Liverpool’s property market is set to reach a £1 billion valuation this year as the total spent on house sales has more than doubled since 2012, new analysis by the property data and technology provider, Search Acumen, has found.

Search Acumen’s findings show the value of housing transactions in Liverpool reached £996 million in 2017, up by 124% from £552 million five years ago. This aligns with local conveyancing firms preparing for the rollout of a new digital portal registry from HM Land Registry to help speed up the homebuying process.

Since 2012, the average house in Liverpool has risen by £20,900, up by 16% in five years. Last year, the average house price reached £148,031, up from £127,131 in 2012.

Activity in the Liverpool housing market has also soared, with annual volumes up by 93% since 2012 – from 3,494 transactions to 6,727 last year.

The analysis comes as Liverpool is set to become one of the first cities in England and Wales to digitise its Local Land Charges (LLC) register, accelerating and improving the process of buying and selling property across the city.

HM Land Registry’s new digitised service 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.

The digital switch-over aims to boost regional economies and property markets across the country as the scheme is rolled out nationwide. With England and Wales seeing around 979,000 property transactions taking place over the last year, Search Acumen says the move could save homebuyers, sellers, estate agents and solicitors millions of unnecessary days spent waiting for vital information to finalise property sales and purchases.

Andrew Lloyd, managing director of Search Acumen, said that by becoming one of the UK’s first cities with access to the digitised and centralised 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,” he added. “The snail’s pace of the transaction process has held back the housing market by delaying movement up and down the chain.”

He continued: “The initiative by HM Land Registry is a key part of transforming property transactions by helping to save time and reduce fall-through sales.”

“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.”