“Strong Market Hit by Cladding Issues”
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“Strong market hit by cladding issues” LIVERPOOL RESIDENTIAL UPDATE QUARTER 1 2021 Twitter.com/cityresidential Facebook.com/cityresidential @cityresidential.co.uk City Residential City Residential is Liverpool’s award winning, premier residential agent specialising in city living in Liverpool and across the region. In addition to having one of the largest residential teams in Liverpool we are also recognised as one of the leading northwest residential specialists with our consultancy services respected throughout the industry. We have been operating for over 20 years from Liverpool’s largest, most prominent, and modern showroom: • Sales • New Build Sales/advice/consultancy • Lettings/Management • BTR (Build to Rent) advice/consultancy and management • Bulk Deals & Investment Properties • Land/Development sales and acquisitions • Student sales, lettings, and consultancy advice For further information contact Alan Bevan on 0151 231 6100 or 07970 498187 [email protected] www.cityresidential.co.uk WIRRAL WATERS COMING SOON Experience dockside living with these stunning new modular homes from Urban Splash/Peel L & P. Part of the 4.5billion Wirral Waters redevelopment. Choose between Town House or Row House from HousebyUS. Range of sizes, designs, bedrooms and pricing including the ability to configure your own Town House. Register for details now [email protected] 0151 231 6100 RESIDENTIAL SALES As the majority of the last quarter continues to be dominated by Covid-19 we have decided to summarise the main issues affecting the market from both a positive and negative perspective allowing you to see at a glance the effects the pandemic has had on the residential market in the city. Positives • Market has performed really strongly over the last quarter with sales ahead by around 40% in comparison to the same quarter in 2020. • The market has been helped in no uncertain terms by the announcement in the March budget to extend the stamp duty deadline until end of July (for properties up to £500k) and end of September (for properties up to £250k). • Continued low interest rates, and the likelihood that this will continue indefinitely, is making property purchases in the city extremely affordable. • Prices in the suburbs have boomed as many buyers have looked to purchase properties away from the town/city centres. This has created a larger gap in pricing between the city and the suburbs creating even better value for buyers. • The challenges of the market over the coming months/years will almost certainly reduce the pipeline of new developments which in turn should take some of the pressure off new supply. Negatives • The challenges in the rental market are resulting in an increase in supply of property for sale which, if not matched by an increase in buyers, may ultimately cause prices to fall. • The “carnage” in the short term/Airbnb and serviced apartment sector is continuing to encourage some landlords/investors/operators to sell their apartments/schemes, again potentially increasing the supply in the city. This may be reversed as we slowly exit lockdown although there is no sign of this just yet. • The market continues to suffer from the fall out of the Grenfell Tower/cladding issues with many apartment blocks currently unsaleable/unmortgageable until the cladding is renewed. EWS1 forms have become extremely difficult to obtain. (See Headline Blog) • Some buyers are deferring a potential purchase until they understand the effect of Coivd- 19 on the market in terms of pricing, supply, and sustainability of the city. • The effects of Covid-19 on the fabric of the city could be devastating, especially if further lockdowns are required/lockdowns last longer than anticipated. The city has prospered on its reputation as a vibrant, exciting, and friendly place to live, something which could be under threat should the ongoing effects of Covid-19 be more severe than we currently anticipate. This may become more evident over the coming months as we exit lockdown, and we see how business confidence will affect future/ongoing investment in the likes of restaurants, bars, clubs and other retail/leisure operations. RESIDENTIAL SCHEMES for SALE 0151 231 6100 ---------------------------------------------------------------------------------------------------------------------------- WIRRAL WATERS No of Apartments/houses: 347 homes Type: 2, 3 and 4 bed townhouses Address: Dock Road, Birkenhead/Wallasey, CH41 1DP Prices From: Register now on 0151 231 6100 Sales Pavilion: Opening in July 2021 ---------------------------------------------------------------------------------------------------------------------------- PERCY PLACE No of Apartments/houses: 6 houses Type: 4 bed