Liverpool hit the headlines in late 2017 when Channel 4 announced a documentary about a scheme to sell the city’s dilapidated houses for £1. Launched by Liverpool’s local authorities in 2013, the scheme’s success is a great example of the local community echoing the progress of the wider city’s enthusiasm for regeneration.
Homes for a Pound
The scheme aims to sell 6,000 empty, dilapidated properties – some of them without electricity or planning – for just £1 to people committed to their renovation. Purchases must agree to spend at least £40,000 on home improvements in the first year and can’t sell the property for at least 5 years. Properties are released in phases and potential purchasers must apply to be considered for the scheme.
Homes for a Pound has been a great success. The Channel 4 documentary, which aired in early 2018, visited the homeowners 5 years later and revealed that many of the homes are now worth over £100,000. The tenacity and determination of these owner-developers mirrors the large-scale regeneration that is underway all over Liverpool.
There are significant redevelopment works taking place all over Liverpool, including major improvements of the docklands area; expansion of the Knowledge Centre; an upgrade of Liverpool Central Station; and the creation of a tech hub for the growing numbers of digital businesses moving to and setting up in the city.
The leisure sectors are booming too. Large numbers of new and trendy bars, restaurants, cafes and hotels have been springing up all over the Liverpool, bringing with them increasing numbers of visitors.
There is also much property construction taking place, with buy-to-let and off-plan property developments increasing all over Liverpool, making it a fantastic opportunity for buy-to-let investors.
As increasing numbers of people visit the city, attracted by its new and exciting atmosphere, so are more and more young people choosing to live here. Over 60,000 students currently reside in Liverpool and study at its various higher education facilities. The booming economy and wealth of new jobs has brought growing numbers of young professionals to the area and is also encouraging a large proportion of students to stay in the city after graduation.
All of these people require housing – especially high-quality, city-centre living. With various projects underway to create student and privately-rented-only accommodation, there are plenty of options for investors drawn to Liverpool’s considerable renovations.