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Hi All,
I have been looking of late at investment properties in Liverpool / Manchester area, was wondering if anyone has had any prior experience purchasing in the areas?
I ask this as I was offered a one bed (double room) apartment in Liverpool City Centre for 115,000 Sterling, with a rental of 550 pcm... now this seems extremely attractive, the service charge was 600 sterling per year which was reasonable given the fact there were two lifts.
They assured me no chain was involved but were pressing hard for the sale... the longer negotiations went on the more wary I became and in the end up didn't proceed with the property...
Can anyone advise of comparables in the areas or any experiences they would have had when purchasing in similar locations?
All feedback appreciated...
Regards,
J
My brother my Dad and I have 2 apts in Liverpool city cente. It started as a accomodation for my bro who decided to do anothe 4 yeras college there and so he and I went in to save him blowing another 4 years rent.
The city has a huge student population and the srudent accom scene is dominated by companies who run blocks of the standard student accomodation. 4 en suites off a communal living room type accom.
Offering a 2 bed private accom, where tenants ( maturer students ) do not have to live in the full on, 24/7 party, student environment of the student blocks, has worked out fine so far. No shortage of takers for the students who want a more quieter, civilised life and better quality of accom.
The rent yield as a % is higher than available here and there are no stamp duties in the city centre areas near the colleges as part of the urban regen.
There is a council tax and mainuenace fees are lower than what I have experienced here. The city is a bit of a dump and one would hope that it improves in the direction of Manchester over the next 10 years.
There is huge regeneration as part of city of culture also.
It could be an idea alright houses are way more reasonable than Irish ones at the mo at least. Certainly worth looking into just my two cents.
I agree,
It's all about supply/demand and afordability for the locals.
....
Look at the fundamentals of Liverpool - low salaries, high supply
“All of these city centres are operating at close to saturation,” said Lucian Cook, head of residential research at Savills, the agents. Mr Cook said turnover was down, “particularly among private buy-to-let investors who generally account for the majority of purchasers in these markets.”
David Fenton, of Knight Frank, said he was aware of some developers offering discounts of up to 25 per cent to shift properties.
There had always been a tendency for housebuilders to inflate prices in order to offer “artificial” discounts, said Mr Fenton. “Now there is reasonably heavy discounting, what I’d call discounts off the real values as opposed to the inflated values.”
City flat prices plunge
PLUNGING property prices saw a flat in one of Liverpool’s swankiest blocks selling for half its 2004 value.
A two-bed apartment in Old Hall Street skyscraper Beetham Tower was snapped up at auction this week for only £101,000.
Yet the same flat changed hands for £206,500 in May 2004.
City estate agents today admitted prices in Liverpool were dropping and said the market for flats was saturated.
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