Ambitious Investment and Regeneration Continues in Liverpool
The first train services from Headbolt Lane, the Liverpool City Region’s newest station, started operating from 5 October 2023, marking the full completion of the £80 million project.
The station is located in Kirkby and has extended the existing rail network further, increasing accessibility for people across Knowsley, Rainford and West Lancashire.
Passengers can travel directly from Manchester and Wigan and connect easily to the Merseyrail service through this new station.
Not only is the new station in full operation, but this also marks the first run of the brand new battery-powered train fleet, the first of their kind in the UK. They eliminate the need for an electric third rail, but existing carriages on the network can be retrofitted, expanding the network further.
Liverpool Metro Mayor Steve Rotherham said this move has paved the way for a ‘cleaner, greener integrated London-style transport network’ in the city, implying the local government is looking at further investment in transport and regeneration in the North West.
Read on to see how this will affect property investments in 2023 and beyond.
Liverpool on the Rise
According to Merseyrail, this is just the start of ambitious plans to grow the network in the coming years. In addition, the station’s opening comes at the same time as an announcement to overhaul Liverpool’s bus network over the next three years.
As Liverpool’s transport infrastructure rapidly improves, the city is becoming one of the best buy-to-let areas, offering excellent amenities at a lower cost of living than other major English cities.
Research from Zoopla shows that Liverpool boasts one of the highest gross rental yields in the UK, coming in at 7.21%. Their January figures show annual growth of 8.7% when it comes to the average rent in the city. Liverpool’s swift increase in rental costs suggests substantial rental demand, as the area’s popularity drives the monthly rent.
Apartments in Liverpool, in particular, see some of the highest demand, with most buyers drawn to the city’s thriving culture, reasonable costs and travel links to cities like Manchester and London.
This growth looks set to continue due to growing demand and an undersupply of available homes.
For an in-depth look at these figures, read our Buy-to-Let Liverpool guide.
Future Plans for Liverpool
Apart from efforts to revamp the various travel networks, Liverpool has been attracting plenty of investment city-wide. This includes substantial city centre redevelopment projects, such as Liverpool Waters and regeneration hotspots like the Baltic Triangle and Knowledge Quarter.
These ambitious plans cement Liverpool’s long-term prospects for growth and expansion, furthering its reputation as a hotspot for stable, future-proof investments.
Property Investment and Regeneration
Transformative regeneration projects like the new station are set to raise the city’s profile even further, attracting more people, businesses, and investment.
The new station will improve Liverpool’s connectivity, making travelling to and from the city easier. This will help bring more tenant demand to the location, attracting more young professionals and students. Typically, this will likely see the property sector boosted alongside it, with rental yields and average rent generally seeing significant positive growth.
Developers are anticipating the regeneration-aided boom, and exciting new properties, such as The Gateway, are already being constructed around Liverpool’s waterfront and business districts.
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