It is no secret that Liverpool has continued to go from strength to strength as a city over the past few years, thereby making it more desirable for residents and investors alike to look to purchase property in the city. The property market in Liverpool has undergone a steep evolution, with an array of new structures being added to the already diverse market. This all feeds into general trends seen across the North West, where investment into the property industry has seen a gradual increase, however, according to figures from Zoopla, it looks like Liverpool has taken the top spot for regional house price growth in England this month, a title which had previously belonged to Manchester.
According to the data, over the past year house prices in Liverpool has increased by 3.5%. Manchester had previously held the top spot for a number on months on the index and is still following very close behind at a 3.4% increase. These are impressive figures when considering that across the UK overall, the average increase sat at 1.9%, but this represents the region, with the Northwest possessing a 3% house price increase, thereby making it the leading region in the country.
By contrast, prices in London and the South of England in general have only reached 1.2% over the past year, which could be indicative of general trends in the UK as more people look to live and invest in the North of the country. Where there is high demand, there must be supply to meet this, which means great things for not only architecture jobs in Liverpool and Manchester, but also property jobs in Liverpool and Manchester as well.
Tom Bill, Head of UK Residential Research at Knight Frank, states ‘the rest of the country is closing the gap with London as demand spreads beyond the capital due to affordability pressures. The gap will narrow rather than close but we expect stronger house price growth in less expensive areas of the UK during the next several years. The push into more affordable areas will be reinforced by the flexibility more commuters have about how and where they live following the pandemic.’
Despite the increase in house prices in Liverpool, experts still identify it as not only a strong investment opportunity but as a viable one for multiple budget types too, with recent research from Zoopla stating that Liverpool is the most affordable city in England to purchase one or two-bedroom properties or for single and first-time buyers. Affordability is of course an important consideration for those looking to get their foot on the property ladder or expand their property portfolio, once again strengthening Liverpool’s position in the country-wide property market.
The Northwest has continued to rise as an area of focus within the property world, and whilst a lot of the emphasis had previously been placed on Manchester, it looks like Liverpool could become a major player in driving this growth even further going forward. It will be interesting to see if Liverpool continues to hold the top spot for this growth in future stats throughout 2025 and beyond.
