Are Property Prices Rising in Liverpool?

Liverpool has long been a thrilling city of opportunity for homebuyers and investors alike. 

It boasts a fascinating cultural history, a lively economy and a property market that’s known to buck national trends. But what’s really happening with property prices in Liverpool? Let’s explore the trends, uncover the factors driving change, and see what it means for you.

A closer look at Liverpool’s property market

In 2024, the property market in Liverpool remains one of the UK’s most talked-about — and it’s easy to see why.

The average property price in Liverpool stands at £188,000 as of October 2024, ONS data confirms. This is a 3.8% year-on-year increase from October 2023. Given that the national average sits at around £309,000, it’s plain to see Liverpool’s appeal as an affordable option for buyers looking for growth potential.

But are property prices rising in Liverpool? Let’s dig into the dynamics revealed by recent data. 

• The average price of detached properties in Liverpool was £362,000, reflecting a 3.2% annual increase from October 2023. These homes remain popular with families and higher-income buyers due to their space and privacy.
• Semi-detached homes saw a more robust growth, with their average price rising to £229,000, a 4.5% increase over the previous year. These properties are highly sought after for their balance of affordability and functionality, appealing to both growing families and investors.
• Anyone who knows Liverpool property knows that terraced homes are a staple of Liverpool’s housing stock. Terraced homes experienced a 4.0% annual increase, with their average price now standing at £166,000. These properties remain an accessible option for first-time buyers and investors looking for stable returns.
• Meanwhile, the average price for flats and maisonettes rose by 5.6%, reaching £141,000. This category showed the highest growth rate among property types, driven by strong demand from younger buyers, students, and investors capitalising on Liverpool’s thriving rental market.

These figures (ONS’s stats from October 2024) leave us in no doubt: Liverpool’s property market continues to grow and prices continue to rise, though of course there are variations in performance across different property types.

What’s driving property prices in Liverpool?

Several factors are contributing to Liverpool’s price growth, such as:

Economic regeneration 

Liverpool is undergoing significant transformations thanks to major investments in infrastructure and regeneration projects. Developments like the Liverpool Waters project and the expansion of the Knowledge Quarter are creating jobs and revitalising the city. These initiatives bolster Liverpool’s reputation as a vibrant hub for professionals and families, driving demand in the housing market.

High rental demand

Liverpool’s strong rental market, fuelled by its student population, continues to support property price growth. With institutions such as the University of Liverpool and Liverpool John Moores University, demand for rental properties remains robust. In November 2024, the average monthly rent in Liverpool was £810 a month, marking a 9.1% increase over the previous year. We’ve seen popular areas like Ropewalks and the Baltic Triangle benefit significantly from this demand lately.

A homebuyer’s destination

We know that cost-of-living pressures and rising interest rates have been dampening enthusiasm for homebuying, but it’s a different story in Liverpool. Because house prices here are well below the national average, buyers can often stretch their budgets further, meaning locals and incomers alike are more able to buy here, and more confident about doing so. So, Liverpool’s affordability is keeping the local property market active, despite the current economic challenges faced by the UK.

Are all areas seeing the same growth?

Liverpool’s property market is generally positive, but not every area is experiencing the same level of growth. Prime locations, such as the city centre and waterfront developments, are thriving with 5% annual growth in average prices, thanks to high demand and excellent amenities.

However, some suburban areas are seeing slower growth. Neighbourhoods like Speke and Norris Green have experienced year-on-year price increases closer to 1.5%.

Why? These areas are more sensitive to factors like the aforementioned rising interest rates and cost-of-living pressures, which can scupper affordability for local buyers. During times of economic uncertainty, these suburbs have also been more prone to price reductions, so all in all they’re less resilient than more central locations.

How do Liverpool’s property prices compare?

Liverpool remains one of the UK’s most affordable cities for property buyers. Here’s how it compares to some of its closest major cities as of June 2024:

• Liverpool: £160,000
• Manchester: £220,000
• Leeds: £210,000
• Birmingham: £207,000

These figures make it clear what Liverpool has to offer. Its affordability plus steady growth equals a magnet for young professionals and investors seeking better returns outside of pricier cities.

What’s next for Liverpool’s property market?

We’re happy to say that Liverpool’s future looks bright! We predict healthy growth in the coming years, on the whole. 

For one thing, the city’s population is expected to continue increasing, which will drive demand for housing across all sectors. Plus, exciting regeneration projects like the Ten Streets creative hub promise to sustain Liverpool’s appeal for years to come.

Transport improvements are another boost. Expansions to the Merseyrail network are set to enhance connectivity, making Liverpool even more attractive to commuters and new residents. For investors, Liverpool’s average rental yields of over 7% in key areas like the Baltic Triangle and Kensington make it a top choice for buy-to-let opportunities.

Selling a property in Liverpool?

Are you considering selling a property in Liverpool? The city’s market presents exciting opportunities, but timing and strategy are everything. 

That’s why a quick, hassle-free sale can help you capitalise on current prices and avoid potential slowdowns.

SellHouseFast.co.uk is here to help. Our guaranteed cash offer and fast completions give you the freedom and confidence to sell your Liverpool property in a matter of days. No fees, no delays, just a seamless way to move forward with your life.

Ready to explore your options? Get your free cash offer within minutes, and experience how easy selling your property can be.