Price Growth Attracting Investors To Liverpool Apartment Scheme
A new property market research report has found that Liverpool is the UK’s number one property hotspot and some 60% cheaper per sq ft than equivalent properties in London.
The ‘Liverpool: A Northern Powerhouse, Dockside Regeneration Property Report’ was commissioned by London’s Beauchamp Estates and Liverpool’s Logic Estates, with analysis by Dataloft. It found that has experienced record price growth of 14%, outperforming Leeds (7.4%), Birmingham (7.0%), Manchester (6.7%) and London (5.1%).
The performance of Liverpool’s residential property market boasts impressive growth figures not only for the past year (14%) but also over five years (40%) and 10 years (51.8%). Liverpool has previously not experienced such substantial growth compared to other high performing cities, suggesting that growth is increasingly gaining momentum, and that both prices and rate of rise will continue.
Graph from Liverpool: A Northern Powerhouse, Dockside Regeneration Property Report
With £1.5million allowing a buyer to purchase one apartment in Prime Central London, two in London’s Docklands or five/six apartments in Liverpool, value for money has attracted investor interest in Tobacco Warehouse, the city’s largest listed building located in Stanley Dock. Currently under construction with 190 apartments build complete in Phase One, of which over 100 new homes inside the Grade II listed former Victorian warehouse are now sold.
The report found that with the average two-bedroom apartment being approximately 660 sq ft (61.3 sq m), an 800 sq ft (74.3 sq m) two-bedroom apartment is held to be good and one of 900 sq ft (83.6 sq m) considered large. In contrast, the apartments at Tobacco Warehouse are generally 1,309 sq ft (121.6 sq m) or larger, with the majority in a duplex configuration with double-height reception spaces, making them on average 68% larger than comparable premium Liverpool waterfront home, and 98% larger than the average two-bedroom apartment on an average London waterside home, and costing 65% less.
Tobacco Warehouse
Paul Finch, head of new homes at Beauchamp Estates, said, “The city-wide investment, both in regeneration and infrastructure, is driving economic growth, with the waterside activity creating a highly desirable residential and leisure destination. Our latest report reveals the momentum that the residential property market is gaining and the city’s top performance, particularly in prime waterside. The success of Tobacco Warehouse, which is more than 50% sold in phase one, shows clearly the appetite for and appeal of premium homes in a waterside location, both within the local and wider market. Projects like that at Bramley Moore Dock and the Ten Streets move forward and further phases of Stanley Dock complete interest and demand will rise further.”
Tobacco Warehouse will eventually comprise 550 one-, two- and three-bedroom Manhattan-loft style apartments, currently priced from £235,000.
Nick Goldsworthy, co-owner of Logic Estate Agents said, “The city’s rich past, architectural legacies and maritime history all combine to create a unique and vibrant city, which is returning to form. The creation of homes like those at Tobacco Warehouse in Stanley Dock have been a game changer in the local market, offering homes of a size that are rarely available, in a completely unique setting, close to the city centre. Buyers and tenants are excited to be part of the regeneration of such a unique location and to be living in what is rapidly becoming one of Liverpool’s most desirable locations.”
A copy of Liverpool: A Northern Powerhouse, Dockside Regeneration Property Report, is available online.
Apartments at Tobacco Warehouse are priced from £235,000. Find out more at www.tobaccowarehouse.co.uk, or through Beauchamp Estates on 020 7499 7722 and Logic Estate Agents on 0151 920 2404.
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