Liverpool Property Market Report

To understand property price growth in Liverpool a little better, let’s compare the average house price Liverpool offers with the average property price in other UK areas.

Property Prices Liverpool vs Average UK House Prices

As analysed in section one, between January 2010 and December 2015, five-year Liverpool property price growth averaged out at 3.07%.

While still positive growth, this increase was smaller than that seen throughout the property market in Liverpool over more recent years.

So, how does this five-year growth between 2010 and 2015 compare to average house price growth for the UK as a whole?

Between January 2010 and December 2015, UK average property prices grew by 22.3%. Evidently, this was a higher increase than that of Liverpool’s 3.07% growth during the same period.

Between January 2015 and December 2020, UK average property prices increased by 31.9%. Interestingly, Liverpool’s average house price growth rate between the same period exceeded the UK average, with an increase of 32.5%.

Over a 10-year period between January 2010 to December 2020, UK property prices increased by an average of 50.1%. While this is higher than Liverpool’s 29.8% growth, it’s clear that Liverpool house price growth has played a big part in the UK’s overall property price growth.

Property Prices Liverpool vs Average London House Prices

The North vs South divide has been a huge topic amongst the property industry for some time, mostly due to the affordability of northern cities like Liverpool being compared to the expensive house prices of London.

To get a better idea of how different property prices are in London vs Liverpool, let’s compare average property price growth in each area over the last 10 years.

Between January 2010 and December 2015, average house price growth for London stood at 60.8%. This figure well exceeded the average growth within the Liverpool property market of 3.07%.

Over the next five years, however, Liverpool’s average growth of 29.8% exceeded London’s. Between January 2015 and December 2020, London experienced house price growth of 23.1% on average.

This meant that from 2015 to 2020, Liverpool property price growth was 6.7% higher than London house price growth.

Throughout 2020, a year in which the UK saw some record-breaking growth rates, London property prices also increased by just 3.5% from December 2019 to December 2020.

In contrast, Land Registry data records a 14.2% increase in the average property price in Liverpool during the same period.

Property Prices Liverpool vs Average Manchester House Prices

Liverpool and Manchester are, in many ways, very similar cities. Both are based in the North West region and prove to be a popular place to live for students, families, and young professionals.

One area that Liverpool and Manchester slightly differ, however, is with their property markets. While both cities have high-performing property markets, average house prices in Manchester are slightly higher than those in Liverpool.

There have also been some key differences between Manchester property price growth and the growth of property prices Liverpool has recorded over the last 10 years.

From January 2010 to December 2015, the average property price in Manchester increased by 21.1%, exceeding Liverpool’s 3.07% growth.

Then, from January 2015 to December 2020, 49.0% average growth was recorded for house prices in Manchester.

This means that house price growth for Manchester during this period was 19.2% higher than the rise in value for property prices seen in Liverpool.

Overall, Manchester’s average property price increased by 67.3% from January 2010 to December 2020.

While Liverpool also experienced an attractive 10-year growth rate of 29.8%, Manchester comes out on top for past long-term property price growth.

However, between December 2019 and December 2020, Manchester’s growth rate of 7.9% fell below Liverpool’s 14.2% property price growth rate. This suggests that the Liverpool property market could be quickly exceeding its North West counterpart.

L1

£127,248

City Centre

L5

£111,297

Anfield, Kirkdale, Vauxhall, and Everton

L6

£128,977

Anfield, City Centre, Everton, Fairfield, Kensington, Tuebrook

L7

£127,532

City Centre, Edge Hill, Fairfield, Kensington

L15

£155,902

Wavertree

L18

£361,819

Allerton, Mossley Hill

L25

£353,555

Belle Vale, Gateacre, Hunts Cross, Woolton, Halewood

If you’re a buy-to-let investor who doesn’t wish to purchase student accommodation, or you’re a homeowner or first-time buyer looking to purchase property to live in, the residential Liverpool property market is what you’ll focus on.

The residential housing market in Liverpool is currently thriving, with high demand fuelling growth for the average property price in Liverpool.

In fact, due to such high demand for property, many buyers have been willing to pay thousands of pounds over the asking price of homes on the market.

So, what exactly is driving this demand within the Liverpool property market?

Over the last few years, more people have been moving outside of London and relocating to more suburban cities and towns, many of which have been in the North.

According to a report published in the Guardian in February 2020, 13% of people leaving London moved to the North of England in 2019. Back in 2009, only 1% of people did the same, which indicates a rising demand to live in Northern cities.

During the Covid-19 pandemic, one of the biggest property market trends has been the focus on finding homes that best suit people’s new way of life.

With national lockdowns causing bars, restaurants, and leisure attractions to temporarily shut and many people working from home to limit the spread of the virus, a lot of people chose to buy property outside of London and instead look to more rural locations.

According to estate agents Hamptons, the Covid-19 pandemic led Londoners to buy £27.6 billion worth of homes outside of the capital – the largest amount spent since 2007.

What’s So Good About Liverpool?

So, what is it about Liverpool that makes it such a great city to live in? Not only does Liverpool offer some of the most affordable property prices in the UK, but it’s also a city with a lot to offer in terms of culture, music, business, and things to do and see.

Culture

Hailed European Capital of Culture back in 2008, Liverpool is a great city to live in for those with a passion for art, design, architecture, and more.

