The stamp duty holiday may have finished but Liverpool's property boom shows no sign of letting up.
Buyers and sellers will have been very aware of the fact that properties across Liverpool are in huge demand with many people having to purchase homes well over the asking price.
The coronavirus pandemic has only added fuel to the fire with many families rethinking where they want to live or how much inside or outside space they need.
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The ECHO recently reported that two Liverpool postcodes have been named as the 'most in demand areas' to live in the UK by Purplebricks.
Buyers were desperate to get their hands on property in L17 and L18 and, during July 2021, Liverpool was top of the search rankings on Purplebricks' website.
People are now snapping up properties almost as soon as they come on the market but there's one housing area that seems to have prospered more so than others since the pandemic.
The buy to let market continues to enjoy a 'mini boom' and the surge in demand from investors has driven up prices in a number of areas as a result.
We spoke to Cathy Holt, associate director of Sutton Kersh, about the buy to let 'mini boom' and what kind of properties investors are snapping up.
Sutton Kersh holds monthly auctions where the majority of business tends to be landlord and investor-led both locally and external.
The auction house has had a particularly busy start to the year; bringing in more than £50 million in just four auctions with a 90 per cent success rate.
Cathy told the ECHO: "This has been our busiest year. The house prices in those first four actions have just gone ballistic, it's crazy.
"I'm not sure why really, I don't think stamp duty has had an any effect, obviously interest rates are still quite low. Liverpool is a very up and coming city and the buy to let market is still very popular.
"I think there has definitely been a change in attitude from buyers. They are definitely paying more than what they would have done before the pandemic and sometimes more than what they are worth."
In their recent May auction, Sutton Kersh had more than 500 bidders registered with 151 properties listed for auction.
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Just under £4 million pounds of property was sold on the day with residential properties in Liverpool and Cheshire 'more popular than ever'.
Ms Holt said that they already have 100 lots for their next auction and predicts they will have another successful year.
The increased demand in the Liverpool market has led to some areas proving particularly popular with investors hoping to snap up up a bargain.
Based on the auctions this year, Ms Holt said one type of property in six different postcodes is where demand is really rising.
She said: "The vacant residentials are the most in demand, the two or three bed terraced homes. The two up two down homes are really popular at auction.
"Your typical two or three bed terraced vacant homes in L4, L5, L6, L7, L15, L20 are proving most popular. These are clearly areas where you can pick up properties at the right price."
However, Ms Holt warned from June 17 planning permission must also be gained for properties being converted into an HMO for three or more people in 11 of the city's Wards.
The council has warned that in areas where HMOs make up more that ten percent of the properties, a planning application will be refused.
Which Wards are affected?
- Anfield
- Central
- Greenbank
- Kensington And Fairfield
- Picton
- Princess Park
- Riverside
- Tuebrook and Stoneycroft
- Wavertree
In addition, part of the following Wards are included:
- Kirkdale Ward bounded by Leeds Street, Vauxhall Road, Ford Street and Scotland Road
- Church Ward bounded by Heathfield Road, Queens Drive, Allerton Road and Rutherford Road
Ms Holt warned the rule change may have an effect at auction but said investors continued to pay the same prices at their previous auction, despite the change being well highlighted.
