Liverpool’s Economic Growth Rate Above the National Average
Liverpool is one of those cities that consistently impresses the Surrenden Invest team – and with our exacting standards it takes a lot to do that! We’ve already flagged the region as one of 2019’s top property hotspots due to its strong economic credentials. Now, the most recent regional accounts published by the Office for National Statistics (ONS), show that Liverpool City Region’s economic growth rate is well above the English national average. In fact, it was the fastest growing in the country during 2017.
Liverpool City Region’s economic growth rate stood at 3.3% in 2017, according to the ONS data. It tied with Cheshire & Warrington as the fastest growing Local Enterprise Partnership (LEP) in the country over the course of the year, while the national average stood at just 2%.
“The 2017 ONS regional accounts highlight the strength of the Liverpool economy. This diverse city has so much to offer to residents, tourists and investors alike. It is a hotbed of entrepreneurial activity, with a culture like no other and a property market that is going from strength to strength.”
An increase in output across the manufacturing, health, wholesale and retail, education, construction and information and communications sectors were key to Liverpool’s success in 2017, driving Gross Value Added (GVA) growth. The manufacturing sector in particular has contributed to the city’s success, recording average GVA growth of 2.1% per year since 2013, compared to a national average of just 1.4%.
With regard to its property market success, Totally Money has highlighted Liverpool’s high student population as an influential factor behind the city’s reputation for high yields. In 2018, six of the top 25 best buy to let postcode areas in the UK were Liverpudlian. The L7 postcode area topped the local Liverpool list, with yields of 9.79%.
Stunning Apartments at The Tannery, Liverpool
The L3 postcode area – home to the stunning apartments of The Tannery – achieved average yields of 7.44% over the course of 2018. With an investment price starting from just £85,000, The Tannery is an excellent option for those looking to be part of one of the highest yielding areas of the UK without breaking the bank. The average London apartment price stood at £418,919 in September 2018, based on HM Land Registry figures – just under five times the cost of an apartment at The Tannery. With such affordable prices in one of the country’s highest-yielding areas, it’s easy to understand why The Tannery attracted such keen interest in 2018!
“Buy to let property UK offered some excellent opportunities to investors over the course of 2018 and we expect to see the same in 2019. Regional cities such as Liverpool – along with the likes of Birmingham, Manchester and Newcastle – will continue to receive significant attention from property investment companies looking to present their investors with the best opportunities in 2019.”