The city is littered with fantastic art galleries and museums, such as Tate Liverpool and the Walker Art Gallery, and there are frequent events held in the city to encourage creatives to come together and network.

Music

The Beatles, Cilla Black, and the Wombats are just a few of the big music names that have hailed from this Northern city.

For music lovers or budding musicians, Liverpool is a great place to be. Regular music events like Liverpool Sound City allow residents to enjoy the local music scene, with BBC Radio 6 music festival recently choosing Liverpool to host their 2019 event.

Business

So many great businesses are based in Liverpool. Whether you’re interested in working with a renowned business name like Matalan or you’re keen to work with a smaller start-up business, Liverpool has it all.

The business scene in Liverpool is one of the reasons the Liverpool property market is so strong, with high numbers of professionals looking to buy and rent in the city to take advantage of the opportunities available.

How Does the Cost of Living in Liverpool Compare to the Rest of the UK?

The cost of living in Liverpool is a huge factor that has caused more people to purchase property in the city’s residential market.

But how does the cost of living in Liverpool compare to the living costs for other UK cities? On the right-hand side is a table outlining the cost of living in Liverpool and seven other major UK cities, looking at average property asking prices, rental costs, food and drink, and transport.

As you can see, property prices and rental costs are the lowest in Liverpool. The cost of a meal in an inexpensive restaurant and a one-way public transport ticket is also cheaper in Liverpool than in many other cities.

Those who are tired of paying the high living costs of cities like London are taking notice of the Liverpool residential property market for a more affordable but equally attractive way of life.

One of the things that can really shape the strength of an area’s property market is regeneration.

In Liverpool, ongoing regeneration schemes have given the city’s housing market a huge boost over the years, which has undoubtedly helped fuel Liverpool property price growth and encourage investment in the area.

Here is some information on both past and future regeneration schemes in Liverpool.

LiverpoolONE

Without LiverpoolONE, one of the city’s most famous regeneration projects, Liverpool city centre as we know it would be unrecognisable.

LiverpoolONE is a shopping and leisure centre in the heart of the city. Having launched back in 2008, this regeneration scheme cost £960 million and has become a major attraction for the city.

The Liverpool Knowledge Quarter

The Liverpool Knowledge Quarter is located in Liverpool city centre and spans across many of the city’s most prominent university campuses. As such, the Knowledge Quarter is seen as a place for learning and innovation.

The scheme first began back in 2000 and has seen £1 billion worth of investment. Further regeneration is still ongoing, with more money yet to be spent on zones within the district, such as Paddington Village.

Project Jennifer

Project Jennifer is a regeneration scheme that focuses on the renovation and redevelopment of Liverpool’s Great Homer Street. This has involved new housing, improved transport links, new neighbourhood facilities, and enhanced public spaces.

This £150 scheme has done a lot to transform a key part of Liverpool and increased the appeal of the area as a great place to buy or rent property in Liverpool.

Liverpool Waters

A future regeneration scheme set to transform the Liverpool waterfront, Liverpool Waters is a highly anticipated redevelopment project costing around £5.5 billion.

The scheme will see areas of Liverpool’s docklands, such as Clarence Dock, completely renovated with the introduction of new homes, office spaces, leisure attractions, and more. Led by the Peel Group, this scheme is set to encourage further investment and overall interest in the Liverpool property market.

If you’re interested in the property market in Liverpool, you’ll want to stay up to date with the latest property-related news and press.

Here are three of the most recent pieces of property news for Liverpool, complete with our own insight and analysis. Check this space for updates on the latest Liverpool property market news.

Should We Buy Now or Wait for House Prices to Fall? – The Guardian, 1^st March 2021

The Guardian has recently published a Q and A style article regarding a question from a reader. The reader and their fiancée ask whether they should buy property in Liverpool now or wait until prices fall.

They’ve received mixed messages on whether or not Liverpool property prices will actually drop later this year, which is where their predicament lies.

In response, the Guardian suggests that the couple purchase a house as soon as possible, citing predictions for Liverpool property price growth over the coming years.

Those contemplating buying property in Liverpool in 2021 should do so without hesitation if they want to avoid paying more for their property once prices rise.

Liverpool and Manchester Continue to Lead UK House Price Growth – Buy Association, 2^nd March 2021

Buy Association published a piece of property news for Liverpool that stated that Liverpool and Manchester have continued to lead UK house price growth.

The article praises the property market in Liverpool due to the most impressive rise in average property values between January 2020 and January 2021, with an increase of 6.8%.

Manchester and Leeds follow closely behind Liverpool with 6.3% and 5.5% growth.

This piece of property news for Liverpool supports the idea of Liverpool offering the fastest-growing property market in the UK. It serves as further encouragement to buy property in this city before prices increase even further.

New Liverpool Property Hotspots Emerging as Agents Say 2021 is City’s ‘Time to Shine’

This article, published by the Liverpool Echo, explores the rise in demand for properties based in Liverpool’s Everton, Anfield, and City Dockside areas.

A representative from Entwistle Green Estate Agents mentions how the regeneration of Anfield Football Club has helped fuel investment interest in these Liverpool areas, with one Anfield terrace house selling for £15,000 over the asking price.

The article explains that other parts of the city, including Kensington and Old Swan, are also seeing a growth in property prices.

This is an informative and helpful piece of property news on Liverpool’s housing market and further enforces the Liverpool property price trend of ongoing growth and buyer demand across the city.