Many people are familiar with Liverpool’s cultural city for a variety of reasons. From its ties to the world-famous band The Beatles to the residents’ love of football. In recent years, it has also gained popularity as one of the top northern cities for business and education. It’s no surprise, therefore, that Liverpool has swiftly become a great place to find lettings possibilities.
Here, we look at the recent boom in Liverpool property and what has caused this northern city to become one of the UK’s most popular lettings locations.
Student signup is increasing
According to Mistoria Group research, demand for shared student housing in Liverpool city centre and its environs increased by 37% in recent years. This was due to the student population expanding by roughly 10,000 in the previous university year, from 50,000 to 60,000.
Students are drawn to Liverpool for various reasons, including its culture, sport, nightlife, and green areas, to mention a few, and its affordability in comparison to cities such as London and Manchester. As more students enrol at the three institutions each year, so does the demand for rental units.
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A thriving commercial economy
According to data from the Enterprise Research Centre, there are as many fast-growing, profitable UK enterprises as there were during the dot-com boom of 2000. Liverpool has the highest ratio of these businesses.
As a result, many businesses are opting to relocate to Liverpool, hoping that they will experience the same growth that others have seen in this city. More precisely, a number of industries have thrived in Liverpool as a result of enterprises in these areas finding great success here.
The IT industry, in particular, has swiftly become a roaring success for Liverpool’s economy, propelling the city to become one of the country’s fastest expanding digital centres. By 2023, this industry predicts to offer more employment than any other in the UK, with Liverpool playing a key role in delivering these possibilities.
Liverpool lettings are less expensive option to London
London is one of the most expensive cities in the world to purchase or rent a home. Despite people’s calls for cheaper, pleasant accommodation, the cost of investing in London property and living in the city will remain higher than anyplace else in the UK for some time.
As a result, many residents are actively looking for alternate places to live that can provide similar work prospects as London but at far lower rental rates. Northern locations such as Manchester and Liverpool are fast becoming solid favourites for these people looking for a low-cost alternative to London.
Liverpool Foreign and domestic investment
The advantages continue to entice domestic and foreign investors to invest in Liverpool. In fact, Liverpool is seen as one of the most appealing cities in the United Kingdom for direct foreign investment.
Although London remained at the top of this list, the lower pricing in Liverpool attracts many more enterprises.