With the fastest-growing house prices of any city in the United Kingdom, Liverpool is firmly on the map for house hunters from near and far. Demand for houses in the area has made many predict this year to be one of the busiest in the housing market for over 10 years.
An average house price increase of over 10% has seen Liverpool become one of the most desirable housing markets in the UK, so let’s take a closer look at the UK’s 10th most populated city.
And if you’re looking to sell your house fast in Liverpool, contact our team to see how we could help you today.
Liverpool house prices by area
Liverpool property prices have grown significantly in the past year – at an average of around 9%. The average price for a property in Liverpool was £194,000 in the last twelve months.
The area of Toxteth was one of the most popular areas for growth in the last year, with a 20% increase in prices. The L17 and L18 postcodes to the south of the city have seen a huge rise in demand and incredible growth.
The most affordable area to buy property in Liverpool was the L28 6 postcode area within Stockbridge Village where the average price was as low as £45,000. The most expensive area on average was the L38 3 postcode, where properties sold for an average of £755,000.
The government’s removal of the stamp duty and the demand after the lockdown have supported the Liverpool property price growth.
Other expensive areas include Sefton and Lunt where average prices of £400,000 are up by an incredible 71.1%.
Another expensive area was Heswall in Wirral. The average property price in the area was £380,000 as of June 2021, although this is 1% down on the previous year.
Properties in the L1 postcode region rose from £89,995 to £125,000 on average in the last year. And in Formby, median prices rose to £305,000 from £275,000, showing healthy growth across the city.
Not every area in Liverpool saw price increases in the last 12 months though. In L5, prices fell from an average of £99,835 to £75,000, down 24.9%. This means that many first-time buyers in the city are looking towards L5 as the ideal place to get onto the property ladder.
Which areas in Liverpool are property prices rising quickest?
The growth within the city of Liverpool has seen average property prices increase in various suburbs, but one significantly outgrew the rest. The Central ward area in Liverpool was home to average prices of £125,000, up by over 60% on the previous year. This is over double the £60,000 it would have cost on average to purchase a property in the area in June 2001.
But the fastest growth as mentioned earlier was in the areas of Sefton and Lunt. Average house prices were up 71.1% in the previous twelve months.
Some of the most affluent areas that have seen incredible growth from 2019-to 20 include the following areas:
- Calderstones: £494,000 – up from £453,000
- West Allerton: £323,000 – up from £287,000
- Childwall West and Wavertree Green: £302,000 – an increase from £273,000
- Gateacre: £275,000 – rising from £250,000
- Aigburth and Grassendale: £263,000 – up from £252,000
The number of homes sold in Liverpool actually dropped from the year before but in Wavertree, 147 homes changed hands, making it the largest proportion of sales in the area.
Liverpool house prices by property type
The number of transactions dropped by 4.2% in the last twelve months but there were still 9,900 properties sold. Average house prices in Liverpool are in the region of £194,000 but this can be broken down by different property types. In the last twelve months, a new build property averaged £280,000.
Most sales in Liverpool were for detached properties, which sold for an average of £142,973. In the last twelve months, a semi-detached property would cost an average of £220,788, and flats commanded £142,317.
An established property fetched close to the average at £192,000.
Why are house prices in Liverpool going up?
As a competitive market, many are wondering why house prices in Liverpool continue to increase. This can be down to many factors, but the main one is that Liverpool is one of the most affordable cities in the UK, and lots of people are therefore moving into the area. This means families can get more for their money, as can first time buyers, and with numerous job opportunities in the area and excellent transport links, there is no shortage of opportunities.
Liverpool properties are nearly £100,000 cheaper than the UK average and growth levels continue to impress.
A look at the growth of the previous decades shows Liverpool has grown significantly. In the last 20 years, Liverpool’s property market has grown beyond the UK average. A 301% increase compares favourably to the UK’s price growth of 241%.
Many experts believe that the Liverpool property price trend can be put down to Governmental measures including the stamp duty holiday. This is likely to have influenced many house buyers to bring their house purchase forward in the last year.
Now that stamp duty has ended, the market could see a lot of change. Although the interest rate has risen and the cost of living has increased in recent times, mortgages are still competitively priced.
This is why it is believed buyers will still take the next step on the ladder, and Liverpool is likely to continue to be a popular area for buyers. With investment in the region forecasted to grow, Liverpool is a market to keep an eye on.
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