A property expert that has been working in Merseyside for almost 30 years has said a slump in house prices will be "far less painful" than people are expecting and could actually benefit first time buyers.
James Kersh trained as a chartered surveyor and had a spell in residential sales before settling into commercial property sales and lettings. He now heads up Sutton Kersh Auctions, selling millions of pounds worth of property across Liverpool and beyond each year.
In 2023, he told the ECHO he expects house prices to "soften slightly" as the market adjusts to increased interest rates, but it won't be the major blow everyone is expecting.
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He added: "It is no surprise after the demand driven price rises, we saw off the back of the pandemic and the stamp duty holidays. However, it will be far less painful than people expect, in my opinion."
James said the news "can be very negative" and offered some advice to house hunters in Merseyside, including watching the house prices in the area they're looking.
He said: "Some areas tend to ride the wave because of their desirability and there may not be as many bargains as you first thought.
"With rents increasing it could be prudent to redirect funds into your own home if you are first time buyer. Keep an eye on mortgage rates as ultimately this will determine what you can afford. If house prices drop, then the deposit needed, and the amount of the loan will also fall."
First time buyers could actually benefit from this market, according to James. He said: "The market is currently anticipating a fall in house prices to make it more affordable especially to first time buyers.
"With interest rates rising and borrowing becoming more expensive buyer demand may fall, leading to an adjustment is house prices. It is about affordability and whether prices may drop further, however is you plan to stay in the property for a while then this is not so much of an issue as prices are always cyclical."
If James was looking to invest, he told the ECHO he'd have his eye on "well-let shops with residential uppers" to "spread the risk".
"Vacant residential or investments are still popular in Liverpool because of the relatively high yields," he added.
The Sutton Kersh brand has been operating in Liverpool for more than 40 years. It was bought by Countrywide in 2015, which was then itself acquired by Connells Group in 2021.
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