In the last year, Liverpool has seen house prices rising at some of the fastest rates in the UK. Data from the House Price Index is showing that in the past 12 months, property prices in Liverpool have risen by 13.8%, higher than the national average of 12.8%.
This growth is even more notable compared to other cities in the UK. The Land Registry data shows that London only saw house prices rise by 8.2% in the same period. Other North-West powerhouses like Manchester rose by 10.5%.
To make Liverpool’s rising house prices stand out, cities with comparable housing markets like Birmingham only saw a rise of 9% in the past year. Even cities in Wales like Cardiff, which historically has a strong property market, are only seeing a growth of 10.7%.
Some areas of Liverpool are seeing more growth than others. The L25 postcode has seen some properties sell for over £1.8 million according to Rightmove. In the wider Merseyside area, Formby has also seen price increases.
Despite this unparalleled growth, Liverpool’s property market is benefiting from remarkable affordability. The average property price in the city is £195,28, far lower than the national average of £283,496.
When compared to London, where the average property price is £734,698, it’s clear to see why Liverpool’s house price growth is so exciting for investors.
This price growth differs slightly depending on what property type you are looking at. Semi-detached properties have an average house price of £218,621, whereas the average price of detached houses is £355,967.
The cheapest kind of property to buy in Liverpool is flats, with an average property price of £139,697. Most rental properties in the city are flats, and are a popular option for buy to let investors. Rental prices have also risen, by an average of 9.5% in the past year.