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LCR Connect to Boost Liverpool Economy & Property Market

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    How Will Liverpool’s Economy Benefit from LCR Connect & Similar Ventures?

    LCR Connect is a comprehensive, full-fibre, ultrafast, gigabit-capable network covering the entirety of the Liverpool City Region. According to the website, it is a gateway to embrace next-generation, future-proofed, and cloud-enabled technologies.

    Figureheads expect this venture to boost the Liverpool economy, which could also benefit the Liverpool property market further down the line.

    Let’s look at LCR Connect in more detail and see what it means for buy-to-let in Liverpool and the city’s economic future.

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      How Will LCR Connect Impact the Liverpool Economy?

      LCR, ITS Technology Group, and construction company NGE collaborated on this £30 million joint venture. They are projecting a £1 billion boost for the Liverpool City Regional economy.

      LCR Connect successfully implemented a 214km gigabit-cable full-fibre broadband network, which is currently operational and serves over 28,000 businesses.

      The state-of-the-art network aims to enhance business connectivity with faster and more efficient broadband services. Furthermore, it facilitates seamless connections between local schools, organisations, and the global digital space, contributing to the overall development of the city region.

      Speaking about the LCR Connect initiative, Mayor of Liverpool Steve Rotheram said the following:

      “LCR Connect will help us to create thousands of high quality, secure jobs and training opportunities for local people, attract inward investment and ensure that our businesses can keep pace in an increasingly digital world.”

      Scott Bicknell, Managing Director of NGE, added:

      “This isn’t just about technological advancement; it’s about knitting our communities closer together, enabling social connectivity on an unprecedented scale, and laying the groundwork for substantial economic growth across the region. The impact of this project will resonate for generations, driving innovation, attracting investment, and enhancing the quality of life for all.”

      Find Out More: If you’re interested in buying buy-to-let property, dive into our property investment tips guide.

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      Is the Liverpool Economy Worth Investing In?

      A 2023 data study revealed that Liverpool is the UK’s fastest-growing city economy. The city is witnessing an impressive growth rate of 20%, marked by substantial expansions in its logistics, software development, and business support services sectors.

      With the thriving economy and advancements such as LCR Connect, the area is expected to witness a surge in tenant demand as professionals seek new job opportunities and more businesses set up shop within the city limits. This is encouraging news for investors searching for lucrative options in the UK property market.

      In addition to boasting the fastest-growing economy among all UK cities, the Liverpool property market provides various benefits for property investors.

      For example, the property prices in Liverpool offer remarkable value compared to the national average.

      As per the HM Land Registry UK House Price Index, Liverpool has an average property price of £174,603 – the UK average currently stands at £284,691.

      Moreover, being a city with low property prices and strong appeal to young professionals, Liverpool offers noteworthy potential rental yields. According to Zoopla, the average rental yield in Liverpool stands at 7.43%, surpassing the UK average of 5.49%.

      Discover More: Why not read about some ideas on investing £100k in property with our free guide?

      For more North West-related property investment insights, check out some of our handy area guides, including:

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      Dale Barham

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      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.