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.