Liverpool property market nears £1bn milestone as city prepares for digital switchover
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.
- Liverpool housing market sees 124% growth in five years, as annual value of sales grows to £996m in 2017
- House prices have increased by over £20,000 (16%) since 2012, with the average house price reaching £148,031
- Market activity has also soared with housing transactions up by 93% since 2012
- Digitisation of Liverpool’s Local Land Charges register set to speed up transaction process and boost the local housing market
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, comments:
“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.” Kindly shared by Search Acumen
I am writing in regard to yet another article on your Inside Conveyancing website from Search Acumen announcing the presumed advantages of Liverpool City Council going live with the Land Registry. Quote “The newly digitised data will provide solicitors with instant access to data needed to carry out due diligence for homebuyers and sellers, which they could have previously waited weeks to receive. This will save buyers and sellers weeks of administrative angst and will also reduce the risk of transactions falling through” There are two parts to a search – the Certificate of Local Land Charges and the Con29. Both parts are required by a solicitor to process a purchase. So even if the solicitor obtains the Certificate – they still need to submit the Con29 part of the search to the local authority which will take a few days to complete. No solicitor will advise their client to go ahead and purchase a property without the Con29. There is no mention of the Con29 in the article. The statement that homebuyers and sellers could have previously waited weeks to receive the search – is largely unfounded. 85% of official searches are returned within 5 working days. I would also point out that solicitors do not rush the house buying process. Many admit this themselves. Even if a private company were to obtain the relevant information for a Con29 themselves –that still takes time. A recent survey was carried out and the results showed that less than 1% of solicitors said that the local search was the reason for transactions falling through or taking a long time. Quote: “As HM Land Registry rolls out the digitised service across England and Wales, homebuyers, sellers, estate agents and solicitors will be set to save millions of unnecessary days spent waiting for vital information to finalise property sales and purchases. We truly believe this revolution will transform the process of buying and selling property in the UK” What will revolutionise the process ? I repeat – both parts of a search are required for any property transaction. Sometimes a third part is required – the Con29O.