The UK's Integritas Property Group (IPG) has sold out two new residential developments in Liverpool, UK, intended for the buy-to-let market.
The development firm said it completed the sales in less than three months.
Mitchell Walsh, IPG founder and managing director, said: 'We are thrilled that these developments have both now sold out and the buy-to-let market in Liverpool looks to be performing well.
'With the recent drop in inflation, investor interest should keep growing. It appears that mortgage interest rates may have already peaked and are expected to decrease further, which will likely keep investors motivated.'
IPG’s Copper Box development, located in Crosby, has benefited from a growing market for well-built and 'ethical' buy-to-let property, according to the firm, with its 27 apartments selling out in just two months.
Sold as a leasehold with a share of the freehold with an anticipated 6.5% anticipated net rental yield, this investment is expected to benefit from the £14 bn (€16.4 bn) already invested in Liverpool city centre. This comes ahead of a further £120 mln injection for the city which has been attained through the local finance For growth fund.
Vaux at Naylor Street also saw its 62 apartments snapped up within 17 days. With rents expected to yield 7.5% and short-term lettings investors yielding updates of 10% per annum, Vaux is currently subject to planning, which the firm expects to be finalised imminently.
Liverpool experienced a year-on-year growth of 8.6% in property prices between 2021 and 2022, with the average property price currently at £215,794, with flats fetching over £141,424.
The wider North West region is also experiencing a period of growth, with average prices rising 7.2% over the past 12 months. This is being driven by factors including the economy, high employment rates and a high supply/demand imbalance.
