Tuesday, December 11, 2007

“There are wide expectations that values will move up towards spring, 2008, because the market in Liverpool is still under-valued.”

Is the city’s flats market at saturation point?

"city centre apartment in Liverpool sold for a “knock-down” price fetching half of what it cost three years ago" Daily Post reported in April that up to 35% of city centre flats were currently unoccupied" Liverpool has seen increasing numbers of empty properties purchased as “buy to leave” while waiting lists and homelessness have increased"

Posted by confused76 @ 04:54 PM (1205 views)
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13 thoughts on ““There are wide expectations that values will move up towards spring, 2008, because the market in Liverpool is still under-valued.”

  • interesting comment from the estate agents…

    I live over the water in cheshire and it is clear the market in liverpool and cheshire will be hit very hard due to the shear amount on the market and stupid prices…

    There are even signs around area stating price reduced…
    what they failt to say is this… The council plan to build 25,000 extra houses in the area and the construction of flats is still under way…

    expect it to hit hard very hard maybe 70%.. after all most of liverpool is controlled by drug dealers!!!

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  • converted lurker says:

    Drove past the huge new development in Sefton st. on Sunday, it’s just big fukc off steel girders and nothing else, work has stopped ‘cos they ran out of cash. This is happening/happened all over that city. Ya know I interviewed a guy a couple of years back who built a development in Liverpool, he really believed that these 150K+ apartments were the future of the city and had bought into all ther inner city lifestyle bull5hit. I asked him where the jobs were coming from to pay the 150K mortgages, “from all the shops that’ll be built in the Paradise street development”….”are you sure, even store managers will only earn 22-25K, will 7-8 times salary work?” What a mess, these lifestyle apartments are the new inner city slums, assuming, and it’s a big asumption, that councils can buy them off the developers, remind me how have councils been funding their borrowing ? Surely not off the carousel that is the MBS/CDO market?

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  • “The (housing) market in Liverpool is still under-valued”. If it’s still under-valued after years of easy credit and a massive house price bubble when will it ever be valued at par?

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  • “35% of city centre flats were currently unoccupied”

    It’s not the developers who will pay, if they were sensible it will be the 1 in 10 BTL (UK average, probably 50/50 round here) mortgage holders who are carrying the can. They expected growth without rental income and are now facing negative >10% after inflation, mortgage interest and deductions along with service charges.

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  • it_is_going_with_a_bang says:

    Why ask an estate agent if they think business is going to pickup. If they say no them nobody would buy and they would get no sales and no comissions.
    Right NOW is always a going to be a good time to buy as far as an estate agent is concerned LOL !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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  • Nobody wants flats in Liverpool, they tried them in the 1960’s and pulled them down in the ’80’s and ’90’s.

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  • Converted lurker – this can’t possibly be true – Liverpool is European capital of culture 2008, what about Kings waterfront, Wirral’s skyline to rival NY – I can see it before me on the BBC website ww.bbc.co.uk/liverpool/capital_of_culture/regeneration/

    Surely your sat nav has landed you in a different city? Please tell us this is a wind up !

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  • converted lurker says:

    Jack sorry mate, I’d love to big up the city of my birth, but this C.O.C. stuff is just nonsense. Wages appear to have stood still for a decade or more, there is a thin veneer of wealth and venture a mile from the city centre in the wrong direction and you’re in Beriut. The C.O.C. celebrations kick of on the 1st Jan, the city looks like a huge building site. What a waste what a joke.

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  • Converted lurker – thanks for the reply – interestingly Liverpool won C O C ahead of my city of birth Newcastle upon Tyne which obviously dismayed many in the North East. I suspected all along however that much of the promised “re-generation” would consist of throwing down a fancy bit of block paving near a waterfront, adding an extortionately priced piece of modern art and a multitude of apartments identical to those being built in other major cities up an down the UK. There is an ongoing development a half-mile outside of Newcastle which will ultimately consist of 4,500 apartments (predominantly buy to let) and you can drive past any night of the week and there are very few lights on!

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  • @jack-c:
    The government has got regeneration back-to-front. They seem to think that jobs and money will flow into an area if they just unleash the builders; but actually it’s the other way around, jobs come first then property gets built. Towns like Swindon, Milton Keynes, and Northampton are prosperous (if dull) despite the distinct lack of a Manhattan-style skyline or an attractive waterfront. Typical features of wealthier areas are: low crime, a well-educated workforce, well-paid jobs, green spaces, good housing stock, good nearby commuter villages, and good transport connections. Liverpool doesn’t tick very many of those boxes, and building a bunch of flats and shopping centres won’t bring well-paid jobs into the area.

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  • I’ve been to Manhattan and I’ve been to Paddington Basin and I can tell you which the Wirral reminds me of!

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  • converted lurker says:

    Jack I’m in Newcastle 2 morrow, so I’d better hit the sack it’s a long old treck, but before I go I despair at all this ‘big up your own city’ bolloc5x, the so called ‘feel good factor’ is for politicians not people. Mike Storey, the Lib Dem Liverpool Council leader, resigned when (IMHO) he realised the wheels were coming off this Liverpool Big Dig/C.O.C nonsense, which in case you hadn’t heard they – the ‘Nathan Barley’ marketeer types at the council – had the wheeze to call the utter mess of digging up everywhere and anywhere the ‘Big Dig’ in an attempt to put some shiny happy positive spin on it, yep that’s right even a fukc ups got branding these days…arrgghhhhh..Not to worry, they’ve wheeled ‘Brookie Man’ Phil Redmond to rescue it all now in time for Jan..you couldn’t make it up if you tried, well actually they do and will..we’ll get C.O.C. in mime by Beatle fukcin tribute bands with fake Cilla’s wearing curly permed wigs and ‘taches singing you’ll never walk alone/work again as they ferry across the mersey etc…

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  • Drewster & Converted – thanks for the comments and the information – very interesting to get an individual point of view on various Towns/Cities etc. I think certain segments of the property market will retain value much better than others and the glut of City centre apartments could see some big price declines.

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