Liverpool Property Investment 2024: Key Market Insights

The Liverpool housing market in 2024 is undergoing notable changes, influenced by rising property values, increasing rents, and shifting buyer preferences. As one of the UK’s most dynamic cities, Liverpool presents both opportunities and challenges for buyers, investors, and renters alike. Understanding these trends is essential for making informed decisions, whether you're a first-time buyer, a seasoned investor, or searching for a rental property. The statistics and insights provided in this blog, sourced from the Office of National Statistics, will guide you through the current landscape of Liverpool's property market.

Key Takeaways

• Rising House Prices: The average house price in Liverpool reached £176,000 in June 2024, reflecting a 3.4% increase from the previous year.
• Increasing Rents: The average private rent in Liverpool rose by 9.0% over the year, reaching £785 in July 2024.
• First-Time Buyer Market: First-time buyers in Liverpool paid an average of £156,000 in June 2024, a 3.6% increase from June 2023.
• Mortgage Market Trends: The average price for homes bought with a mortgage in Liverpool was £186,000 in June 2024, up 3.3% from the previous year.

Rising House Prices in Liverpool

In 2024, Liverpool's housing market has experienced a steady increase in property values. The average house price in the city reached £176,000 in June 2024, marking a 3.4% rise from £170,000 in June 2023. Although this growth is slightly below the 3.7% increase observed across the North West region, it still highlights robust demand for properties in Liverpool. Furthermore, the increase in property prices varies by type. Detached homes average £344,000, semi-detached properties are priced at £216,000, terraced houses stand at £155,000, and flats and maisonettes are at £133,000. Consequently, this trend underscores Liverpool's diverse housing market, catering to a wide range of buyers and budgets.

Liverpool Rental Prices

The rental market in Liverpool is also experiencing significant growth. As of July 2024, the average monthly rent for a private property in Liverpool was £785, marking a 9.0% increase from £721 in July 2023. While this rise is slightly below the North West's average increase of 9.5%, it still highlights the growing demand for rental properties in the city. Moreover, rental prices have increased across all property types, with flats and maisonettes seeing a 9.2% rise, and detached properties experiencing an 8.6% increase. Additionally, the demand for smaller rental units, such as one-bedroom properties, is particularly strong, with rents rising by 9.6% over the year.

First-Time Buyers in Liverpool

First-time buyers in Liverpool are navigating a challenging yet promising market. As of June 2024, the average price paid by first-time buyers stood at £156,000, marking a 3.6% increase from £150,000 in June 2023. Although this rise may seem modest, it highlights the growing confidence among first-time buyers in Liverpool’s property market. In comparison to the North West's average first-time buyer price of £249,000 and the national average of £333,000, Liverpool remains an attractive option. The city’s relatively lower prices, combined with its vibrant culture and economic opportunities, make it a desirable location for those entering the housing market.

Mortgage Market Trends

For those purchasing homes with a mortgage, Liverpool's market remains competitive. In June 2024, the average price for a mortgaged property was £186,000, reflecting a 3.3% increase from £180,000 in June 2023. This rise aligns with broader trends in the North West, where the average mortgaged property price increased from £222,000 to £231,000 over the same period. Despite rising mortgage rates, which now exceed 4%, Liverpool continues to attract buyers. The city’s relatively lower property prices, compared to other parts of the UK, ensure it remains an appealing option for those seeking value for money.

How Rothmore Property Can Assist You

Whether you're a first-time buyer, an investor seeking rental properties, or someone looking for a new home, Rothmore Property has the local knowledge and expertise to help you find the ideal property. Our team understands the nuances of the Liverpool market and can provide tailored advice to ensure you make a sound investment. Furthermore, with our extensive network and commitment to client success, Rothmore Property stands as your trusted partner in navigating the Liverpool property market. We offer a personalised approach, ensuring that you find a property that meets your needs and fits within your budget.

Conclusion

The Liverpool housing market in 2024 presents a mix of opportunities and challenges. Rising property values, increasing rents, and evolving buyer trends are shaping the landscape. Whether you're buying your first home, investing in rental properties, or seeking a new place to live, understanding these trends is essential for making informed decisions. By partnering with Rothmore Property, you can navigate this dynamic market with confidence, securing a property that aligns with your goals.