A mortgage broker has issued advice to people in the city looking to buy their first home
Smithdown Road in Wavertree, an area described as affordable for first-time buyers(Image: Andrew Teebay Liverpool Echo)
An expert has named four areas of Liverpool that first-time buyers should consider purchasing property in. Many young people are finding it harder than ever to get on the property ladder with ever increasing house prices.
Given this, an expert has shared his tips for those looking to buy their first home in the city. Martin Green is the director of J&M Green Mortgage Services, which has a team of eight mortgage brokers and insurance advisors based in Liverpool.
In a blog post last week, Mr Green issued his advice to first time buyers in Merseyside. He argues it’s important to understand Liverpool’s housing market before making any big decisions.
Mr Green said: “According to Nationwide, the average UK house price was £269,426, up 4.7% from the previous year. Whilst this gives a national average, the Liverpool housing market can vary significantly, especially in different areas of the city.
“Rightmove states that house prices in Liverpool averaged £208,570 last year. However, this figure depicts an average across the city, and prices will, of course, be different in certain areas and for particular types of properties.”
Mr Green suggested looking at some of the cheapest areas in the city to purchase property. He said: “As with any city, Liverpool boasts a wide variety of neighbourhoods, each with its own characteristics and price range. For first-time buyers, affordability is often a key consideration.”
Four areas were named by Mr Green as ‘affordable neighbourhoods’ along with the average property price there and its notable features. The first is Anfield, which has an average house price of £117,013. He says the area’s proximity to the city centre and the several regeneration projects underway there are its notable features.
Next is Wavertree. With an average house price of £164,574, it is described as “popular for young professionals” with “good amenities.” Mr Green also lists Norris Green, where houses are sold for an average of £157,139. He describes the area as “family friendly” and close to Croxteth Country Park.
Kensington in Liverpool(Image: Liverpool Echo)
There is also Kensington. The area has an average property price of £150,497. Martin says it is an “up-and-coming area (which is) close to the city centre.”
Mr Green adds that first-time buyers should consider costs beyond monthly mortgage payments. This includes home and personal insurance, utility bills and council tax.