Liverpool has just hit the headlines for leading the UK’s cities in terms of its house price growth. The Hometrack UK Cities House Price Index reported 7.5% inflation in Liverpool during the year to August 2018. For those working in the Liverpool property sector, the news comes as no surprise.
According to Hometrack, Liverpool’s average property price stood at £120,100 as at August 2018, against a UK average of £217,300. For those buying a main residence, that means 0% stamp duty. For those buying a second home (including investment properties) it means the lowest stamp duty rate, of 3%.
Factor in a 10-15% discount for off plan properties, and Liverpool really does have some exceptional investment deals available. Apartments at The Tannery, for example, are available for as little as £85,000, with anticipated yields of 6% net.
Despite the low entry price, the homes have been designed to offer outstanding quality, synonymous with the world’s greatest capital cities – those with which Liverpool has been rubbing shoulders on the IBM Global Location Trends report. Bright contemporary interiors are complemented by on-site facilities including a 24/7 concierge, secure underground parking, a spacious communal courtyard and a roof garden, all in the sought-after L3 postcode area.
“Liverpool has exceptionally strong credentials as a property investment destination. It has a booming city centre population, a thriving business community and a superb cultural offering. This combines to produce a high and sustained level of demand for decent, well-located rental homes, which in turn means that property investors can earn healthy yields, as well as enjoying the potential for impressive capital growth.”
As part of the Liverpool-Manchester metropolitan area, Liverpool was recently flagged up by IBM’s annual Global Location Trends report as being among the top ten cities in the world for foreign direct investment (FDI). The area pulled in the tenth highest number of FDI projects in 2017, according to the report, resulting in the creation of some 7,000 jobs.
Earlier this year, TripAdvisor also highlighted Liverpool as one of the best places in the world to visit. The city’s cultural offering was key to that decision. This year, it is offering a year-long programme of events, exhibitions, seasons and performances to mark the ten-year anniversary of Liverpool being crowned European Capital of Culture. One of the most impressive offerings is the Terracotta Warriors exhibition, which is drawing in visitors from around the UK and beyond.
“Liverpool is one of those rare cities that has it all. It’s a delightful blend of economic opportunities, cultural pursuits, a superb gastronomic scene, a lively sporting offering and a thriving property market. The city also enjoys property prices that are well below the average for the UK, which is another reason that it is such an exciting prospect for property investors.”
For regular updates on Liverpool and its property market, as well as other UK regional cities, you can follow the Surrenden Invest team on social media.