Liverpool’s property market is set to reach a £1bn valuation this year as the total spent on house sales has more than doubled since 2012, according to new analysis by Search Acumen, the property data and technology provider.
With local conveyancing firms preparing for the rollout of a new digital portal registry from HM Land Registry to help speed up the homebuying process, Search Acumen’s findings show the value of housing transactions in Liverpool reached £996m in 2017, up by 124% from £552m just five years ago.
Since 2012, the average house price among Liverpool residents has risen by £20,900: a 16% increase in five years. The average house price last year reached £148,031, up from £127,131 in 2012. Activity in the Liverpool housing market has also soared, with annual transaction volumes up by 93% since 2012 from 3,494 transactions to 6,727 last year.
The analysis comes as Liverpool is set to become one of the first cities in England and Wales to digitise its Local Land Charges (LLC) register, expediting and improving the process of buying and selling property across the city.
The newly digitised service from HM Land Registry will eventually provide solicitors across England and Wales with online access to data needed to carry out due diligence for homebuyers and sellers, which they would have previously expected to wait up to 40 days to receive in some parts of the country.
The digital switch-over is set to boost regional economies and property markets across the country as the scheme is rolled out nationwide. With around 979,000 property transactions taking place over the last 12 months in England and Wales, the move could save homebuyers, sellers, estate agents and solicitors millions of unnecessary days spent waiting for vital information to finalise property sales and purchases.
Andrew Lloyd, Managing Director of Search Acumen, said: “Liverpool’s property market has boomed over the last five years to approach an annual valuation of £1bn. By becoming one of the UK’s first cities with access to the digitised and centralised Local Land Charges (LLC) register, investment in the Liverpool property market could be set to grow even further.
“The digital switch-on will be welcome news to local residents, businesses and investors. The snail’s pace of the transaction process has held back the housing market by delaying movement up and down the chain. The initiative by HM Land Registry is a key part of transforming property transactions by helping to save time and reduce fall-through rates.
“Search Acumen has long championed the practical benefits of opening up property data for law firms and homebuyers, and we look forward to working alongside HM Land Registry to make Liverpool’s switch-on a success.”