Merseyside viewed as potential property powerhouse
According to recent reports, the areas around the River Mersey are attracting increased commercial investment, which could lead to a buoyant property market in the future.
While house prices on the Wirral and in Liverpool are still below pre-downturn levels, estate agents in the area reported to the Financial Times (FT) that lettings and sales have recently been the strongest they have been for many years. This was put down to major commercial expansions in the region, as well as the increasing number of overseas students being drawn to the area.
All of this may very well lead to increased homebuilding efforts on either side of the river, with the foundations on the Wirral and in Liverpool being laid for a number of new developments. This includes various high-end sites on the waterfront, such as those at the Royal Albert Dock and the Peel Group’s Wirral Waters project.
The latter is seeking to redevelop a number of sites across the Birkenhead docklands, which could lead to the creation of thousands of jobs and substantial corporate investment, especially from overseas.
The renovation of individual properties on the Wirral have also been indicative of the increased confidence in the local housing market. For example, a 1920s five-bedroom home in Thurstaston has been listed at £2.49m by Savills, while another dwelling on the Wirral, which comes with its own acre of land, is on the market for £2.3m via Jackson-Stops & Staff.
For Merseyside to meet its full potential as a northern powerhouse, it has been reported that an enhanced infrastructure will be needed to connect it to other major economies, such as Leeds, Manchester and the South. However, with a number of large-scale transport projects on the horizon, FT noted that professionals in the area were confident that the local property market would be boosted.