The latest reports from the UK Cities House Price Index show that Liverpool has seen massive house price growth over the summer to go with another very strong annual showing. Increases of 5.4% in May and 6.1% in June have delighted homeowners in the city as well as investors looking to take advantage.
The property market in the North West has shown itself to be extremely resilient, even buoyant, in the face of an EU Referendum result which many feared would destabilise the market. The hardship currently being endured by the London market, which has seen another cooldown in prime property prices over Q2 2016, only serves to emphasise this point further.
It is not hard to see why the Liverpool market is so attractive to investors. The population of the city doubled between 2001 and 2011 and is projected to reach approximately 500,000 over the next 15 years. Much of this increase will be a result of people moving to Liverpool from other areas of the UK. The city offers one of the most desirable lifestyles for young professionals in the country with its dynamic economy and world class leisure and entertainment options. Developments like Silkhouse Court in the central business district are very popular and in extremely short supply – there are not enough high quality city centre developments to meet current demand, let alone the predicted influx over the coming years.
Large new developments are planned in the near future which will raise the profile of Liverpool even higher than it already is. Areas such as the Liverpool One shopping centre and the revamped commercial district are already energising the city and that is just the tip of the iceberg. The massive redevelopment of the city’s Chinatown and the massive improvements to the area around Liverpool Lime Street Station are immediate improvements and will be set against longer term investments such as the £50bn set to be spent improving the city’s largely disused docks and the eventual arrival of the HS2 high speed rail which will reduce journey times to Manchester and London.
Liverpool is already one of the UK’s buy-to-let hotspots and a fantastic place to invest in property. The upcoming economic and population growth means there has never been a better time to invest in the city, and, as homeownership continues to fall in the city, the opportunity is one which should interest any buy-to-let investor looking for strong capital growth and high yields.