This is in line with rises of 8% over the same period for the whole of the north west region. However nationally, prices fell slightly by 0.53%, illustrating that the recent slowdown in the housing market across the majority of the UK has not affected the north west.
House prices in Liverpool appear to have remained strong against the decreases in the rest of the UK as a result of extensive regeneration and development work in the city. The announcement in 2003 that Liverpool will be the 2008 Capital of Culture has attracted significant outside investment into the city and spurred on improvements in amenities and transport, such as the light tram system, airport extension and new cruise liner terminal. This is on top of further investment in the city’s facilities including a £750m regeneration of the city centre - £85m of which will go towards a new arena and conference centre on the King’s Dock.
Previously undesirable areas such Kensington, Speke and Toxteth have felt the effects of the regeneration projects, with 10-year development plans backed by cash injections now in progress.
The North West was the most popular area for homebuyers last month, with 2.84% more people moving into the region, beating traditionally favoured areas including the South West (2.56%) and Yorkshire and Humberside (2.48%). The popularity of the North West has risen massively over the last year as the region was experiencing migration of just 0.68% at the same time last year.
The variety of property types available illustrates the mix of homebuyers that move to Liverpool – including both city dwellers and those looking for more substantial homes in some of the leafy suburb. The percentage of detached, semi-detached and townhouse properties in Liverpool has increased over the last year, however apartments are still the most popular new home type with a 56% share of all new homes in the area.
David Bexon, Chief Executive of SmartNewHomes.com, comments: “Liverpool has much to offer new homebuyers with a mix of homes ranging from trendy city apartments to spacious family homes. The city itself has seen massive regeneration over recent years and there are many more plans in the pipeline in the lead up to the Capital of Culture year in 2008. We are expecting house prices in this area to continue to increase next year at a stronger rate than many other parts of the country.”
