Liverpool Economy on the Rise?
Optimism continues to soar in Liverpool, as its economy is estimated to thrive this year.
Over the past few years, the city has seen a continuous uphill trajectory, maintaining its top reputation from 2018 to 2021.
And this is something that seems set to continue in 2022.
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This Year, the Economy Is Set to Grow by 6%
According to the latest research, driven by the rebound in many sectors following lockdown, Liverpool is predicted to see GVA growth of nearly 6%, compared to an average of just 0.6% pre-pandemic.
This is good news for investors, as this further cements the maritime city as one of the most attractive cities in the UK for property, with strong affordability and solid capital growth.
The ongoing property boom in Liverpool has helped the city gain notoriety as one of the best places to buy property, and investors are keen to take advantage of the host of opportunities on offer.
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Liverpool Is a Top Regeneration City
The continued work in the Knowledge Quarter – a £2bn inner-city regeneration project – is particularly noteworthy for its continued contribution to the expansion of health and life sciences – sectors which are some of Liverpool’s global leading strengths.
Rejuvenation work like this has also resulted in a significant rise in the city’s population. These efforts have boosted both employment prospects and business opportunities, which has, in turn, encouraged many new students and young professionals to move to the city for the exciting prospects on offer.
6,000 jobs are expected to be created in 2022, bringing the overall number to around 286,000 – a new record for the city.
With these new developments and massive regeneration schemes contributing to the rising economy – worth over £121 billion at this point – the city looks to continue to benefit from good affordability in house prices, which will enable buyers to put upward pressure on pricing without being too stretched financially.
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Rent/Rental Yields Are Also Rising
Alongside a thriving property market, the rental market is also seeing incredible growth.
The average UK rent reached £1,060 in December 2021 – just £1 off the previous record set three months prior- and has led to some excellent rental yields in the UK, with Liverpool in particular known to generate returns of up to 10% in certain postcodes.
These yields were far higher than any other country in the world, with popular spots like Shanghai even able to only generate an average rental profit of just 2-4% in comparison. With so many opportunities to make high rental returns like these, then it comes as no surprise that buying property in Liverpool as a non-resident is also becoming an increasingly attractive venture.
With further tenant demand and already high rental yield figures, the future of the UK rental market looks bright for both local and foreign investment.
And with so many ongoing developments and investment opportunities across the region, focusing on a high yielding area like Liverpool may be a good option to consider.
If you would like to learn more about investing in Liverpool, be sure to check out our comprehensive Liverpool property investment guide for the latest market analysis.
