Andrea Wong, 22 June 2017
Liverpool is truly thriving thanks to the incredible regeneration programmes which have taken place over the last decade and now the city is receiving widespread recognition for its ambitious efforts. Since being named the European Capital of Culture in 2008, Liverpool has taken a huge leap forward in becoming one of the most visited cities in the UK. The Northern city has evolved its skyline with modern architecture, whilst it has refocused its attention around the World Heritage site, Albert Dock, which is currently one of the most visited free attractions in the UK.
As a result of a cash injection of over £5bn to improvements in local infrastructure, tourism and property, Liverpool has become an exciting city to live and work, but also a great tourist destination. The Liverpool City Region’s visitor economy has hit £4.3bn with over 62 million people visiting the region last year. It has opened many more employment opportunities for young people, supporting approximately 51.5k jobs.
Liverpool Mayor Joe Anderson commented: “We know how strong and wonderful our visitor economy is, and it’s very encouraging that its economic impact to the City Region has grown again to £4.3bn, with £2.9bn of that in Liverpool. I’m also delighted that we have increased the number of international visitors by 70k, resulting in us now being ranked fifth in the UK and overtaking Glasgow.”
In addition to the vast improvements which have taken place throughout the city, Liverpool John Lennon Airport (LJLA) has recently unveiled a masterplan to expand the airport which will take place until 2050. This proposed expansion to the terminal building will include an extension to the runway to allow long-haul flights, additional car parking and more passenger facilities.
In 2016, 4.8 million people travelled through the Liverpool airport, and it is predicted that by 2030, there will be 7.8 million passengers and 11 million by 2050. According the LJLA, the airport investments could increase the total annual GVA to £625m, whilst it will support an additional 12,280 jobs across the city region by 2030.
As well as transforming into a popular tourist destination, the Liverpool property market has seen the same level of success with property prices rising by 18% in the last 5 years, according to Zoopla. In the run-up to the Brexit vote, former Chancellor George Osborne claimed that prices in the UK could fall by 18% in the next two years, however, the latest figures show that his predictions were wide of the mark.
Whilst investors have strong interest in Liverpool, many have also shown appetite for other Northern regions where house prices are continuing to rise. According to Savills, Leeds is another thriving city in Yorkshire and a magnet for businesses. The city is certainly attracting young people across the UK with its excellent employment opportunities.
At a time of economic instability, the market remains resilient with encouraging activity in the northern regions, showing that buy-to-let will be an excellent investment opportunity in the long-term.
Interested in renting or letting your property in Liverpool? Get in touch with our team today and find out what we have available!
Andrea Wong, 22 June 2017