Liverpool Is a Booming Economy...
Property investment In Liverpool is set to take a huge step, as it is projected to pass a total transaction valuation of £1 billion this year. The milestone looks set to be reached as total spending on house sales in the Northern Powerhouse city has doubled in only six years, signifying incredible growth in the area.
The value of all property transactions in the city reached £996 million through 2017; a 124% increase on the £552 million of transactions achieved in 2012. House prices in Liverpool and the wider North West region have climbed higher in the last 12 months than anywhere else in the UK. At an increase of 5.6%, prices in the area vastly outperform the national average growth rate of 3.1%.
The Liverpool property market has been aided by consistent growth, and the numbers make for great reading for buy to let investors in the city. Over the last five years, the average house price has shot up by 25%; a £34,827 increase in real terms. The current average value of a property in Liverpool stands at £173,101, with the average price paid hitting £154,264 (figures correct as of October 2018).
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A High Growth City
Investors are capitalising on Liverpool being very much open for business. Projects such as Liverpool Waters, the Anfield Regeneration and Ten Streets are bringing reams of office, commercial and residential units back to areas that have been disused or neglected in previous decades. In Anfield, for example, the rejuvenation project founded in 2013 is much more than just an expansion to the football ground’s seating count. It has seen £260m invested in the famous stadium’s surrounding area, with the building of new homes, commercial premises, and even a hotel. What were once derelict buildings will be transformed into homes that will be highly sought-after in the near future of this investment hotbed.
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A Boost in Overseas Investment
Growth has also been boosted by a sharp rise in interest in Liverpool property from overseas investors. Chinese investors have increased their interest in the city’s housing stock by 160% over the period of January 2017 to January 2018. Newly relaxed investment regulations passed down by President Xi Jinping and his government have allowed Chinese investors to take advantage of the historical and friendly links between their country and Liverpool. This is hopefully set to be emblematic of Liverpool’s investment attraction going forward, showing that the area will continue to remain popular with international audiences in the face of Brexit uncertainty.
Disclaimer: This content was originally written in October 2018. By the time you read it, some of the statistics used may have changed.