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The Ripple Effect: Comparison of Liverpool/Manchester house prices

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Introduction to Liverpool Property Price Analysis

The below analysis shows the general trends in property prices for Liverpool – there is a general ripple effect from the best or most popular areas (L1, Granby and Aigburth) to less popular areas (L8 Toxteth, L3) whilst some of the least popular areas are yet to see much movement (Vauxhall-Bootle). The trick is to “find the trough of the wave that is coming through” – for example, at present this might be 1 km north of the northern edge of L1 moving north from the edge of the city center through Vauxhall towards Bootle.

Liverpool and Manchester Flat Prices

Liverpool prices have been similar to Manchester’s – they lagged behind in 2002 but caught up in 2003. Liverpool is perceived to have lower property prices than Manchester – this is not the case for “flats”. Both areas have followed the national average price trend for flats – though Liverpool has outperformed from late 2002.

 

Liverpool and Manchester Terrace Prices

Liverpool terrace prices have lagged those of Manchester though they have made a partial recovery since mid 2003 – this correlates with when Liverpool won the bid for European City of Culture 2008. Both areas have lagged the national house price trend although there has been a marked recovery from mid 2002 onwards – when the ripple effect of house prices increase from the south of England impacted these two northern cities. Liverpool’s population is now no longer shrinking – which might support prices for city terraces in the future. Crime and unemployment have also reduced in both cities. 

Liverpool L8 (Toxteth) Terrace Prices

Liverpool L8 Terrace prices have doubled from lows of 20,000 to 40,000 since mid 2002 – the real impetus was the successful mid 2003 bid for European City of Culture in 2008. Investors arrived and prices shot up in the last year in this area, which is mostly close to the city center (L1/L2 districts).

Liverpool L8 (Granby District) all house prices

Liverpool L8 Granby is a district just east of the main L1 city center – close to the Duke Street redevelopment and South Docks. Prices have gone up four fold since late 2002! The area is well placed to take advantage of re-developments in the city center and the City of Culture attractions planned in the L1/L2/L8 areas. 

 

Liverpool Vauxhall (L5, L20, L3) terrace prices

Liverpool Vauxhall is to the north of the L1 city center in a deprived area still affected by the close of the northern docks some 30 year ago. Prices are still depressed despite lowering unemployment. However, there should be a ripple effect if rising prices in the areas closest to L1 City center and Liverpool John Moores University site and Royal Hospital just to the north and NE of the main city center. Less central areas such as Bootle may stay in the doldrums for longer – though high rental yields will attract some investors that should support prices. For high risk, higher reward opportunities, look for the North Docks that might eventually be re-developed in a similar was to the South Docks. 

 

Liverpool Vauxhall (L17) terrace prices

Liverpool Aigburth is one of the nicest areas in Liverpool – it has parks (e.g. Sefton Park), has the south promenade bordering the Mersey, and some parts have a “villagey” feel – with a few cobbled streets, Georgian and Edwardian houses and trees. The area is also close to the University halls of residence and is popular with students as well as more wealthy families. The area reminds me of Edgbaston in Leeds where similar types of property sell for 180,000 pounds. Any wander the prices have shot up. Whether they continue to climb is debatable – though the best areas in cities seem often to get even better and people seem increasingly to be willing to pay a premium for a nice area with good schools. If you can pick up low cost terraces and flats in the better parts of Aigburth – it could be a good investment, though prices have doubled since early 2001.

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