Liverpool is an increasingly desirable place to live which has been reflected in the property figures recorded in 2020. The city provides job opportunities, culture, a thriving social scene and so much more, and according to Yahoo Finance this desirability has been reflected by a 15.1% increase in average house prices since last year. This figure not only shows that Liverpool’s property scene is booming and that more and more people are interested in investing in the city, but it also means that Liverpool is the UK’s top property hotspot for 2020.
This mean excellent things for property jobs in Liverpool as investors flock to the city which not only fuels the local economy but will encourage others to invest in the city and will bring an array of interesting and exciting projects across the property sector.
The average property price in the city has shot up by nearly £20,000 – rising from £130,224 to £149,928 in the year up until October according to analysis of data from property experts Movewise. Compared to other major cities such as Manchester which saw a 3% increase or London which saw just a 2.5% increase this is an extremely steep increase in house price growth. Compared to the UK national average, Liverpool exceeded the average house price growth by almost 3.6x as the average price for the UK as a whole rose from £251,711 to £262,175 which equates to a 4.2% increase.
Only two other major UK towns saw double-digit growth during this time period and it appears that the impact of lockdown has influenced people’s property decisions as they move out of spaces such as London to allow themselves to find more room to work from home and to acquire more outdoors space as well. Several areas of the country also experienced loses in the average house prices partially due to the difficult economic year the world as a whole has faced due to COVID-19.
Movewise Founder and CEO Tom Scarborough states that ‘the impact of lockdown has seen a noticeable shift in where [people] want to live and what [they] want from [their] homes’ and that ‘even after lockdown ended, many have re-evaluated what [they] want from home-life.’ He also went on to explain how ‘we expect this migration to continue through 2021 […] particularly as the working from home trend gathers momentum.’
Scarborough highlighted how ‘considering the economic and social challenges faced this year, the property market has once again proved itself to be extremely resilient in the face of adversity.’ He also explains how ‘we have seen a buyer frenzy, as people look to take advantage of stamp duty savings up to £15,000. That coupled with continued low stock in many areas, has put upward pressure of prices’ and ‘turbo-charged the property market in the second half of the year.’
Liverpool has a lot to offer as a city and it appears that property scene is acting as a reflection of this. The city is seeing increased interest from both local and international investors as well as home owners which is having a knock-on effect for property prices in the city. It appears that Liverpool is an excellent choice for investment and it will be exciting to watch Liverpool’s property market continue to go from strength to strength as we move into 2021.
Written by Rachael Gray.
Rachael Gray is a Director at Clifton Gray specialist property recruitment company. Follow Rachael on linkedin or email email@example.com to discuss current Liverpool and Manchester property jobs, or to find out how Clifton Gray can secure the best talent for your property business.