The UK property market is forecast to slump even further in the coming months as a recession looms.
New figures have pinpointed the areas of Merseyside where buyer demand is falling. Propcast, which provides forecasts on the property market, has given each region of Merseyside a 'temperature' indicating the percentage of homes for sale are under offer.
Overall, Merseyside has a score of 56, meaning more than half of homes for sale are under offer, showing buyer demand is high despite the cost of living crisis and rocketing interest rates.
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However, Propcast said evidence is showing the region's market is "slowly moving towards buyers", with demand falling on average by 16% in the last three months. Those areas seeing the biggest fall in demand are the following:
L3 - 39% difference
L16, Belle Vale - 35% difference
CH46, Wirral - 33% difference
CH41, Birkenhead - 32% difference
L26, Halewood - 32% difference
L18, Allerton/Mossley Hill - 30% difference
CH44, Wallasey - 29% difference
L15, Wavertree - 27% difference
L13, Old Swan - 26% difference
Gavin Brazg, founder of PropCast, said that while "most of Merseyside" is still in a sellers' market, there have been "big drops in demand".
He added: "More properties are also coming to market. This re-balance means the balance of power is slowly shifting towards buyers, which will mean house prices will stabilise and potentially even fall slightly."
The best postcodes for sellers at the moment are the following:
L10, Fazakerley - 76%
L28 - 76%
L27 - 75%
L30, Bootle - 72%
WA12, Newton-le-Willows - 72%
The worst areas at the moment for sellers - but the best for buyers - includes large swathes of Liverpool city centre:
L2 - 11%
L1 - 13%
L3 - 19%
L8, Toxteth - 29%
L5, Everton - 34%
Gavin added: "It's more important than ever before for sellers to remain realistic about what their home is worth, and choose a good local estate agent who will implement an optimal pricing and marketing strategy. Otherwise, they will find their home will struggle to sell."
Gavin said as a result, buyers could be able "to negotiate on price", a rarity in the market in the last few years.
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