There were £996m of housing transactions in Liverpool in 2014 – a 124% increase on five years ago, Search Acumen analysis has found.
Average house prices in the city currently stand at £148,031, a £20,000 (16%) increase from 2012 levels.
Liverpool will be one of the first cities in England and Wales to digitise its Local Land Charges (LLC) register, expediting and improving the process of buying and selling property across the city.
The digitised service from HM Land Registry will eventually provide solicitors across England and Wales with online access to data needed to carry out due diligence for homebuyers and sellers, which they would have previously expected to wait up to 40 days to receive in some parts of the country.
Andrew Lloyd, managing director of Search Acumen, said: “Liverpool’s property market has boomed over the last five years to approach an annual valuation of £1bn.
“By becoming one of the UK’s first cities with access to the digitised and centralised Local Land Charges (LLC) register, investment in the Liverpool property market could be set to grow even further.
“The digital switch-on will be welcome news to local residents, businesses and investors. The snail’s pace of the transaction process has held back the housing market by delaying movement up and down the chain.
“The initiative by HM Land Registry is a key part of transforming property transactions by helping to save time and reduce fall-through rates.
“Search Acumen has long championed the practical benefits of opening up property data for law firms and homebuyers, and we look forward to working alongside HM Land Registry to make Liverpool’s switch-on a success.”