Merseyside is becoming a hotspot for UK residents looking to move into the area, with house prices experiencing a steep increase over the previous four quarters.
Merseyside is becoming a hotspot for UK residents looking to move into the area, with house prices experiencing a steep increase over the previous four quarters. For example, the Central ward in Liverpool saw property prices increase faster than anywhere else in the area with the average home in the neighborhood selling for around £125,000 in June 2021. A dramatic increase of 61% from £77,495 the year before.
The house prices within the Ward still come nowhere close to the most expensive properties within Merseyside, which can be found in Heswall in Wirral where the average house sold for a staggering £380,000 in June 2021. Within the top five neighborhoods, there was a huge increases across the board from 25% to 46%.
Central Liverpool is still the centre of attention
Zoopla has revealed that Liverpool is leading the way in terms of price growth at 10.7%, this number peaking at 13.7% in July 2021.
A core reason for this increase in demand and subsequent rise in value has been the changing approach to office-based working where hybrid models are being implemented more frequently. Grainne Gilmore, the head of research at Zoopla told the Echo there has also been a return in international demand and there are more modest house price rises in flats compared to houses.
First-time buyers had fears of being priced out of a property with supply issues and rising prices, but even with these factors accounted for, Liverpool sits at an average price of £180,000 compared to the UK average of £240,000. This creates a great environment for not just first-time buyers, but seasoned investors looking for a great ROI.