Record Number of New Merseyside Businesses Formed in 2023

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New Data Suggests Continued Confidence in Liverpool’s Business Potential

According to Liverpool Business News, a record number of new firms were created across the Merseyside region last year.

This suggests growth in the Liverpool region, as successful new businesses will become essential contributors to the local job market and the broader economy. New businesses attract more residents, causing growth in the property sector through rising demand. This is good news for those interested in buying a Liverpool investment property.

It also encourages property values to increase and stimulates rental growth. For these reasons, the local business market is a key indicator when looking for the best place to buy-to-let.

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How Many New Companies Launched in Liverpool in 2023?

According to the new data, 15,150 new businesses were formed in Merseyside in 2023. This represents a 7% increase compared to the previous year, as 14,164 companies were founded in 2022.

2023 was considered a challenging year due to growing business costs and rising inflation and interest rates. This was compounded by the cost of living crisis hurting consumer confidence. However, these promising figures show continued confidence from entrepreneurs in the city’s potential despite the economic uncertainty last year.

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Which Area of Liverpool Was Most Popular for New Businesses?

The data reported by Liverpool Business News also provides a breakdown of new companies launched in each area of Merseyside.

The part of Merseyside with the most newly-formed firms was, unsurprisingly, the Liverpool City borough. Central Liverpool saw 6818 new ventures registered last year.

The second highest was Sefton (2708), followed by the Wirral (2530), St Helens (1272), Knowsley (967), and Halton (843).

Read More: To learn more about UK property investment, take a look at some of our buy-to-let area guides covering topics such as investment property in Swansea and buy-to-let property in Doncaster.

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How Did the UK as a Whole Look for New Businesses in 2023?

It seems it’s not just Liverpool that has seen an increase in newly-formed companies over the last year.

Nationwide, 900,006 new companies were formed last year. Inform Direct’s yearly review states that this is an all-time record, surpassing the 900,000 mark for the first time. This is up 11.8% in 2022, when 805,141 businesses were started. The total number of UK companies now stands at a record 5.48 million.

London was the most popular English region last year for incorporations, even when figures were adjusted for population. The capital became home to 313,446 new companies. London was followed by the West Midlands (44,594) and Greater Manchester (41,222).

Learn More: Delve deeper into the London buy-to-property sector with our updated market reports!

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Author

Jessica Ferris

Jessica is a property content writer at RWinvest. Keeping a close eye on the UK property market, Jessica helps our readers stay informed and up to date on the latest market news and statistics.