How Did Liverpool Property Perform Over the Last Year?

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Liverpool Property Stands Firm in the Face of Subdued Market

2023 served as a testament to the resiliency of the UK property market, withstanding economic uncertainty to perform better than expected.

While many forecasters feared a double-digit drop over the year, various house price indices showed a much shallower decline. In some instances, HPIs showed that the average national property price rose – Halifax noted a rise of 1.7% over 2023, defying expectations.

Now that we are into 2024, we can take a look at the previous year in full, which allows for a broader picture of how certain regions and cities performed over those turbulent 12 months.

The HM Land Registry UK House Price Index now has data from January to December, highlighting property price changes across the country.

Using this data, we’ll be looking at how well Liverpool fared during 2023, looking at price changes and considering whether this North West city could be a good property investment option for your property portfolio in 2024.

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What Was the Average Liverpool Property Price Last Year?

At the start of 2023, Liverpool property prices stood at £178,133. Through the year, those figures fluctuated, reaching a low point of £169,532 in May before settling at £174,603. In comparison, the national average property price started at £285,431 in January before falling to £284,691 in December.

Regarding percentage change, Liverpool property prices had grown year-on-year by 8.10% in January 2023. By the end of the year, the annual price fell by to -2.90%.

However, while property prices fell according to annual figures, the month-by-month percentage change made for a more optimistic reading in December 2023. Between November and December, property prices rose by 1.20%. Interestingly, flat and maisonette prices rose the most this month, increasing by 2.30%.

Interestingly, sellers were applying significant discounts to their properties in December, with some knocking as much as £7,000 off their asking price to push through a sale before Christmas, making the rise in property prices all the more impressive.

The significant price increase for flats also highlights the appeal of city centre apartments. Shawbrook Bank said over a quarter of property investors saw urban flats as a lucrative investment throughout 2023 and expected similar results in the next 12 months.

This is due to more workplaces moving away from remote and hybrid work opportunities. With more people returning to the office, demand for buy-to-let apartments close to business districts has increased.

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Is Liverpool Property Worth Investing in During 2024?

While Liverpool prices may have dipped slightly over 2023, the decline was much more forgiving than many had expected.

Forecasts for 2024 suggest that the North West buy-to-let market will enjoy a strong year, which could see more investors look to Liverpool for property investment opportunities. Savills cross-sector forecast predicts returns of 9.2% for the market, while rents have risen by 10.2% over the last 12 months. Zoopla also lists Liverpool among the top 10 UK cities for rental yields, averaging 7.43%.

With property prices much more affordable than the national average and substantial gross yields available in certain postcodes, buy-to-let landlords may be able to find good-value properties with solid ROI potential.

With a strong economy, huge student population and reputation as one of the top UK cities for culture and things to do, considering properties to buy in Liverpool could prove a savvy investment decision.

Find Out More: Check out our guide on Liverpool apartments for sale for more North West property investment insights from a trusted Property Investment Company!

Author

Dale Barham

Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.