The Liverpool property market is set to take a huge step as it is projected to pass a total transaction valuation of £1 billion this year. The milestone looks set to be reached as total spending on house sales in the Northern Powerhouse city has doubled in only six years, signifying incredible growth in the area.

The value of all property transactions in the city reached £996 million through 2017; a 124% increase on the £552 million of transactions achieved in 2012. House prices in Liverpool and the wider North West region have climbed higher in the last 12 months than anywhere else in the UK. At an increase of 5.6%, prices in the area vastly outperform the national average growth rate of 3.1%.

The Liverpool property market has been aided by consistent growth, and the numbers make for great reading for buy to let investors in the city. Over the last five years, the average house price has shot up by 25%; a £34,827 increase in real terms. The current average value of a property in Liverpool stands at £173,101, with the average price paid hitting £154,264.

The number of property transactions in Liverpool has spiked wildly in the six-year period from 2012. With 6,727 transactions completed in 2017, it has grown by an incredible 93% since 2012, when 3,494 were completed.

Liverpool Property Market approaches £1 billion milestone green background

Liverpool has benefited from offering investors and buyers a great location in a historic city with much lower entry costs than many of its contemporaries and competitors. The average property price in London has swollen to an eye-watering £484,926; 65% more than you would expect to pay in Liverpool.

Analysts of Liverpool’s property market expressed confidence that the £1bn milestone would be reached this year as early as the first quarter. The volumes of investment across the wider North West region hit £965 million up to March 31st, 2018; well over double the £440 million recorded in the same quarter in the prior year. Several big transactions, particularly the sale of Liverpool’s India Buildings for £125 million, accounted for such a huge hike in trade. At the end of the second quarter, the total figure grew to £1.4 billion.

Liverpool is amid an economic boom that is having positive effects on all aspects of the city’s finance, social structure, workforce and infrastructure. The explosion in property transactions comes at a time of immense regeneration, a doubling of its city centre population in the last decade and increased interest from investors home and abroad. The number of luxury, high-end living spaces in Liverpool’s most popular and central areas is partly responsible for this boom.

Investors are capitalising on Liverpool being very much open for business. Projects such as Liverpool Waters, the Anfield Regeneration and Ten Streets are bringing reams of office, commercial and residential units back to areas that have been disused or neglected in previous decades. Growth has been boosted by a sharp rise in interest in Liverpool property from overseas investors. Chinese investors have increased their interest in the city’s housing stock by 160% over the period January 2017 to January 2018. Newly relaxed investment regulations passed down by President Xi Jinping and his government have allowed Chinese investors to take advantage of the historical and friendly links between their country and Liverpool.

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