Liverpool Property Market Never Stronger

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Liverpool Property Market Never Stronger

As cities around the UK experience slowdowns in the housing market, one northern city is bucking the trend. With rising house prices, a strong rental market and major new developments set to create 38,000 homes under construction. Liverpool has one of the strongest prospects of any northern city.

Riding high on the effect of Liverpool’s 2008 European Capital of Culture status, the city is enjoying rising house prices, a strong rental market and an employment boom.

Liverpool Waters Development
Artists impression of Liverpool Waters. Peel Holdings.
Peel Holdings 0161 629 8200

Over the last three years, prices in the city have risen by 29% (Knight Frank) which is significantly more than in neighbouring areas, Regenerated areas such as Speke, Garston and Wavertree have seen the biggest price rises, while suburbs such as West Derby, Woolton, Aigburth, Calderstones and Mossley Hill continue to demand above-average prices.

Growth is strong across the whole of the city, with the city centre population set to rise from a current 9,000 to 20,000 by 2012 and over 85,000 more residents expected across the city as a whole within the next five years.

An average home in Liverpool now costs £155,598, which represents a 6% rise in the twelve months until January 2008. Such high prices are squeezing first time buyers out of the market, resulting in a growth of 5% across the rental market. However, buyers determined to get on the property ladder are still able to benefit from low prices in neighbouring areas such as Bootle, where an average home costs £113,581.

With employment on the up and prestigious new developments such as Liverpool Waters (pictured) and Wirral Waters set to draw even more investment into the city, it looks like 2008 will be Liverpool’s best year yet.