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Houses selling like hotcakes in Liverpool!


amariino

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Is anybody else finding that houses are selling in Liverpool as soon as they are listed?

Anybody have any idea how long this will continue for? Surely there is going to be some economic hardship beginning as a result of the government enforced lockdown meaning more people will be trying to sell and less people will be trying to buy. I was hoping to get a bargain, as I guess we all are! Not to compete with many other buyers who are going crazy trying to buy.

Is all of the Liverpool property market going to same way?

 

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I am looking to get my first buy to let and finding it very difficult to view properties in Liverpool as they keep going!

I am cautious of getting caught into a bidding war - as an example a property in L4 sold within 24 hours of being listed, at the asking price of £70k. The property has not been viewed as the current tenant is shielding. If I look at local comparable properties, I would expect the price to be much lower. Also, the current tenant is paying £394 per month - again quite low in comparison to what it could be on rent for.

I can't make sense of the above, and therefore I am coming to the conclusion that people have lost their minds!

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I completely agree! Surely whoever bought that property didn't know what they were doing.Surely the buyer of that property loses from day 1? It's like it's the height of the boom - people are going crazy and overpaying. It's so strange after months of loss of income for so many businesses.

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19 minutes ago, amariino said:

I completely agree! Surely whoever bought that property didn't know what they were doing.Surely the buyer of that property loses from day 1? It's like it's the height of the boom - people are going crazy and overpaying. It's so strange after months of loss of income for so many businesses.

Yep! Another property I tried to book a viewing for is fully booked until end of August!

 

I know Rob and Rob say in their podcasts that not many people have cottoned on to Liverpool, but feels like the opposite right now - very much struggling to get viewings. 

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On 8/9/2020 at 9:14 AM, jmatharu89 said:

Be fearful when others are greedy and greedy when others are fearful!

Great Buffet quote!

I fell the exact same way about Liverpool! Anything I add to my Zoopla wishlist is showing SOLD SCT within a few days. 

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  • 2 weeks later...

Yes, it has gone crazy but the trick is to be the first to view and place an offer.... which then puts other investors off....! 

If you live in say London and have to wait until the weekend or even longer, the chances are by the time you have viewed it (if your lucky) you’ll be in competition with others... 

Gone are the days when you can make an offer and if others rejected come back to it a week later... 


Good luck...

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On 8/9/2020 at 9:14 AM, jmatharu89 said:

Be fearful when others are greedy and greedy when others are fearful!

Yes, so this gives me the impression that I should be fearful of buying in Liverpool at the moment because everyone's gone mad trying to grab property there. I need to wait for the greed to turn to fear, or to find another part of the country where people are afraid to buy, right? What do others think?

 

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Hi @amariino.  I am also stuck in limbo at the moment and having the same thoughts as yourself!

I was in Liverpool on the weekend for some viewings. Most of my viewings were cancelled before I got there because offers above asking price were being accepted. This happened on 5 properties. The viewings I did go to were extremely short as there were waitlists to view them.

When I asked the agents what was the reason for all the craziness they stated it was either pent up demand or buyers taking advantage of the stamp duty reduction.

I am going to back off Liverpool for now and revisit in Q4. 

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  • 4 months later...
On 8/24/2020 at 4:24 PM, gd said:

Hi @amariino.  I am also stuck in limbo at the moment and having the same thoughts as yourself!

I was in Liverpool on the weekend for some viewings. Most of my viewings were cancelled before I got there because offers above asking price were being accepted. This happened on 5 properties. The viewings I did go to were extremely short as there were waitlists to view them.

When I asked the agents what was the reason for all the craziness they stated it was either pent up demand or buyers taking advantage of the stamp duty reduction.

I am going to back off Liverpool for now and revisit in Q4. 

Is there much benefit to be gained from a stamp duty reduction tho when most of the properties are ~£60k-80k? 

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