Investing in buy to let property in Liverpool is currently a good option for a number of reasons. Liverpool is home to nearly half a million people, a major city in the UK and key to the economic Northern Powerhouse, the UK Government’s multi-billion pound regeneration program. Liverpool city centre has gone through major developments in the last few years. The growing population and growing affluence has meant a strong demand for quality city centre rental properties, however this has been met by a structural undersupply of properties for this rising population.
Now a city on an investment growth curve, Liverpool is enjoying the kind of investment never before seen outside of London evidenced by a record number of new businesses in 2015 with 4,473 created strong population growth and one of the strongest GVA growth rates amongst major cities in the UK. Liverpool’s economy is growing faster than London, Manchester and any other major British city, according to latest figures released by the UK Government showing an annual growth rate of over 3% more than double that of London.
The huge waterfront area regeneration, along with Liverpool being crowned the first European Capital of Culture in 2008, have been major influences in the demographic shift that has taken place within the city centre. According to Centre for Cities, the population of Liverpool city centre more than doubled in the decade to 2011 due to rising numbers of young professionals.
As employment pulled young professionals into the city centre, they increasingly sought to live close to work. This led to a sharp rise in demand for rental accommodation. The situation was exacerbated each summer as the city’s students overflowed from university accommodation into the private rented sector.
The influx stimulated growth of Liverpool’s buy-to-let market, and as demand for property continues to increase, the values are still going up. The last year alone has seen property prices rise by 7.01% the fastest growing city centre performance in all of the UK.
Liverpool city centre’s property market is all about contemporary apartments these days. Affluent young professionals are falling over each other in a bid to rent the latest waterfront development or the building with the perfect postcode. The situation has ensured that Liverpool’s property market is an exciting prospect for buy-to-let investors, who are snapping up apartments as fast as developers can bring them to market. Or, in many cases, before they reach the open market. The unprecedented demand looks set to continue, making Liverpool one of the hottest property markets in the UK right now.