The Liverpool property market is undoubtedly thriving, with investors worldwide taking advantage of affordable property prices, high Liverpool rental returns, and strong economic growth.
Due to an ongoing property boom in Liverpool, the Liverpool housing market is currently competitive for homeowners, renters, and those buying investment properties.
This has helped the city gain a reputation as the best place to buy property in 2024.
So, what exactly makes Liverpool so special when it comes to the area’s housing market and economy?
Here are some key pieces of information that you should know if you’re considering making a Liverpool investment in 2024 and beyond.
- House prices in Liverpool are growing.
- Liverpool is a popular city for overseas investment.
- Economic growth is strong in the city.
- The population is growing.
- Liverpool has a famous cultural scene.
- Liverpool is a top tourist hotspot in the UK.
Liverpool Property Prices Are Growing Fast
The North West region is known for having some of the fastest-growing house prices in the UK.
According to Land Registry data, Liverpool property prices have increased by a massive 67% between June 2012 and June 2022.
In the last three years alone, average house prices in Liverpool have increased by a substantial 33.8% between June 2019 to June 2022.
With strong Liverpool property price forecasts ahead, it’s clear that property prices in Liverpool are showing no signs of slowing down.
Levels of Foreign Investment Are High
Levels of overseas investment in the Liverpool property market are high. If you’re looking to buy property in the UK from overseas, Liverpool is a popular choice.
From 2017 to 2018, there was a 160% year-on-year increase in Chinese buyer enquiries into Liverpool buy-to-let investment.
In 2019, Liverpool was recorded as one of the biggest UK recipients of foreign direct investment, with growth in overseas investment levels for Merseyside areas such as Knowsley, St Helens, and Haydock.
This FDI across the region led to the creation of 3,389 jobs.
Liverpool Has Experienced Fast Economic Growth
Recent research reveals that Liverpool is predicted to see GVA growth of nearly 6%, compared to an average of just 0.6% pre-pandemic, a massive boost to a fast-growing economy.
Regeneration plans will only drive this economic growth further and improve the city’s reputation as a magnet for national and overseas investment.
In turn, this will attract even more interest from those keen to invest in Liverpool over the coming years.
The City’s Population is Expanding
As of 2022, the current metro area population of Liverpool stands at 912,000. That’s up by 0.66% since 2021.
Between 2017 and 2022, the population in the city also increased by 2.6%.
Around 75% of Liverpool city centre residents are reportedly aged between 17 and 29, which is a significant reason why there are such high levels of rental demand in Liverpool.
With reports of many people now choosing to leave London and move up North, the population of Liverpool is likely to grow even further over the coming years.
Liverpool Boasts a Rich Culture
There’s a reason why Liverpool was voted the European Capital of Culture back in 2008.
As the birthplace of the Beatles, Liverpool’s music scene plays a big part in the city’s world-famous reputation.
Regular music events are held in Liverpool, including LIMF, Liverpool Sound City, Africa Oye, and the BBC Radio 6 Music Festival.
Both the music landscape of Liverpool and the thriving football scene bring in herds of tourists each year, helping the economy to flourish.
According to Deloitte’s Sports Business Group, Liverpool Football Club grew the city’s economy by a huge £497 million GVA between 2017 and 2018.
Levels of Liverpool Tourism Are High
Liverpool is a prominent tourist spot, with people from around the UK and worldwide embarking on city breaks in the area.
There’s plenty to do and see in Liverpool, with world-class shopping and new restaurants launching regularly, as well as a famous nightlife scene.
One walk around Liverpool, and everywhere you look, you’ll be faced with beautiful pieces of architecture.
Our Reliance House Studios development is a great example, boasting a stunning Edwardian façade.
Liverpool also boasts a wide range of art attractions, with galleries such as the Tate Liverpool and Liverpool Walker Art Gallery showcasing many exciting exhibitions.
What Are Liverpool Property Market Predictions?
Before exploring apartments to buy in Liverpool, it’s essential to make sure you know about the different predictions expected for the Liverpool property market in the coming years. Here are a few things that investors looking to buy-to-let property for sale in Liverpool should know about.
House Prices Are Set to Soar
Investment in Liverpool is a fantastic prospect for investors focused on house price growth.
The North West region is predicted to see a 20.2% house price growth on average by 2028, according to predictions from Savills.
This is one of the highest expected growth of any UK region, with the overall UK average standing at 17.9%.
With continued regeneration spanning many city areas, prices and property values are set to continue increasing in Liverpool.
The Rental Market Will See Further Growth
The appeal of living in Liverpool is also set to continue, helping to maintain the high levels of demand for quality rental properties for many years to come.
According to JLL, Liverpool rental prices are expected to see a growth of 14.8% over the coming years, which seems likely given that the Liverpool rental market has experienced surging demand levels over the last year.