Significant slowdown in offers

Sep 17 2007 by David Bartlett, Liverpool Daily Post

LIVERPOOL and Wirral’s housing market slowdown is being replicated in Southport, Warrington, St Helens, and Halton.

“It is part of a national picture,” said economist Peter Stoney.

He said his daughter was selling her Mews-style terrace in Southport, and it had taken six months and a £7,000 price drop to sell.

“Estate agents are seeing a significant slowdown in viewing figures and offers,” he said.

“Offers are consistently being put in below the asking price.”

Southport estate agent Lynn Thompson said: “People are being more cautious due to a combination of factors, interest rate hikes is a large one.”

Clive Gill, valuer at Peter Brown, Southport, said prices were due to remain at these levels for a while.

“It’s a buyers’ market because of the sheer number of homes on the market,” he said.

John Rider, property manager at the Kennedy Partnership, Ormskirk, said West Lancashire’s rural and semi-rural location remained popular. The location, in line with Daily Post figures, had seen modest price rises.

“The next 12 months will depend on the level of interest rates. If interest rates remain stable, I think the housing market will do well.

“Prices will not take off substantially, but there will be underlying demand for property in West Lancashire.”