Thursday, Jan 24, 2008
Liverpool property market in Trouble
Hiday.net: Ferry Cross The Mersey
As the UK property crisis begins to worsen some areas will be hit harder than others. One such place has to be Liverpool, where there are a glut of city centre apartments that are still on the market for ridiculous prices, still waiting to be sold. Estate agents in the city of Liverpool have been accusing certain sections of the media of 'scare mongering'. However there objections are falling on deaf ears and quite rightly so!
Posted by john84 @ 01:42 PM (471 views) Add Comment
5 Comments
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1. theboltonfury said...
very funny comment in here about Birkenhead likely to go up in value. Really? On what basis? I know, when there's a recession everyone tries to buy in one of areas that people didn't want to live in when they do have money to spend. Just take a look at the full blown crash that is actually happening in Warrington right now (15 miles from Liverpool). Sold to rent in August last year for 136k, exact same house on right move for £126 with Stamp Duty paid. This site helped me dodge a massive bullet there! Ta people
2. cyril said...
"Birkenhead is not exactly Nirvana but...will turn in to something resembling London's Docklands or Sydney's Harbour in a few years time."
Sydney Harbour but without the sunshine or Docklands without the money. Which do you prefer?
3. drewster said...
According to the article, there are 14,000 unoccupied apartments in central Liverpool. The demand simply isn't there - there aren't enough jobs in the area, and there certainly aren't enough jobs which pay anything near the amount needed to afford those apartments.
Liverpool's supposed boom was built largely on external investors pouring money into its housing market. There was no fundamental increase in local employment - all the jobs generated in the region have been mainly in property jobs (construction, estate agents, etc.) or in public-sector jobs.
As for Birkenhead (the sprawling area across the Mersey from Liverpool) somehow taking over the boom, prices there have already boomed over the last few years, so of course they will fall again. They didn't even have the benefit of a temporary boom in jobs - it's one of the more economically depressed areas of the country. Birkenhead isn't a bad place fundamentally - Birkenhead Park is particularly pleasant - but the jobs just aren't there. It's all very well the docks receiving a face-lift, but they won't be turned into working docks (containerised shipping decimated the industry worldwide), instead they will be transformed into flats / offices / shops like Canary Wharf. The owners of Canary Wharf went bankrupt in the early 1990s......
4. mark said...
Birkenhead is drug city...... full of druggies
5. paul said...
I went to visit my brother when he lived in Liverpool once. As I got off the bus, I noticed an awful but incessant reek. As I got to his house, I remarked "can you smell that?" "No. What smell?".
He lived near the Mersey river, and it had rained the night before churning up all the brown effluent sludge from the riverbed.
Mmm, nice. 200k for a house there? I don't think so.