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Regeneration Reshapes Liverpool Property Market

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    How Has Regeneration in Liverpool City Centre Boosted the Local Property Market?

    With its rich maritime heritage, Liverpool is a testament to the UK’s industrial prowess. A historical powerhouse, Liverpool played a pivotal role as a major port city during the Industrial Revolution. However, the city’s economic evolution faced challenges in the latter part of the 20th century.

    Urban regeneration has catalysed change in Liverpool city centre. This strategic revitalisation preserves historical significance and launches the city towards an exciting future, attracting investment and businesses.

    The magnitude of the city’s massive regeneration schemes has led to an influx of buy-to-let investment opportunities, particularly in the luxury residential, student accommodation and serviced accommodation markets.

    Today, we’ll be looking at how Liverpool’s property market has benefited from urban regeneration and what this means for buy-to-let investors in 2024 and beyond.

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      Liverpool skyview

      Why Did Liverpool Need Regeneration?

      Liverpool, renowned for its historical significance as a port city, played a pivotal role in shaping the economic landscape of the United Kingdom. During the Industrial Revolution, the city’s docks served as a gateway to the world, facilitating trade and migration.

      However, in the latter part of the 20th century, Liverpool faced economic downturns that left an indelible mark on its city centre. Decline ensued, with abandoned warehouses and neglected infrastructure painting a sad picture of urban decay.

      Regeneration became a strategic imperative to foster economic recovery and cultural resurgence.

      Urban regeneration initiatives, such as redeveloping the iconic waterfront and repurposing derelict industrial areas like the Baltic Triangle, symbolised the city’s commitment to renewal. These projects aimed not only to restore architectural grandeur but also to create vibrant, sustainable communities.

      The rejuvenation of the city centre has since attracted investors, businesses, and residents.

      Read More: Check out our Invest in Manchester Property guide for more North West property insights.

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        Baltic Triangle Regeneration

        Once an industrial hinterland in Liverpool, the Baltic Triangle has undergone a remarkable transformation in recent years, emerging as a cultural and creative hub.

        This triangular area between Liverpool’s city centre and the docklands has evolved from abandoned warehouses and disused factories into a bustling district. In fact, it has been named one of the coolest neighbourhoods in the world.

        The regeneration of the Baltic Triangle has attracted a diverse array of businesses, creative enterprises, and artists. Former industrial spaces have been repurposed into trendy art galleries, independent cafes, and co-working spaces.

        The area’s distinctive blend of historic architecture and contemporary design has created an appealing environment for residents and visitors alike.

        Notably, the Baltic Triangle has become a focal point for Liverpool’s creative and digital industries, regularly hosting numerous events, festivals, and cultural initiatives. The influx of investment and the establishment of a thriving community underscore the success of the regeneration efforts, turning an overlooked industrial quarter into one of the must-visit places in Liverpool’s city centre.

        Venues such as the Baltic Market, Camp and Furnace, and Hangar 34 have ensured the Baltic Triangle is one of the jewels of Liverpool’s nightlife.

        Purpose-built residential developments such as Parliament Square and the upcoming Heaps Mill project have breathed life into the local residential scene, bringing luxury living to one of the most sought-after parts of the North West property scene.

        More than £190m has been injected into the Baltic Triangle. With a new train station set to open, linking the area to Liverpool’s rail service, the Baltic’s popularity among investors and residents is set to increase further.

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          Knowledge Quarter Regeneration

          Liverpool’s Knowledge Quarter is a strategic initiative that has positioned the district as a global hub for research, learning, and technological advancement. Anchored by renowned academic institutions like the University of Liverpool and Liverpool John Moores University, the Knowledge Quarter is characterised by cutting-edge facilities, research centres, and collaborative spaces.

          The regeneration of the Knowledge Quarter has attracted leading minds and businesses, fostering an exciting environment beyond academia. Investments in state-of-the-art infrastructure, such as the Materials Innovation Factory and the Sensor City technology hub, underscore the district’s commitment to scientific progress.

