There are more than 3,400 rental units under construction in the city centre of Liverpool. Credit: Phil Kiel via Unsplash

Liverpool rental market maintains strength

The residential lettings sector “performed extremely well” during the third quarter of 2022, according to a new report by City Residential.

The Q3 Liverpool Residential Update describes an optimistic rental market with strong demand for all property types.

“There has been a surprisingly high number of tenants leaving their tenancies but just as big a rise of new tenants wanting to rent the available stock,” the report notes.

Rents have been rising in the lower and middle end of the market, according to City Residential.

While the cost of living crisis and rising utility costs may damage the sector, City Residential notes that “the only early signs of how this may affect the market appears to be the substantially higher interest in the lower/middle end of the market and in any schemes where utilities are included.”

The impacts of the mini-budget on the economy may also lead more landlords to hold onto their investment property rather than sell it to an owner-occupier, the report notes.

“This should ensure a decent, continued supply of property into the market,” it states.

Regarding the supply, City Residential states there are more than 3,400 rental units under construction in the Liverpool city centre and another 7,200 with planning approval. There are nearly 2,720 stalled units.

When you also factor in the nearly 3,000 homes awaiting planning permission, the pipeline sits at more than 16,300. Despite this, City Residential estimates only 6,820 will be delivered by 2026.

Over on the purpose-built student accommodation side of things, there are 978 units under construction, with another 1,024 with planning permission ready. City Residential estimates that nearly 2,000 of these units will be delivered for 2024.

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Love the old picture of Liverpool

By Anonymous

7200 units with planning approval but many of these are with developers who won`t be building them, we know who they are in the Baltic, in Chinatown, on New Islington, or around Leeds Street. The city council needs to be chasing new developers so we can get these sites active to enable the city to meet it`s targets and show prospective residents that Liverpool is an attractive place to live.

By Anonymous

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