Liverpool Population on the Rise
According to recent reports, the Liverpool population has experienced an immense rise in the past decade, specifically in the city centre. When breaking down the numbers of the Liverpool population, 2017’s figure of 29,060 was double that of the previous 15,271 people living in the centre of Liverpool in 2006, meaning Liverpool has been the fastest-growing city centre in recent years. So we know that the city centre of Liverpool has seen an increase, but what is the population of Liverpool as a whole, and what do national statistics reveal about how it has grown? Let’s explore the ways that Liverpool’s population is increasing and the reasons behind this.
How High Are Levels of Growth for the Population of Liverpool 2023?
For the Liverpool population, 2023 is looking like another big year for growth. The population of Liverpool in 2023 is 917,000, a 0.55% increase from 2022, according to UK population statistics.
The largest Liverpool population growth happened between 2015 and 2016, when the figure of people living in Liverpool rose by 1.67%.
The Liverpool University Population and Young Demographic Is Driving Growth
Liverpool Has an Influential Young Population
Demographic breakdowns highlight the heavy influx of young people as a key driver for this Liverpool population growth, with 75% of Liverpool city centre residents being aged between 17 and 29. Around 21,551 individuals were recorded in this age range during the middle of 2016, with many of them assumed to be young professionals taking advantage of Liverpool’s eclectic employment opportunities. Liverpool is home to some big business names like Matalan and Shop Direct, along with smaller, more independent start-ups based in the city’s thriving Baltic Triangle district.
Liverpool’s stance as a top student city is also said to have some influence on the city’s increasing population. High numbers of younger people are thought to be partly down to the economic success of Liverpool’s three universities, which all feature in the top 60 official University League Tables. The Liverpool university population stands at over 70,000, with the majority of students living in city centre accommodation.
The City Has a University Draw
The city’s award-winning institutions are attracting a big student population, as UK undergraduates and postgraduates are attracted to the likes of Liverpool’s innovative research and development programmes plus state-of-the-art learning facilities. The reputation of these top institutions has kept Liverpool in the limelight as a popular student city and retained the young population of Liverpool demographics for 2021, 2022, 2023, and beyond.
Both students and young professionals are helping to bump up population statistics, and their growth is most likely attributed to Liverpool’s unique sense of city life, along with the extensive regeneration schemes planned with the help of Liverpool City Council and various developers. It’s no coincidence that the population of Liverpool has surged in line with exciting new development projects such as the Baltic Triangle and Ropewalks, and the long-awaited Liverpool Waters project which is currently planned for the famous docks in Liverpool.
Liverpool Is an Affordable City to Live In
Liverpool is widely known as one of the UK’s most affordable locations. Everything from property to a pint of lager is cheaper in Liverpool than in many other cities, especially those down South. The affordability of Liverpool has fuelled this population growth as more people have chosen to move to the city from more pricey areas like London. In recent years, record numbers of young people had moved from London to the North West region, taking advantage of the lower prices and thriving business prospects.
The average property price in Liverpool is around £130,000, while the average rent costs around £790 per month, attracting a lot of people from lower average ages. Of course, these figures are just an average and can vary by property type and location.
For instance, the rent of a two-bedroom flat in the South Liverpool district could cost around £600 a month, which is a lot lower than what tenants would pay in London. Due to the fact that Liverpool property prices are so low, however, average rental costs in Liverpool still allow investors to generate some attractive rental yields.
The Impact of Liverpool Population Growth on the City’s Economy
Liverpool’s increasing population statistics are playing a big part in the growth of the city’s economy. When the population of a city grows, this has a knock-on effect due to the demand for new attractions such as bars, restaurants, shops and nightlife venues. This is especially true for cities with large numbers of young professionals and students, which explains, in part, why Liverpool’s economy is growing so rapidly.
It is thought that the strength of sectors like education, construction, health, manufacturing, information and communications, and wholesale and retail have helped lead this growth. Many of these sectors, such as the education sector, have been enriched by the population of young people in the city.
Steady and Continuing Growth in the City
The city is already experiencing a year-on-year increase of £1.6 billion in growth, and this is predicted to continue into the future. A 15-year plan for Liverpool growth includes 35,000 new homes and 370 acres of land which will provide new jobs to combat the sky-rocketing population. Liverpool investment is no doubt contributing to the success of the city’s economy. Along with Manchester, Liverpool is considered one of the top UK cities for property investment due to the high rental yields, strong capital growth, and high rental demand thanks to the city’s growing population.
The fact that the supply of available housing in Liverpool is lower than its augmenting population is great news for property investment opportunities in the city. Rental yields are reaching outstanding potential due to the lack of stock on the market, with Liverpool dominating buy to let postcode charts. NET returns as high as 12% can be achieved in the most lucrative areas, while property values are also on the up. As Liverpool’s population continues to boom in a reflection of its popularity and success, investors can look forward to maximum capital appreciation on its properties as house prices inflate over impending years, particular with the city centres population growth.
Looking to the Future of Liverpool
What Do Predictions Reveal?
Much like the population of Liverpool in 2022, 2023, and the years before, the city is expected to continue growing into one of the UK’s most populous areas. The Liverpool population has been predicted to grow to 970,000 by 2030 for the entire city region. Fantastic growth rates of 0.87% will see the arrival of 41,000 more people who will more than likely qualify for rented accommodation.
If you’re keen to find out more about investment opportunities in Liverpool, explore the properties we have available in the Liverpool city region.
Our Liverpool investment properties cater to the city centre’s population of young professionals, within thriving regeneration hotspots such as Liverpool’s historic Baltic Triangle area.
We also cater to the Liverpool student population with our Poets Place and City Point developments. Get in touch today, and we’ll guide you through our current opportunities and help you find your perfect buy to let investment.
How Does the Population Size of Manchester Compare?
Liverpool’s North West neighbour, Manchester is another city that’s seen significant growth in their population statistics. Between 2002 to 2015, Manchester’s total population had grown by 149%, exceeding London. A report by ThinkTank revealed that cities Manchester, Liverpool, Leeds and Birmingham had all seen huge growth since 2000 due to regeneration. The regeneration seen in these cities, specifically in the North of England, had transformed Liverpool and Manchester from run-down areas into thriving UK hotspots, which is why the Manchester population of 2018 stood at approximately 534,475.
While Manchester’s population is higher than Liverpool’s, the rate of growth in Manchester is lower than that of the Merseyside city. The Manchester population in 2017 stood at 531,470, revealing a 0.57% rise between then and 2018. Like Liverpool, Manchester is another city that’s home to a large population of young people, which has boosted demand for city-centre living. In Manchester, the number of people aged between 21 and 30 has grown significantly over the years, having risen by 43,8875 people from 2002 to 2017