If you’ve decided to make 2020 the year you invest in the North, North Property Group can help you decide where to invest your money. To give you the best start, we’ve put together a guide of our pick of the best Northern cities this year. In our third article we look at the top five reasons to invest in the former European Capital of Culture, Liverpool.
1. One of the country’s strongest property markets
Liverpool is one of the best buy-to-let prospects for 2020 and has one of the UK’s strongest property markets. The city’s annual price growth is currently around 4.6% according to HomeTrack – much higher than the UK average of 2.8%.
Property prices in Liverpool are much lower than other major UK cities at just £124,600 on average. Therefore Liverpool is a great choice for risk-averse or first-time investors as it creates much more affordable investment options. In fact, Seven Capital even named Liverpool the second best UK property investment location for 2020!
2. Excellent rental yields
Liverpool is one of the best-performing buy-to-let locations in the UK and is expected to remain so. Average yields in the L1 postcode have risen by 10% in the past 5 years. Rental yields in the city centre often reach around 7%.
Coupled with the aforementioned low property prices, these great rental yields make Liverpool an excellent choice for buy-to-let investors.
3. £14 billion worth of regeneration plans
Many areas of Liverpool have been completely redeveloped in recent years, totally transforming the city and enhancing its appeal. The Liverpool Waters and Knowledge Quarter projects are just two of the major regeneration schemes that are still underway.
The transformation isn’t over yet though, with over £14 billion worth of development projects still in the pipeline. These plans include the creation of brand new neighbourhoods including The Baltic Triangle and the largest open-air shopping centre in the UK, Liverpool ONE.
Liverpool City Council is also investing £150 million to improve the city’s infrastructure. As well as road improvements, a new cruise terminal has recently been approved for the city.
4. Business master-plan
Along with these huge redevelopment projects, a master-plan is underway to transform Liverpool into an international business hub. The scheme aims to resolve the dwindling supply of Grade A office space in the Commercial Business District. Up to £2 million sq ft of new commercial space has been approved for the area. Consequently, this will help promote investment, business growth and job creation in Liverpool.
5. Growing population
The population of Liverpool currently stands at almost 500,000 and is growing. More and more young professionals and families alike are moving to Liverpool to take advantage of everything the city has to offer.
There are three universities in Liverpool with over 70,000 students in total – most of whom live in the city centre. Liverpool’s student retention rate is impressive, with many choosing to stay in the city to begin their professional careers.
The increasing population is intensifying the demand for good quality, private rented accommodation – a great situation for buy-to-let investors.
So, make 2020 the year you take advantage of Liverpool’s low property prices and top rental yields. To find out more about buy-to-let investments in Liverpool, contact North Property Group today.