Named one of the ‘big 5 cities to watch in 2018’ according to property index HomeTrack, Liverpool’s property market is undoubtedly going from strength-to-strength - to the extent where house prices rose by 8% in the city last year. Property analysts also predict a further 6% rise this year. The current average asking price, meanwhile, for a property in Liverpool is £117,300.
Online estate agents Your Move says Liverpool’s property market has “substantially out-performed” other areas of the UK, including the capital where homeowners in some boroughs lost 15% from the value of the their property last year. In nearby Manchester, house prices rose just 4.3% in 2017 - although this was still an improvement on the national average of 0.6%.
With demand still bigger than supply in Liverpool, it’s no surprise that high prices are rising. Owners of flats saw the biggest rise in the value of their property last year - up an average 11.8% to £120,771. Detached properties were next with an 8.5% rise, bringing that average to £314,586, semis increased by 4.7 per cent to £173,917 and terraces rose 3.9% to £110,863.
The Private Rented Sector is particularly buoyant in Liverpool where landlords benefit from some of the biggest yields in England and Wales. Despite tougher regulations on the buy to let market having been introduced in recent years, it doesn’t seem to have put many landlords off - in the Beatles hometown at least.
It’s not all about the city centre
As property developers in the city centre continue to focus on one bedroom and studio flats, more and more families are moving outwards into areas such as Knowsley, Broadgreen, Dovecot, Bowring Park and Childwall, where they can appreciate the benefits of increased floorspace for their money.
Broadgreen is particularly popular, with the overall average property there valued at £163,641 last year. Detached homes sold for £276,170 and semi-detached £150,546. Terraces went for £115,853. In Childwall, the average property sold for £225,995.
Often referred to as ‘the gateway to the Northern Powerhouse,’ Knowsley sits in the east side of Liverpool. At present, there are 3,700 businesses located here, including giants such as, Matalan and e-commerce tv channel QVC. A total of 6000 jobs have been created in Knowsley since 2009 - exceeding the national job rate. Another major employer located in the area is the Jaguar Land Rover manufacturing site, which provides thousands of job opportunities.
Wavertree is HMO heartland
Another up-and-coming Liverpool destination is Wavertree, which is already popular amongst the city’s 60,000 student population attending 1 of 5 universities and colleges - making this particular area an excellent location for those interested in developing an HMO property strategy. In fact, student accommodation throughout the city is one of the biggest property investment draws in Liverpool.
Areas further out also proving lucrative for property investing purposes include Netherley, Woolton, Belle Vale, Gateacre and Hunts Cross. Last year, Netherley had an overall average price of £96,925, according to the online property portal Rightmove (this was a whopping 17% increase on the previous year). Affluent Woolton’s average house price meanwhile was £270,233.
Interested in investing in property in South Liverpool? Contact me using the link below.
Speak to Mike Hill who specialises in investment property.
Call 0333 123 1330