          As the Knowledge Quarter continues to evolve, it enhances Liverpool’s global standing in research and development and contributes to the city’s economic prospects and intellectual vibrancy. RWinvest have some useful property investment tools such as the popular buy to let income calculator.

          More than £2b has been invested into the Knowledge Quarter. In addition, the area is also home to ELEMENT – The Quarter, the first eco-development in Liverpool.

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          Liverpool Building

          How Has Liverpool Property Benefitted From Local Regeneration?

          Liverpool’s regeneration initiatives have significantly benefitted the local property market, transforming the city into a prime destination for buy-to-let investors. The regeneration, exemplified by projects like the Baltic Triangle and Knowledge Quarter, has enhanced the city’s aesthetic appeal and attracted interest from homebuyers and businesses.

          The rejuvenation of neglected areas has led to a remarkable increase in property values, with once-declining neighbourhoods experiencing a resurgence in demand. Improved infrastructure, new amenities, and a focus on sustainable development have contributed to the overall desirability of Liverpool as a place to live and invest.

          Liverpool experienced a remarkable 41% surge in property values during the five years preceding 2022, marking the UK’s highest residential property price growth. This outpaced the increases in other major cities, with Manchester at 35%, Leeds at 30%, Birmingham at 27%, and London at 10%. Additionally, the previous year, Liverpool led the nation in annual house price growth, further solidifying its position as a standout performer in the property market.

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          One of the reasons why more people are choosing to buy in Liverpool is the city’s robust economic growth. Liverpool was crowned the UK’s fastest-growing city economy by The Data City.

          With a 20% growth rate, Liverpool outpaces London’s development by fivefold. In 2023, Liverpool’s economy was forecasted to grow by £14.4 billion by the end of the year.

          The spotlight shone brighter with the city becoming host to the 2023 Eurovision Contest, attracting 473,000 attendees and 162 million global viewers, injecting a £54 million net boost to the local economy.

          This has also helped boost the local short-term rental and serviced accommodation market. Liverpool welcomed over 70 million visitors in 2022. As a result, serviced accommodation occupancy rose from 1.24 million to 1.98 million over 12 months.

          Thanks to the region’s regeneration efforts, Savills has earmarked the North-West buy-to-let market to be one of the standout sectors for returns in 2024. The real estate company forecasts a 9.2% return rate for the North West buy-to-let investment market over the next 12 months, underpinning the desirability of the Liverpool property market.

          Read More: Interested in learning how to invest in off-plan property in Liverpool? Make sure you check out our guide on buy-to-let in Liverpool.

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            How Does Liverpool Compare to the Rest of the UK When it Comes to Property Investment?

            Liverpool’s burgeoning property market is an enticing prospect thanks to significant price growth in recent times. However, the city is still considerably more affordable than many other places in the United Kingdom.

            In August 2023, the average property price in Liverpool stood at around £178,00 (per the HM Land Registry UK House Price Index), making it 18% more affordable than the North West average and 48% cheaper than the UK average.

            The city’s waterfront, a focus of extensive regeneration, is particularly enticing for buyers. It offers premium property at prices comparable to the average property investment in Birmingham or Manchester but with strong appreciation potential. According to Savills, the North West should see capital growth of 20.2% over the next five years, meaning those bargain properties could rocket in price in the next few years.

            Liverpool has also become increasingly attractive for both living and working. The demand for modern, well-connected living spaces has increased property development, driving house and rental prices up.

            The city’s popularity among students, with a population of around 70,000 and growth in creative and digital industries, draws graduates and young professionals. It has also led to a massive influx in purpose-built student accommodation.

            Liverpool’s appeal extends to buy-to-let investors, with strong demand among renters and generous yields contributing to ongoing growth. As the North West continues to attract investment, Liverpool’s evolving buy-to-let sector could promise lucrative returns for savvy property investors.

            Before You Go: If you want to know about the buy-to-let investment in specific areas, consider some of our buy-to-let area guides, including:

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            Dale Barham

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