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Flat Out For A Bargain On Liverpool
April 9, 2009Article by Ray Withers
Buying below market value property in Liverpool may soon be a lost chance if property prices start to recover. The latest news shows mortgage approvals are increasing and that property prices rose nearly 1% in March 2009. Liverpool has always been an attractive place for property investors – the city has a personality, was recently voted a European capital of culture and has had millions spent on new buildings and infrastructure.
The city has always been a business centre with good employment opportunities. Unfortunately, property in Liverpool has suffered in the property bust, mainly due to over supply of speculators trying to make a killing with off plan new build flats. But every cloud has a silver lining, and where the speculators and developers are losing out, savvy property investors can move in for a bargain. For instance, Property Frontiers is offering an exclusive deal on flats at Merchants Court, Wavertree, Liverpool, built by a leading UK developer just a few minutes walk from Wavertree High Street and a short train ride from Liverpool city centre.
Prices start at £89,960 for a ground floor flat with a current valuation of £119,950 and an estimated gross rental return of about £650 per month. Merchants Court , comprises 34 two-bedroom apartments arranged over three floors. The developers were a major UK company that needs to grab some money back from Merchants Court to ease their cash flow.
Each apartment has double-glazed windows and comes with a quality fitted kitchen with built in electric oven, hood and hob, standard washer and dryer laundry facilities and electric showers in the bathroom suites. The development is also very secure in a private gated setting with phone entry system. These flats are even ideal for first-time-buyers who need to put down an average 24% deposit to gain the best mortgage rates – and as any mortgage offer is based on the buying price if it is less than the valuation, they can make an instant profit when turning the key in the door for the first time. Working out the deposit at 24% means the buyer needs £21,590 and a mortgage of £68,370, which makes the deal much more affordable than the £44,000 deposit required for the average priced UK flat – which stands at £183,000.
These figures show what a phenomenal bargain below market value property in Liverpool can be for investors and first time buyers.