Liverpool council has announced plans to build 10,000 new homes, highlighting the city’s urgent need for new housing to provide for its growing population. The council plans to set up a ‘commercially driven’ housing company to progress the work, which will be spread across sites owned by the council and by the private sector.
The £1 billion commitment was one of the cornerstones of Mayor Joe Anderson’s manifesto when he was elected in May 2015. He describes the ambitious program as the “biggest and boldest house building program, probably in Europe.”
Prime Centrum Business Development Manager Stuart Johnson comments,
“The commitment to build 10,000 new homes in Liverpool is much needed. The city’s ageing housing stock and increasing population have created a severe shortage of homes, meaning that long-term planning like this is required in order to give Liverpool’s residents the high quality accommodation that they both expect and deserve.
“The plan is also indicative of Liverpool’s attraction as a place to invest in property – housing shortages like this aren’t solved in a hurry, meaning that investors can be assured as to the long-term prospects of Liverpool’s property sector.”
While the Mayor’s plans will take some time to come to fruition, investors keen to buy in to Liverpool’s property market have some excellent opportunities available to them. Elegant buy-to-let apartments at Parliament Residence, located by the city’s stunning UNESCO World Heritage waterfront, are available from £109,900. The one and two bedroom homes enjoy a 22% early investor discount and 7% NET income per annum assured for the first three years.
Not only are the yields appealing when it comes to investing in residential property in Liverpool, but capital growth is also an attraction. The city was flagged as enjoying the fastest rate of house price growth in the UK in the May 2016 Hometrack UK Cities House Price Index, with a growth rate of 5.4%.
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