House prices: Liverpool dubbed new ‘property hotspot’ as growth outperforms London
HOUSE PRICES in the city of Liverpool have outperformed London, according to new reports. The city has shown one of the strongest levels of annual house price growth.
By MILLIE BULL
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House prices in northern cities are continuing to grow as more buyers take advantage of the stamp duty holiday. Liverpool is now reportedly overtaking London in its house price growth as buyers take advantage of Government initiatives and property tax savings. Andrew’s Property Group said Liverpool’s average house prices have risen by 16.7 percent since March 2020.
The property firm also said the top four property hotspots in the UK are now all located in the North West.
Oldham saw prices rise by 15.7 percent, Burnley by 15.2 percent and Blackburn by 14.2 percent.
Prices have also rocketed by a whopping 13 percent in Manchester.
House prices: Liverpool dubbed new ‘property hotspot’ as growth outperforms London (Image: GETTY)
House prices: Liverpool’s average house prices have risen by 16.7 percent since March 2020 (Image: GETTY)
Meanwhile, London has only seen prices increase by a meagre 3.7 percent over the same period.
Only four UK towns have seen negative house price growth in the last year.
Stratford-upon-Avon saw the biggest negative growth with a 2.5 percent drop followed by Cambridge, Hartlepool and Gosport.
Andrew’s Group chief executive David Westgate said the property market has been surprisingly resilient this year despite the coronavirus pandemic.
He said: “Considering the economic and social challenges we’ve faced since the country went into national lockdown for the first time last March, the UK property market has proved itself to be extremely resilient in the face of adversity.
“The stamp duty holiday introduced in July has smoothed the bumps and helped fuel house price growth, turbo-charging the property market in the second half of 2020.
“We saw a buyer frenzy, with people looking to take advantage of stamp duty savings up to £15,000.
“That, coupled with continued low stock in many areas, has supported prices.”
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Rob Dix and Rob Bence from Property Hub discussed the figures on The Property Podcast.
They said: “These numbers appear to be true but they’re also astonishing.
“These are massive numbers. This isn’t a property surge, this is a property full-on boom if this data as it appears is correct.
“It really is pretty crazy and it’s even crazier when you consider what has been going on for the last year and what everyone thought would happen over the last year.”
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The average house prices in the UK have risen by £2,500 in the past month, according to Rightmove.
The average asking price in the UK is now £321,064.
The stamp duty holiday was extended in the Budget on March 3 from March 31 to June 30.
From June 30, the stamp duty threshold will change from properties bought for under £500,000 to £250,000 until the end of September.
More than two thirds of properties for sale in the North fall under the £250,000 stamp duty threshold which means buyers investing up there will benefit the longest from the property tax cut.