now a good time to buy a property in Liverpool
- The average property price by property type in Liverpool
- The property sales share by property type in Liverpool
And by the end, you’ll have an in-depth understanding of Liverpool’s property market in August 2023 and if it’s the right time to buy or sell a property.
Are House Prices Going Down in Liverpool?
Yes, since 2022, house prices in Liverpool have seen a dip. This was expected due to the economic impact the pandemic has had on the UK & the global economy. With that said, the property market in Liverpool didn’t drop as much as the rest of the UK, which is a great sign for current property owners and future investors in keeping their confidence in the Liverpool property market.
So, if you’re considering purchasing a property in the city, keep on reading to find out if now is a good time to buy one or if you should wait for the market to stabilise further.
Is Now a Good Time to Buy a House in Liverpool?
This is a tough question to ask because there’s no singular answer. If you plan on investing in a Liverpool property, it’s best to give the venture a lot of thought. Before pulling the trigger on a property, you should determine a few things:
- Why you’re buying the property (to live in it or to rent it out)
- How long you want to hold onto the property before selling it
- How much profit are you expecting to make by the time you sell
When you have an answer to the three questions above, answering the question of whether now is a good time to buy a property in Liverpool becomes much easier.
To give you an example, if you’re looking at purchasing a home where you and your family can spend the next 10-15 years, buying a property in Liverpool right now is a great idea. By the time the kids grow up, and you decide to sell, your property will be worth far more than what you bought it for.
However, if you want to buy a property with the goal of coming out profitable in a few years time, now is far from the best time to buy due to a few reasons, including:
- The property market may dip further due to the current state of the economy
- Finding good deals is almost impossible, as most people who sell are aware of the booming prices that we’ve experienced over the last few years
- Interest rates are much higher than they were just a few years ago
With that said, if you find a good deal, you can pay for it in cash, and it makes sense for you to follow through with it, the decision is yours for the making.
Average Price of Liverpool Properties By Type
Over the last year, the average property in Liverpool sold for 5% more than the year prior and 16% more than the 2020 peak of £186,406. As a result, the average property in Liverpool just last year sold for around £215,794. To give you a better idea of what the property market looks like right now, we’ll break down the average property prices in Liverpool by type.
The most expensive type of property in Liverpool is detached houses. Over the last year, the average detached house in the area sold for around £414,000. This is slightly higher than the UK average, which sits at around £402,300. However, Liverpool is one of the UK’s biggest cities, so that comes as no surprise.
Semi-detached houses are one of the most popular types of properties in Liverpool. Currently, the average semi-detached house in Liverpool is selling for around £240,000, which is slightly lower than the UK average of £258,000.
Terraced houses are the most popular type of property in Liverpool. They are also one of the most affordable. On average, terraced houses in Liverpool sell for around £154,000. Please note that Liverpool’s terraced property market is extremely varied, and the price you can expect to pay will heavily depend on the area. That’s why some terraced houses are £300,000 while others are hardly worth £80,000.
Flats are the most affordable type of property in Liverpool. The average price of a flat in Liverpool hovers at around £141,000. They are the ideal choice for first-time property owners as they don’t require a significant down payment for a mortgage.
Liverpool Property Sales Share By Property Type
Between July 2022 and June 2023, almost 10,000 properties were sold on the Liverpool property market. In that period, 994 detached houses were sold, accounting for 10.4% of all property sales in the area.
As for semi-detached houses, over 2,900 such properties sold over the last year. This accounts for 30.8% of all sold properties in Liverpool. Next up, we have terraced houses, which are the most popular type of property in Liverpool. And unsurprisingly, over 4,100 terraced houses sold over the last 12 months, which account for 43.2% of all property sales in Liverpool.
And last but not least, flats and apartments. Between July 2022 and June 2023, over 1,500 flats and apartments were sold, which accounted for 15.6% of all properties sold in Liverpool during that time period.
If you’re looking at buying a property in Liverpool right now, you need to come to terms with the risks that you’re about to take and the potential for return on your investment. As property prices in Liverpool are currently on a downtrend, it is totally possible for you to pick up a property and sell it to cash house buyers in Liverpool for profit. Alternatively, wait for the market to stabilise further before making a decision.