Real estate agents working in the south of the city have reported an unprecedented increase in demand, with listings being picked up as soon as they go on the market.
Michael Chaplin is the Allerton branch manager in Venmores and he explained which zip codes have seen the greatest increase in demand and the impact this has on the local market.
Mr Chaplain highlighted Mossley Hill, Childwall, Wavertree and Aigburth as areas that have garnered massive interest from buyers in recent months.
He said: ‘You can choose any postcode in South Liverpool [as a property hotspot]. Lockdown changed people’s priorities to look for gardens and with the stamp duty relief it convinced the people sitting on the fence to think “why not? It’s now or never “if they’re going to save money.”
“These factors are universal but it is supply and demand in the south of Liverpool [that’s unique].
« [When a property sells] there are no more to come and they don’t stay on the market for long.
“It comes down to demand but not having as much availability because properties come and go so quickly. ”
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Mr. Chaplin cited a property on Bowland Avenue at L16 as a recent example. The property was listed for £ 200,000 with Venmores and received seven staggering offers, all above asking price.
Likewise, another home on Beauclair Drive in Wavertree drew nine offers and was in so much demand that agents had to stop taking further visits.
The Beauclair Drive property drew 49 inquiries from potential buyers to Rightmove in its first week on the market and was sold within two weeks of listing.
According to Mr. Chaplin, “this is not normal”.
He said, “Some properties will still command this demand, but the minute each property orders this. ”
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And if this market is a sellers dream, it is a tough climate for anyone looking to buy with offers becoming so competitive.
Mr Chaplin said, “It’s great from a seller’s point of view, but from a buyer’s point of view, you could go and look at a property and try to negotiate, but you oppose seven other offers and then the next time you could enter asking price and miss it all over again, then you could possibly pay whatever you have to do. ”
He added, “As a buyer, the moment you leave a viewing, someone else is watching it. By the time you make a request, there are already offers on the table.
“This is where a good agent will be put forward. If you are planning to buy, you must be able to [have your house] in the market just to get your foot in the door. ”
The housing market in England reopened on May 13 – and there was uncertainty among estate agents and buyers as to how the industry would really be affected by the continuing pandemic.
While some predicted that the ongoing crisis would hurt the mood for the move, the opposite turned out to be true, with demand surging across the board.
South Liverpool has always boasted of sought after postcodes that have remained popular with house hunters.
But with increased demand, an army of motivated buyers, and supply struggling to keep pace with demand, it is not yet showing signs of slowing down.
In Michael’s words: “A house is only worth what someone will pay for it. Ceilings are there to be broken. “