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Liverpool Emerges as the Fastest-Growing City Economy in the UK

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    Liverpool Economy Outpaces the Rest of the UK

    According to a recent data study, Liverpool is the UK’s fastest-growing city economy. The city is experiencing a remarkable growth rate of 20%, with significant expansions in its logistics, software development, and business support services sectors.

    Not only is this good news for job prospects, but it could also benefit local buy-to-let investment properties, making the city an even more desirable place to live than it already is.

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      How Fast Is Liverpool’s Economy Growing?

      Compared to London’s growth rate of 4.1%, Liverpool is developing five times faster, boosted by numerous high-performing sectors. According to data from The Data City, it surpasses other rapidly expanding city economies such as Sheffield, Bradford, Portsmouth, and Manchester.

      Liverpool’s logistics sector thrives thanks to its recent freeport status and increased port activity. Major investment projects like Liverpool2 and expanded warehousing contribute to the city’s growth.

      There’s a notable surge in job applications in software development, particularly in security engineering and game development.

      The business support sector is also performing exceptionally well, with a yearly growth rate of 12.7%. Recruitment companies are flourishing, making Liverpool an attractive destination for business support services.

      The study also highlights how organisations like Tech Climbers and Liverpool City Council provide diverse support programs, including free business coaching, health checks, and digital skills training, to support companies and individuals.

      With the economy performing well, expect tenant demand to increase in the area as more professionals look to this northern city for new job opportunities. This should serve as good news for investors looking for the best things to invest in in the UK property market.

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        Why Invest in Liverpool Property?

        Thanks to the Liverpool Capital of Culture award, multiple stellar universities, two world-class football teams and a legendary arts heritage, Liverpool is one of the must-see cities in Europe. It is no surprise that Property Investment Companies like RWinvest are investing in the Liverpool region.

        As well as having the fastest-growing economy out of any UK city, the Liverpool property market offers numerous benefits to property investors, particularly if they want to add good-value properties with high-yield potential to their property portfolios.

        Some of those advantages include:

        • Below-average property price: Liverpool property prices are excellent compared to the national average. According to the HM Land Registry UK House Price Index, Liverpool has an average property price of £174,603, sharply contrasting with the UK average of £284,691.
        • High rental yield potential: As a city with low property prices and high desirability, Liverpool boasts impressive rental yield potential figures. According to Zoopla, the average rental yield in Liverpool is 7.43% – the UK average is 5.49%.
        • North West buy-to-let: The North West region is anticipated to have one of the more lucrative buy-to-let markets in the UK. The Savills Cross-Sector Market Forecast expects North West buy-to-let to enjoy 9.2% returns in 2024.
        • City living on the rise: A separate Shawbrook Bank study indicates that property investors believe cities like Liverpool are the most lucrative buy-to-let option of the last year. They also predict they will continue to be lucrative throughout 2024. This is due to more people looking for convenient places to live that are close to the city centre’s job market. For that reason, urban flats are in demand by many young professionals, particularly now hybrid and remote work is becoming less popular with work organisations.
        • Capital growth potential: The North West should also enjoy considerable capital growth over the next five years. By 2028, Savills predicts that the region will see 20.2% capital growth, substantially more than the likes of London buy-to-let (13.9%) and the national capital growth expectation (17.9%).

        For more regional buy-to-let guidance, check out some of our hand buy-to-let area guides, including:

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        Liverpool Emerges as the Fastest-Growing City Economy in the UK

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        Dale Barham

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        Dale is a property news and onsite content writer at RWinvest.