Are you considering buying a house in Liverpool? In this article, we’re going to go over every key detail you need to know when making your final decision. This goes for both first-time buyers and investors looking to tap into Liverpool’s thriving house market.
To help you make the right decision, we’ll provide you with a forecast on the future of the Liverpool property market, three reasons why you should buy a house in Liverpool, and the five best areas where buying a house makes the most sense right now. But before we do any of that, let’s take a look at the current state of the Liverpool housing market.
An Overview of Liverpool’s House Market Thus Far
The average property in Liverpool over the last 12 months sold for £219,235, which is approximately £90,000 less than the national average. The large majority of sales were semi-detached properties, which sold for an average of £234,647, followed by terraced properties, which sold for an average of £158,501 and flats fetching a price of around £144,000. What’s interesting to note is that these prices are 7% up on the previous year, and 18% up on the 2020 average property peak of £186,415.
A Forecast On the Future of the Liverpool House Market
The Liverpool property market was one of the fastest growing in the entirety of the UK, and for all the good reasons. Many experts believe that the property market will correct in the next couple of years, but just as many remain optimistic about the long-term.
So, if you consider buying a property, now is a great time to do so as the market is showing some signs of slowing down. And if you want to sell your house fast, now is a great time to do so too while prices are high and you don’t want to risk losing money in a potential property market decline.
3 Reasons Why You Should Buy in a House in Liverpool
There are many reasons why you should buy a house in Liverpool – whether you’re looking to live in it or have it as an investment property. We can’t cover all the different reasons, so that’s why we’re sticking to the three biggest factors that have been driving property prices up over the last couple of years and will continue to do so for the years to come.
Liverpool Has a Strong and Growing Economy
Being the 7th largest city, Liverpool is one of the UK’s biggest economic contributors. Reports suggest that by the end of 2024, the annual GVA growth of Liverpool is predicted to be higher than any other location in the North West – reaching a staggering £14.4 billion.
What’s interesting about Liverpool is that while 917 thousand people live within the city, over 2.5 million are within close proximity to Liverpool – 1.4 million of which are of working age.
Liverpool is a Diverse Business Hub
Liverpool is also home to a wide variety of businesses across a range of high-value sectors. Companies like Jaguar Land Rover, AstraZeneca, Unilever, Nestlé Health Sciences and Orsted, each have significant operations in the city.
To give you more raw statistics, there are nearly 13 thousand businesses with 0 to 9 employees, 1,420 businesses with 10 to 49 employees, 275 businesses with 50 to 249 employees, and 80 businesses with over 250 employees.
Liverpool Has a Thriving Student Accommodation Market
While the buy-to-let market is as strong as ever, the student property market is growing much faster. This is because Liverpool is home to a number of elite universities, which bring in hundreds of thousands of students to the city each year.
And since everyone needs a place to live, landlords of student accommodation have been taking advantage of the demand for their properties and have been cashing in over the last 10 years. What’s more, the number of students in the city continues to rise each year by around 2 to 4 percent.
Best Areas of Liverpool to Buy a House
The best area for you would heavily depend on what you’re looking to get out of living in Liverpool. Some people prefer to live in the hustle and bustle of the city centre while others prefer to be 10 minutes out. To give you plenty of options to look for that will match your every need, below, we’ll go over the best areas to buy your house in Liverpool.
For many years, Allerton has been deemed the jewel of Liverpool when it comes to housing. It’s not too far away from the city centre (5.3 miles to the South) and is home to plenty of green spaces, fantastic education facilities, and a large number of amenities that locals take advantage of every day.
As a result, the average detached house in Allerton just last year sold for £645,105 while semi-detached properties came in at almost half of that – £326,808.
Situated just beneath Allerton, Aigburth is another affluent part of Liverpool that is popular for people looking to buy a house to live in or rent out. Property prices in the area are quite a bit more affordable than Allerton, making it the perfect place to buy if your budget doesn’t stretch as much.
You can find very decent houses in the area for anywhere from £200,000 to £370,000. Of course, the price you pay will depend on what you’re looking for. But when we looked at what was available, there was plenty of choice to fit nearly everyone’s budget.
Crosby is a coastal town, which offers a stunning view out to where the Mersey River joins the Irish sea. The small but affluent town is situated 7.6 miles to the north of the Liverpool city centre and is home to some fantastic green spaces.
Due to where Crosby is located, the average detached house in the area sold for a staggering £657,398, more than 2x the Liverpool average. As far as semi-detached properties are concerned, those sold for an average of £332,278, which is nearly half of the price of a detached house.
Woolton is another fantastic location for people looking to buy a house. The Liverpool suburb is located just 6.1 miles away from the Liverpool city centre, making it a great place for those who need to community to the city but don’t want to live in the hustle and bustle of Liverpool.
Depending on the type of house you’re looking to buy, you’ll need to have quite deep pockets (for Liverpool). Over the last 12 months, the average detached property sold for £527,759 while the average semi-detached property sold for £313,016, which is still around £113,000 more than the Liverpool average.
Is It A Good Time to Buy A House in Liverpool?
When taking all of the above into consideration, yes, now is a fantastic time to buy a property in Liverpool. Granted, you want to make sure to buy in areas such as the above where houses are and will always be in very high demand.
When looking back a few years, it would come as no surprise if property prices continue to rise. So, if you want to buy while prices are still relatively low for what is to come, don’t wait and make the same mistake as many other people – contact We Buy Any Home today for a free cash offer.