Following national lockdown in March 2020 and the halt to virtually all property transactions, the market has seen a resurgence.
Since then, the local market in Liverpool has been exceptionally busy – we are regularly seeing greater activity across our offices in Penny Lane, Garston and the City Centre. A recent statistic indicated that last month mortgage approvals rose to their highest rate in 13 years which is a positive sign for post-lockdown recovery.
Estate agents and conveyancing solicitors are of course waiting to see whether the current increase in activity is a short-lived bubble of supressed demand, but the incentive of the stamp duty holiday, which is in place until March next year, certainly appears to be working well in keeping the market moving at the moment.
New build and development of new residential property – both in the social housing and open sales market – across the Liverpool city region, include plans for a residential tower to be constructed on the iconic waterfront. Subject to planning approval, the tower will be the first in a series of developments within that area and hopes to include a hotel and residential apartments. We can see similar opportunities for more clients in the pipeline, it would appear as though this market is not currently being ‘put off’ from simply getting on with things.
There is, and has been for a long time, a significant demand for more housing, so it is perhaps not surprising that activity is still strong – it is however vital for the sector to be protected by the Government moving forward, in order to ensure the level of confidence and activity is maintained.
Mark Alexander, Head of Commercial Property, Gregory Abrams Davidson Solicitors.