houses Address: Percy Street, Canning, Liverpool, L8 7SE House Prices From : £464,950 Showhome/apartment: Via Appointment ---------------------------------------------------------------------------------------------------------------------------- ADVERTISEMENT Completions City Centre Prices and Completions from ZOOPLA Current average value £149,063 L1 Sales Price Paid Change 3 months 3 £143,675 -£1,438 -1.65% 6 months 16 £144,623 -£1,104 -1.23% 12 months 28 £147,300 £3,743 3.33% Current average value £164,409 L2 Sales Price Paid Change 3 months 2 £109,453 £40 0.02% 6 months 10 £106,979 -£1,342 -1.54% 12 months 15 £113,452 £5,459 4.11% Current average value £179,399 L3 Sales Price Paid Change 3 months 7 £216,000 £512 0.29% 6 months 30 £177,740 -£899 -1.02% 12 months 80 £174,697 £4,812 3.51% Current average value £170,665 CITY CENTRE Sales Price Paid Change 3 months 12 £180,161 -£295 -0.45% 6 months 56 £155,642 -£1,115 -1.26% 12 months 123 £160,991 £4,671 3.65% The information above is taken from Zoopla sold house prices and whilst is accurately recorded may not actually represent all of the properties that have been registered during the quarter. The actual figure may be higher/lower than that shown as some sales are not always shown on Land RegistRy. The average pricing achieved may also be affected by low transaction levels. This report is read by up to 10,000 people every quarter Distributed to: Investors, landlords, tenants, buyers, sellers, estate agents, letting agents, planners, landowners, developers, commercial agents, facility managers, surveyors, architects, bankers, quantity surveyors, project managers, retailers, serviced apartment operators, financial advisors, wealth managers, finance companies, solicitors, accountants, developers, housebuilders, housing associations, private equity, fund managers, investment houses, insurers, politicians, councilors, managing directors, chief executives, advertising companies, PR companies, journalists, media companies, web designers and many more For more information on advertising or sponsorship Contact Joanne Shannon [email protected] 0151 231 6100 RESIDENTIAL DEVELOPMENTS FOR SALE/UNDER CONSTRUCTION Kings Dock Mill Phase 2, Hurst Street, Baltic, L1 8DN Developer YPG Number of Apartments 204 Apartment Types 1,2 & 3 bed and townhouses Type of Sale Investor New Build/Conversion New Build Build Complete Spring/Summer 2021? Comments/Updates Second phase of Kings Dock Mill scheme adjoining The Hilton in Baltic ART Apartments, Tabley St, Baltic L1 2HB Developer Baltic Cool/LAGP Number of Apartments 55 Apartment Types 1 and 2 bed Type of Sale TBC New Build/Conversion New Build Build Complete Summer 2021? Comments/Updates 11 Storey scheme on vacant land adjoining Kings Dock Mill phase 2. One Baltic Square , Grafton St, L1 0BS Developer Nexus Residential No of Apartments 298 Apartment Types Studios, 1, 2 and 3 bed Type of Sale Investor New Build/Conversion New Build Build Complete 2022 Comments/Updates Bought by Nexus Residential from YPG in March 2020 The Vaults, St James Street, Baltic, L2 2HT Developer Crossfield/Torus Number of Apartments 64 apartments Apartment Types 1 and 2 bed Type of Sale Rent to Buy New Build/Conversion New Build Build Complete 2021 Comments/Updates Small turnkey scheme for Torus on the edge of Baltic Triangle. FOR SALE/UNDER CONSTRUCTION Stanley Dock, Regent Road, Liverpool, L3 0AN Developer Harcourt Developments Number of Apartments 538 Apartment Types Studio, 1 and 2 bed Type of Sale TBC New Build/Conversion Conversion Build Complete 2020 onwards Comments/Updates Redevelopment of former Tobacco Warehouse at Stanley Dock. Parliament Square , Great George St, L1 0BS Developer Legacie No of Apartments 505 Apartment Types Studios, 1, 2 and 3 bed Type of Sale TBC New Build/Conversion New Build Build Complete 2021 Comments/Updates Large 12/18 storey mixed use scheme on corner of Baltic Triangle Poet’s Place, Clegg Street, Liverpool, L5 3LU Developer Caro No of Apartments 127 Apartment Types Investor Type of Sale TBC New Build/Conversion New Build Build Complete Early/Mid 2021 Comments/Updates Adjoining Caro’s City Point student scheme just off St Anne’s Street Fabric District Residences , Liverpool, L3 8HA Developer YPG No of Apartments 208 Apartment Types Studio apartments Type of Sale Investor New Build/Conversion New Build Build Complete Early/Mid 2021 Comments/Updates Located on Devon Street and spread over 9 floors FOR SALE/UNDER CONSTRUCTION Victoria House, James Street, Liverpool, L1 6BD Developer AR & V Investments Number of Apartments 105 Apartment Types Studios and 1 bed Type of Sale Retain for letting New Build/Conversion Conversion Build Complete 2021 Comments/Updates Former stalled site purchased for a co living scheme Element The Quarter , Low Hill, Liverpool,