For decades, Liverpool has been a city that’s been heavily neglected. In recent years, however, the city of Liverpool has been undergoing one of the biggest transformations in its history. And as a result of that, it has become an even more attractive location for property investors.
This is great news for property owners in the area, as those who want to sell can cash in and profit massively from the rising demand. If that happens to be you, read this article until the very end, as today, we’re going to cover:
- What’s new in Liverpool
- What Liverpool’s regeneration means for sellers
- What you should do if you struggle to sell your property despite the rise in demand
What’s New in Liverpool?
To put it simply, a lot has and is happening in Liverpool. To give you an idea of what’s new in the city, we’ll go over the regeneration projects that have had the biggest impact on Liverpool’s property market.
Finished in 2009, The Paradise Project was aimed to restore over 42 acres of underutilised space in the Liverpool city centre. Since its opening in 2009, the effect it had on the local area and the Liverpool economy as a whole was evident.
By the end of 2009, the total footfall within Liverpool One was over 13 million – a new record for that part of town. Being in close proximity to the Albert Dock, Liverpool One managed to direct over 100,000 additional visitors to the Albert Dock each week. This was an increase of over 45%.
Regeneration of the Albert Dock
The Albert Dock has been around for over 150 years, but it has only been in proper operation up until the 1900s. Eventually, it became too small to accommodate larger iron and steel steamships and by 1920, the Albert Dock stopped conducting any commercial activities. By 1972, it was permanently closed.
Despite being closed for over 50 years, the importance of the Albert Dock for the city of Liverpool was never forgotten. Being a UNESCO World Heritage site, in 1983, Arrowcroft was given the huge responsibility of regenerating the area. The project resulted in regenerating over 1.3 million square feet of restaurants, bars, retail space, and residential apartments and office buildings.
Lime Street Regeneration
Totalling over £39 million, the Lime Street project is one of the most significant to date in the whole city. Although the scheme is now complete, it involved the creation of a 101-bedroom hotel, a 30,000 square feet commercial space, and a 412-bedroom student accommodation block.
To make space for the Lime Street project, the historic Futurist cinema was demolished, which brought some uproar by SAVE Britain’s Heritage. However, the court later found that the structure of the building was not safe as it was, and there was little that could be done to preserve it.
The Anfield Project
The Anfield Project was spearheaded by the Liverpool City Council, Your Housing Group, and of course, the Liverpool Football Club. The project started over a decade ago, in 2013, and aimed to massively uplift the previously neglected area of Anfield. The developments residents saw since 2013 include:
- New and refurbished housing
- New street lights and alleyways
- An expansion of the Anfield stadium, creating over 1,000 new jobs
The project was deemed a massive success, and truly made an impact on all residents living in the area.
Liverpool’s Housing Stock
One of the most significant people for the regeneration of Liverpool’ housing stock was the mayor of Liverpool, Joe Anderson. He made the commitment of building 5,000 new houses and bringing over 1,000 properties back into proper use.
Over a decade later, the project is now finished. The bulk of the properties at the moment are mostly student and resident accommodation. This comes as no surprise considering Liverpool has over 7 different universities, which host tens of thousands of full-time students each year.
What Liverpool’s Regeneration Means for Sellers
Liverpool’s regeneration is a big deal for property owners looking to sell. This is mainly because the economic uprisings in the city have had a massive impact on the property market too. And this isn’t the case in some areas – it’s across the whole city of Liverpool.
We can see that based on historical data. As of right now, the average property in Liverpool sells for around £193,000. Over 20 years ago, the average property sold for around £130,000 – which is an increase of over £60,000.
Here, it’s worth mentioning that the current economic climate has definitely had an impact, as just 2 years ago, in 2021, the average property in Liverpool sold for £227,000. However, if you’ve owned your property for many years, chances are that even if you decide to sell right now, you’ll make a very significant profit.
Aside from increased property prices, there is also an increase in buyer interest from both normal people as well as investors who are starting to enter Liverpool’s property market.
Here’s What to Do if You’re Still Struggling to Sell Your Home
If you’re struggling with finding a buyer for your property in Liverpool despite the city’s current transformation, don’t lose hope. Whether you want to sell a tenanted property or your own home, at We Buy Any Home, we can help you do that quickly, easily, and effortlessly.
And best of all, you’re guaranteed to receive your money in cash within days. If selling your property through us is of interest to you or you just want to find out more about us, we’d love to hear from you as soon as possible.