Merseyside’s Top Ten streets revealed
WIRRAL tops the latest league table showing the most expensive streets in Merseyside, with eight out of the top 10.
Exclusive Caldy – home to high-profile football celebrities such as Robbie Fowler, Ian Rush and Rafa Benitez – is in the top spot, with prices on Thorsway averaging £2m.
The figures, based on sales of properties between July last year and July this year, also show where the cheapest streets in Merseyside are.
Here, Liverpool dominates with average prices on New Road Court, in Tuebrook, at £14,000, far below the second- placed Breck Road, Anfield, where average prices were £19,000.
Some roads such as Victoria Road in Formby, or Croft Drive in Caldy, which might be expected to figure prominently in the lists, may not have had any sales during the period analysed.
Two streets in the cheapest top 10 are in Wirral – Norman Road, in Seacombe, and Mornington Road, in Wallasey, both seeing average prices of £20,000.
Peter Horner, of Wallasey- based estate agents Bakewell and Horner, said he was not surprised at the inclusion of Norman Road, in Seacombe, in the top 10 cheapest streets, but was shocked that Mornington Road had appeared on the list.
He said: “Houses in Mornington Road and around there tend to go for £100,000 or more.”
But Mr Horner also warned of a movement towards “rental ghettos” as investors target areas where property is cheap.
He said: “In the last three or four months, stuff from the first-time buyer end of the market, around £120,000, is stimulating the market from there upward.
“There is room for very cautious optimism in certain categories.
“But the market under £100,000 is still dropping or static. The price of small two- bedroom homes – what used to be starter homes – has kind of collapsed.
“First-time buyers can benefit from cheap mortgages and are tending to start higher in the market, around £120,000. Little two-bedders are going to investors who want to pick them up for nothing. The offers they are making reflect that they expect to have voids.”
Paul Lea, chairman of the Merseyside-wide Venmore Group, said the housing market has improved “but the top end is really tough”.
Mr Lea is known for selling property at the most expensive end of the market, but he says prices in locations such as Caldy are 20% down from their peak and said football stars now tend to rent, with Caldy being home mostly to people in business.
Mr Lea said he also believes banks are now major players in the rental sector as they put off selling houses they have repossessed, renting them out until the market picks up. He said: “A few years ago, if banks had something to repossess, they would and then put it straight on the market. But, at the moment, they aren’t – but at the top end of the market they face a huge loss if they sell at the moment.”
But Mr Lea said there was room for “cautious optimism” in the housing market, and added: “It’s much better than three or four years ago, but we are still looking at it with a bit of trepidation.”