23 Feb by Amy Jackson

Liverpool Ranked Top Hotspot For Economic Growth

Liverpool Ranked In Top Four Hotspots For Economic Growth Potential

Liverpool has recently been ranked as one of the UK’s best cities for economic growth potential. Global design and consultancy firm, Arcadis, analysed growth prospects in the UK’s 24 leading urban economies and measured their potential against six key pillars: workforce and skills, infrastructure, business environment, place, city brand and housing. Liverpool economic growth came in fourth in the final report, ‘Investing in Britain’, behind Edinburgh, Oxford, and Cambridge, but ahead of London, Birmingham and Manchester.

An additional study by the Office for National Statistics found that Liverpool’s economy was growing at a rate of 3.3 per cent in 2017, placing the city above the average economic growth of 2.0 per cent in England. This means that alongside other Northern areas, Cheshire and Warrington, Liverpool is the fastest-growing Combined Authority area in England.

To explore the recent success of these economic growth rates a little further, let’s take a look at the reasons behind Liverpool being one of the fastest-growing cities, and what this means for investment in the area.

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Liverpool Is The Place To Invest in 2019

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Liverpool Regeneration has helped fuel Economic Growth

Liverpool is a city on the up, with past and future regeneration projects contributing to economic growth in the area. Liverpool redevelopment has been seen through projects like the £150 million Project Jennifer, the £260 million Anfield Stadium regeneration, and the £1bn Liverpool ONE Shopping Centre.

Since these Liverpool regeneration projects, the city has formed into one of the UK’s best destinations. The emergence of the Liverpool Waters regeneration has positively impacted tourism, property prices, and demand for new developments in Liverpool. With work due to finish in coming years, this regeneration scheme alone is thought to bring billions of pounds to the city. Other Liverpool city centre regeneration plans include a number of new property developments providing Liverpool buy to let and buy to live opportunities. These property projects play a big part in the success of Liverpool economic development due to the boost in investment that they encourage, including overseas investments.

More recently, it was revealed that Liverpool City Council is to approve £1m of Liverpool redevelopment, enabling works on the former International Festival Gardens and Southern Grasslands zones that could pave the way for a major leisure attraction. These projects and developments put the Liverpool region in the spotlight, ahead of other British cities, and showcase the exciting future the city has to offer. It’s clear to see from how far Liverpool has come in recent years that the economic growth will only continue to soar.

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Liverpool is a Top Investment Location

Over recent years, Liverpool has gained a reputation in the UK as one of the most attractive cities for property investment. A number of factors put Liverpool on the map as one of the UK’s top hotspots for growth and investment – most notably the affordability of properties in the city, the high average rental yields, and the growing levels of rental demand. Investors that purchase a property in Liverpool can expect to pay around £130,000 on average, and thanks to the increasing appeal of Liverpool as a great city to live and work in, there are no issues in securing regular tenants.

The population of the Liverpool city region has experienced significant growth, increasing from 15,271 in 2006 to 29,060 in 2017. The largest demographic of people responsible for this growth is those aged between 17 and 29, with 75 per cent of people living in Liverpool city centre within this age group. There are different reasons for Liverpool’s growing population of young people. The strength of Liverpool business and student scene plays a big part in these growth rates, along with the ongoing Liverpool city centre regeneration which has transformed once disused areas like the Baltic Triangle into a trendy and thriving neighbourhood. Other events such as the 2008 Capital of Culture have played a huge part in Liverpool economic development. Being awarded the Capital of Culture award for 2008 helped put Liverpool on the map and boosted worldwide interest – welcoming a total of 9.7 million additional visitors and contributing £753.8 million to the city’s visitor economy.

Due to this surge in young people living in Liverpool, the appeal of buy to let investment has been enhanced due to the increasing demand for high-quality rental properties in coveted locations. Investment opportunities like our Parliament Square property are catching the attention of investors from around the globe, offering an in-demand property type in a prime location within Liverpool’s Baltic Triangle.

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