City Res: Buyers avoiding tenanted apartment blocks

There is a threat of a spike in supply to the city centre residential market in Liverpool from repossessions, according to the latest quarterly report by local agents City Residential.

The report says repossessions remain light but are starting to increase. Alan Bevan, director of City Residential, added: "There is an expectation from some commentators that repossessions may well increase this year as banks start to offload some of their problem loans. Although we agree with this to some degree there is no doubt continued low base rates and a strong rental market will continue to support the "under pressure" landlord and may well allow them continued relief from the large fall in values that they have suffered."

Demand remains strong in certain locations, particularly those with less rental tenants and more owner-occupiers. Bevan said dockside developments such as South Ferry Quay, Waterloo/Wapping Warehouses and The Colonnades continue to attract buyers who are keen to stay or move into the city.

He added: "It is not only the lower end of the market that is performing in these developments with us having sold numerous properties between £250,000/£500,000 including one in the Colonnades recently at £575,000."

The reports also claims the population of the city core and docklands of Liverpool has doubled in the past four years to 28,514 from 14,000 in 2006. Students account for around 10,000 of the city centre population.

Bevan said: "With occupancy levels reasonably steady at around 83% and over 1,300 properties under construction there is further room for growth even without any new build starts in the next few years."

The report is published by City Residential in association with PR agency Paver Smith.

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