Liverpool Property Market Soars
A recent report has found that Liverpool is leading the way when it comes to average house price growth.
Average house prices collectively saw a leap in growth over the year, with an increase of 8.1% recorded in February, taking the average value to £245,200.
This increase follows a hectic start to the year, with buyer demand remaining unseasonably high, despite slightly calming down near the end of January.
According to Zoopla, leading the way at the city level, Liverpool has beaten out some of the UK’s largest cities in terms of price growth – seeing an increase of 10.3% on the year and 32% over the last five years.
This is, of course, great news for investors, particularly with this intense level of buyer demand and increasing supply.
With this in mind, why should you invest in Liverpool?
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Rental Yields in Liverpool are Also on The Rise
Liverpool has gained a reputation of being one of the best places to invest in property – and it seems like there are no signs of it giving up that title anytime soon.
The past year has also seen the city boast some impressive rental yields alongside this impressive property price growth.
As of writing, Liverpool’s rental yields average at around 5% – with even some postcodes (like L1) seeing returns of almost 10%.
Rental income is one of the most vital parts of any investment when it comes to property.
It is no surprise then, why so many are flocking to the maritime city to take advantage of its steady levels of return.
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Population is Growing
As mentioned, rental demand is high at the moment – likely a side effect of the rapidly increasing regional population.
In Liverpool, with resident numbers continually on the up, there is an ever-increasing need for space.
Between 2017 and 2021, the population increased by 1.4%, with 75% of the city centre population aged 17 to 29 – a key age group for renters.
As many are choosing to move up North, Liverpool’s population is only expected to grow even further over the coming years.
Again, for those looking to get started with Liverpool property investment, this is fantastic news, as it means there is likely to be a steady flow of potential new tenants for years to come.
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Another thing that brings people into the city is the number of world-class employment opportunities.
One of which is the regenerative projects taking place in the city at the moment.
Liverpool is one of the biggest urban regeneration hotspots in the UK – with around £14bn being spent on boosting the quality of living in the city.
This includes the £2bn inner-city regeneration work in the Knowledge Quarter, which is dedicated to the expansion of health and life sciences – one of Liverpool’s global leading strengths.
6,000 jobs are expected to be added this year due to these efforts, bringing the total number to around 286,000 – a record for the city.
With this much happening in the city, new prospective renters will undoubtedly continue to descend upon the city for the foreseeable future.
As a result of these developments contributing to a rising economy, Liverpool also looks to continue to benefit from relatively good affordability, which will enable buyers to put upward pressure on pricing without being too financially stretched.
If you would like to learn more about investing in Liverpool, check out our comprehensive Liverpool property investment guide for the latest market analysis.