No one can deny that Liverpool is a city with a culture and history far richer than most. A thriving creative hub, this norther town attracts both tourists and young professionals, often for very different reasons. Combine the recent regeneration efforts the city has undergone with the incredibly affordable property prices and it is easy to see why this former holder of the Capital of Culture title is such an attractive prospect for first-time buyers.
Whilst Liverpool has plenty on offer to tempt prospective buyers, here’s a quick overview of the property market itself:
- To buy a property in Liverpool the average income for a first-time buyer is £26,638.
- The average cost of a property for first-time buyers is £122,700, with buyers putting down a deposit of £16,147.
- The most affordable areas to live in outside of Liverpool’s city centre are in the northeast, towards St Helens and Wigan.
With such low property prices, Liverpool remains incredibly accessible to first-time buyers and brings along with it plenty of benefits for prospective buyers to take advantage of. It’s no secret that the younger generation is not only looking for affordable housing, but also keen to live in an area where they can indulge in their favourite interests. It’s safe to say that Liverpool ticks plenty of these boxes too, with an iconic music scene, a thriving arts and creative culture, and a football team that is adored the world over.
So, if the incredibly tempting property prices aren’t enough to convince you that Liverpool is the perfect city for you, here are some of the most common reasons why the city is perfect for first-time buyers.
Fantastic Public Transport
A good public transport infrastructure is vital for any resident, and it should come as no surprise that Liverpool’s is excellent. Then again, you wouldn’t expect any less from a city that is home to one of the busiest ports in the world. With 68 rail stations in the Liverpool area and 4 underground stations in the city centre itself, Merseyrail trains are just one of the many convenient ways to commute in and around Liverpool. You can also easily commute by bus, or take advantage of Liverpool’s famous ferries to get around.
We have already touched on just how affordable Liverpool is for first-time buyers, but it’s worth putting it into context exactly how well the city fares in comparison to other areas when it comes to the property market. As of 2019, the average sale price of a terraced house in the Liverpool area is £122,000. Meanwhile, a comparable property in London will set you back a far more substantial £482,700 – a drastically higher price, to say the least.
And it’s not just property prices in the South of England that make Liverpool such an attractive prospect for those looking to get on the property ladder. The city is still significantly cheaper than neighbouring Manchester, and gives Sheffield and Leeds a run for their money too in terms of house prices.
Prospective Return on Investment
When you are buying your first property, you are probably not thinking about turning a profit, but it is always good to know that you can make a good return on your current investment in the future.
The news is currently filled with headlines about Brexit, and what this means for house prices, but you need to think in the long-term, and evaluate the profit you can make by purchasing your first home in Liverpool now, and selling it in a number of years once the market is more stable.
A Vibrant Social Scene
If you are a first-time buyer it is likely that you are at an age where you crave the hustle and bustle of city life over quiet of the suburbs. From hidden gems to iconic attractions like the Cavern Club and The Beatles Story museums, you will never be short of things to see and do while living in the city.
Ready to get on the property ladder in the city of Liverpool? Blackmore Homes currently the gorgeous Maldon Lodge property development on Woolton Road. A quick 30-minute journey away from Liverpool Lime Street on public transport, this 5-storey building as an elegant façade, complemented by a contemporary interior, all situated within an gated site.