2020 has been a year of challenges, however, it appears that although a lot has changed in all aspects of our lives that Liverpool’s property industry continues to thrive despite the difficult circumstances. This means great things for property jobs in Liverpool and can be seen through a range of different factors from strong sales to continuous property projects forging ahead in the city.
City Residential, one of Liverpool’s leading estate agents, has reported that they are currently in the midst of their most successful selling period in more than a decade. City Residential claim that property sales in the city centre are booming which is partly due to the low interest rates currently in the market as well as the stamp duty holiday which is inspiring buyers and investors to take the leap into property purchases.
Managing Director Alan Bevan acknowledges the devastating impact that COVID-19 and the subsequent lockdowns have had on the city’s economy, describing 2020 as providing ‘some of the most challenging times that we have experience in 20 years of business.’ However, Bevan also revealed that between May and October, the agency actually experienced its most successful selling period in more than a decade.
Bevan explains how ‘if anyone had told us that in March we would have seriously questioned their judgement, yet that is exactly what happened.’ He explains how although the stamp duty holiday may have contributed to this trend, there are a range of other factors that played a hand in driving said demand.
Bevan highlights how ‘there is plenty of cash floating round the market and given the volatility of the stock market, property still appeals to many people.’ And as Liverpool continues to go from strength to strength and become a more desirable location to live and work in ‘there are plenty of investors looking to snap up any bargains as well.’
Bevan explains how ‘some landlords are keen to sell given the challenges of the rental market thereby offering some good quality, well established stock for sale’ which is being taken advantage of from a range of different demographics from first time buyers to experienced investors.
The lettings market in Liverpool has also experienced some unprecedented trends with Bevan stating that ‘while we did expect the upper end of the market to suffer due to lower numbers of overseas students this year, the lower to middle end has performed ahead of expectations’. The majority of UK students returning to accommodation for the start of the academic year has a big impact on this trend and although there is a certain amount of uncertainty due to the rise of online lectures and classes as we move closer towards a vaccine we hope to see these key players in the lettings market continue to sustain their rentals as they try and reclaim a certain amount of normality.
2020 has been a volatile and unpredictable year, however, it is extremely positive to see that the desire to live and invest in Liverpool still remains. The city has so much to offer and people are continuing to recognise this despite the challenges brought about by lockdown regulations and social distancing which means that the property market in Liverpool has more than weathered the storm and it will be exciting to hopefully see these trends sustained as we move closer to a society with less restriction as we move into 2021.
Written by Rachael Gray.
Rachael Gray is a Director at Clifton Gray specialist property recruitment company. Follow Rachael on linkedin or email firstname.lastname@example.org to discuss current Liverpool and Manchester property jobs, or to find out how Clifton Gray can secure the best talent for your property business.