Why Invest In Liverpool Property?
Liverpool has been in the process of a lengthy transformation for many years and is well into its emergence as a thriving centre for investment. A vibrant, young city and a longstanding cultural and commercial hub, a new wave of development is driving Merseyside even further forwards. With the groundwork well-established and new investment flooding in, there’s never been a better time to get on board with the Liverpool property market. Low property prices combined with excellent infrastructure, burgeoning industries, a powerful economy and a vibrant cultural scene help to create a perfect environment for continued growth, and one ideal for investment. Here are just a few reasons why Liverpool is one of the best possible investments you could make in the UK property market.
Like much of the north of England, Liverpool’s housing market is considerably more affordable than London, making base costs far lower and giving it outstanding growth potential as young professionals struggle to make their way in the capital. The average cost of a home in the last year in Liverpool was just £145,349, compared to over £500,000 in London. It’s not just the property prices, either. The cost of living in Liverpool is also significantly lower than in the south, making it a consistently attractive destination for students and young professionals struggling to get onto the career or property ladder.
Liverpool boasts excellent transport links and these are set to improve even further. Liverpool is well served by John Lennon Airport for easy flights across the UK and Europe and has a quick ferry service to Dublin. By rail, it is extremely well connected, lying just two hours from London on hourly trains, and a very short distance from the likes of Manchester, Leeds and Newcastle. The presence of other cities nearby, which are also in the process of regeneration and rapid development, help to support the rapid growth of the Merseyside area. In the future, the HS2 line is expected to bring huge benefits to Liverpool, while the following HS3 project will directly link it with high-speed trains to other northern cities, making it one of the most well-connected cities in the UK.
The above makes Liverpool ideally placed to become a tech hub, and that process is well into fruition. According to a report from the government-backed Tech City UK, Liverpool’s tech industry is thriving and expected to outperform many others across the UK in the coming years. A long-standing centre of video game development, many other startups are beginning to flourish, largely thanks to determined investment as well as assistance from Liverpool’s two largest universities. As more young professionals flock to Liverpool to participate in the growth of the industry, the future looks brighter and brighter.
As we’ve already seen, Liverpool has attracted huge investment projects to develop businesses, the tech industry, and its transport links and infrastructure. Yet these projects are just the tip of the iceberg as ever bigger plans are drawn up for the future of the city. For example, Liverpool2, a £400m project to expand the port, is another example of some of the constant waves of investment flowing into the city. These projects are in addition to the development of the existing rail network and a brand-new container port to help freight services and local industry. There’s a reason all of this money ends up in Merseyside – both the government and private investors recognise Liverpool’s vast potential and assets, and are determined to develop them to see the city flourish.
Nobody can deny Liverpool’s global importance as a city of culture, and while it boasts the honour of having been the European City of Culture and a UNESCO World Heritage Site, its track record pretty much speaks for itself. The Beatles alone would be enough for any city to declare itself a standout, but there’s plenty more to be had. Liverpool has always been popular in the film industry as a versatile location – the city has stood in for a variety of famous destinations thanks to its impressive architecture. And in other media, it also boasts a huge array of galleries and museums, and of course the real centrepiece of English culture – football. All of these help to make it one of the most diverse and impressive cultural cities in Europe, making it an attractive place to live on more than just a practical level.
Liverpool has one of the most rapidly developing economies in the UK, with output increasing to a quite incredible 39% in the last decade. With a GVA of £9.15bn, it is the country’s most productive city outside of the capital. There are 500,000 businesses located within the 1.5-mile-wide hub of the city centre and a huge number of major companies call the city their home, with the figure ever increasing as investment flows in and smaller homegrown startups begin to build on their early successes and grow even larger. All that culture means plenty of tourism, too – Liverpool is the fifth most visited city in the UK, a hugely popular tourist destination for anyone visiting the north of England.
All of the above help to make Liverpool the ideal market in which to make a property investment. While its regeneration has been a long process, it has also been a roaring success, and there’s plenty more to come. Now is the ideal time to get involved – with the groundwork for investment and development laid and any initial scepticism overcome, much of the earlier risks of investing in the city have been put aside, while the potential for rapid growth has only increased. With the city speedily developing, in the current climate it possesses the transport links, infrastructure and cultural power of a major metropolis while combining them with much lower-than-expected property prices. Put simply, Liverpool at present is an opportunity too good to miss out on.