In recent years, Liverpool has emerged as one of the best places to invest in property in the UK, appealing to investors across the country, but also from all around the world. Although the property market may not be performing as well as it could be in some areas of the UK, in other areas it is beginning to experience somewhat of a boom. On the face of it, property prices in London, Manchester and other major cities in the UK may seem to be the reason as to why Liverpool is experiencing such an increase in popularity, but there is much more to it than that.
Continued Growth to its Population
Over the last 10 years, the population of Liverpool has increased by more than 5%. One of the main reasons for this is that Liverpool has become an extremely popular place for students to attend university, meaning a large influx of students’ year on year, with many of those looking to find work within the area following the completion of their university course. As a result of this, the city is lacking in good quality student accommodation for all of its students, and so big investment into property is needed in the coming years. Investors are beginning to buy properties in key areas for students, transforming them into student accommodation and seeing big profits as a result of this.
A Regeneration of the City
Liverpool has seen big changes over the last few years, with the city spending large amounts of money to develop the city, adding tourist attractions, residential property and commercial property throughout. With such a fantastic regeneration of the city, of which is set to continue, there is no surprise that popularity in the city is growing year on year. Following this, the economy of the city is going from strength to strength and it is expected that more businesses will look to Liverpool in the future as the base for their business.
The Potential for Tourism
The city of Liverpool is one of the most popular places to visit in England, and has a tourist sector worth approximately £3.8 billion, accounting for almost 50,000 jobs. With more than 54 million visitors every year, Liverpool offers tourists a number of big attractions, including the Albert Dock leisure complex, The Beatles Story and Cavern Clubs, as well as many more. As well as these great tourist attractions, the city is home to a number of fantastic restaurants, pubs, bars and night clubs.
Property Prices are on the Rise
With increased quality comes increased popularity, and as such, property prices within the city are beginning to rise. Liverpool has recorded a high rate of growth over the last year, growing at 8% per year. With this in mind, property prices still remain below their high peak in 2008, meaning that you can still get high quality properties at great prices, prior to any further growth in property prices, of which you could potentially benefit from purchasing your own property.
Strong Rental Yields for Investors
Investors are often attracted to Liverpool property based simply on the yields that can be achieved. With a large proportion of the population of Liverpool renting their property, there is a lot of interest that investors can benefit from, and coupled with the fact that properties can achieve more than 10% rental yield, it is clear to see why Liverpool is very appealing to investors. With popularity growing year on year, the need for accommodation is only going to increase, meaning that more and more investors will be able to benefit from everything that Liverpool has to offer, all whilst making a fantastic profit.