Over the last couple of years, Liverpool’s housing market was amongst the fastest-growing in the entirety of the United Kingdom. As a result, not only did average people from near and far decide to invest in the Liverpool property market but small and large institutional investors too, further increasing the demand for housing in the area.
So if you’re wondering what the cost of housing looks like right now across Liverpool and whether property prices will keep on rising or start decreasing, you’re in the right place. In this article, we’ll take a look at what the data suggests, but before we do that, let’s take a closer look at the average house price in Liverpool in 8 vastly different areas of the city.
Liverpool House Prices By Area
The average property in Liverpool last year sold for £200,443, with detached homes costing double at £399,485, while semi-detached, terraces, and flats costing £232,573, £144,235, and £148,055 respectively. This is an increase of over 11%.
With that said, the property prices across Liverpool vary greatly depending on the area where they are situated. So, to give you some more clarity on the cost of housing across Liverpool, let’s take a look at some of the most popular areas in England’s 7th biggest city.
Liverpool City Centre
Whether you’re wondering where to live in Liverpool or for a place to invest, it doesn’t get much better than the heart of the city – the Liverpool city centre. The average house in the area sold for £202,417, which is a rise of nearly 10% since last year.
If we were to take a look at average price per property type, we’d see that terraced properties cost the most, £383,639. Detached and semi-detached cost £250,750 and £184,176 respectively while flats remained the cheapest – £178,780.
There’s no secret that this part of town is very expensive to buy a property in. Not only is the land for building limited but the views newly built properties get is one very few people in Liverpool can see from their doorstep. As a result, the average price for a property in the area cost £470,000, which is an increase of over 42% since last year, and 6% down from the 2019 peak of £500,000.
Situated just 5.3 miles out of the Liverpool city centre, Allerton is one of the most affluent and sought after areas in Liverpool. As a result of the limited number of properties and very high demand, the average property here sold for £389,570 over the last 12 months.
And the only reason the average price is this low is because terraced properties and flats sold for an average of £198,514 and £181,000 respectively. When we take a look at detached and semi-detached homes, it’s a different story. They cost on average £645,105, and £326,808 respectively.
Situated just north of Allerton, Woolton is just 6.1 miles out of the Liverpool city centre, making it another sought after location for residents and investors. The average property in Woolton over the last 12 months sold for £323,492.
What’s interesting about this area is that average property prices vary greatly depending on the type of property you’re looking to buy. The average detached, semi-detached, terraced, and flat properties cost £527,759, £313,016, £221,261, and £119,391 respectively.
The town of Crosby sits just 7.6 miles to the north of the Liverpool city centre. What’s unique about this area is that it is a coastal area with direct access to the Mersey River and the Irish Sea.
As a result of its unique location, the average property here sold for £329,070 over the last 12 months, with detached homes costing the most – £657,398. As far as flats, terraces, and semi-detached properties are concerned, those sold for an average of £183,755, £216,243, and £332,278 respectively.
Aigburth sits just beneath Allerton, 4.1 miles to the south of the Liverpool city centre. The average property in the area over the last 12 months sold for £263,506, making it one of the most affordable on this list.
The Georgian Quarter is one of the most popular areas for tourists due to its unique infrastructure. As a result of that, property prices in the area are amongst the highest across the entire city.
The average house in the area just last year sold for £262,583, which is over £60,000 the city’s average. And the only reason why the average is this low is because the majority of sold properties were flats, which went for around £157,000 while terraces properties were sold for an average of £790,000.
Located just 2.2 miles out of the Liverpool city centre, Vauxhall is a dream location for any commuter or person who wants to live in close proximity to the city centre without having to spend hundreds of thousands of pounds. According to data, the average property in the area just last year sold for around £150,000, which is perfect for anyone looking to buy their first home or invest without a lot of capital.
Liverpool House Prices By Property Type
The average house price in Liverpool varies greatly not just by location, but by property type too. In the large majority of cases, detached homes were the most expensive type of property you could buy, costing an average of £399,485 over the last 12 months.
In second place, we have semi-detached houses, which cost buyers an average of £232,573 over the last year. Then, we have flats, which cost £148,055 and terraces properties, which cost £144,235.
With all that in mind, it’s worth mentioning that these are just ballpark figures across the entire city of Liverpool. In the Georgian Quarter part of Liverpool, for example, terraced houses are in times higher compared to semi-detached properties.
Will House Prices Increase or Decrease in Liverpool?
If you’re looking at the immediate future (2023 and 2024), it can be quite difficult to predict due to the uncertainty in the British economy. With that said, we were to look at the more distant future, one thing is for sure – property prices tend to always go up, especially in developing cities such as Liverpool.
If we take a look at the most recent data from the property market, as of late 2022, the property market graph looked like a bit of a rollercoaster. However, the general consensus was that the market was stabalising after a staggering growth over the last several years.
So if you’re looking to sell your house fast or invest in one before it’s too late – now is a great time to do both, whichever side of the table you’re currently sitting on.