Liverpool house prices some of the cheapest in the country, new figures reveal
02-18-2015
By Eleanor Barlow
Three of cheapest areas to live are in city
Lending for home purchases fell 5% during the last quarter of 2014.
Liverpool has some of the cheapest house prices in the country, new figures have revealed.
According to the Office of National Statistics, in 2013, 21 places in England and Wales had average house prices of £50,000 or less - and three of those places were in Liverpool.
The figures showed the area around Sandhills, Bank Hall and Kirkdale stations had an average house price of £46,000, while houses to the west of Walton Lane sold for an average of £46,750.
The area east of Oakfield Road in Anfield had an average house price of £49,000.
Read more: Take a virtual tour of Merseyside's most expensive streets
Louis Anastasiou, managing director of Andrew Louis Estate Agents, said a lot of the city had seen an increase in house prices, but house in some areas had remained cheap.
He said: “Obviously there are parts of Liverpool where property prices are dramatically reduced, but the yields are quite high so people are buying these to invest in.
“In other areas, such as south Liverpool and the city centre we have seen an increase in prices since January 2014, which is positive news.
“There are pockets of areas which are more deprived and haven’t seen the price increases, but sooner or later these areas will start to improve.”
Mr Anastasiou said there had been an increase in first-time buyers, due to factors including the Help to Buy scheme, a Government initiative allowing buyers to pay a smaller deposit, and the banks relaxing their mortgage criteria.
In 2013, the small area with the highest median house price was an area in Westminster, London, with an average house price of £3,475,000.