Property investors flocking to Liverpool
The latest research by mortgage brokers Private Finance has revealed Liverpool to be the next hotspot for property buyers, naming it the best place in the UK to invest.
The study also found that Liverpool can offer net yields of up to 8% once mortgage costs are taken into account. Not only does the Northern Powerhouse city benefit from such attractive returns but it also boasts low average house prices (£122,283) and strong rents (£1,021 pcm).
Indeed, Liverpool is proving to be a promising market in all aspects with the recently appointed Metro Mayor, Steve Rotheram, calling for the government to prioritise rail investment in the north by committing to building the HS3 rail link, also known as Northern Powerhouse Rail.
Other recent investment in Liverpool’s connectivity is already yielding positive results as the city’s extremely popular cruise terminal broke records on its 10-year anniversary this month contributing £1.5 boost to Liverpool’s tourism economy.
Further reports also stand testament to Liverpool’s magnetic appeal with the city experiencing a boom in the buy-to-let market as demand for quality rental accommodation continues to vastly outweigh supply.
The Mistoria Group revealed a surge of tenant demand at 19% year on year with an average of 6.6 tenants chasing every shared room of a new rental property in the city. A trend also being seen by leading buy-to-let investment agency, Aspen Woolf.
Oliver Ramsden, Founder & Director, Aspen Woolf, had this to say: “We are seeing no end of interest in the Liverpool investment market with over 70% of all enquires are for the city. Whilst the city centre remains popular, we are seeing more and more investors being drawn to the northern areas such as Vauxhall where prices are lower yet demand and rental returns remain high. Our Eldon Grove project in the heart of Vauxhall is just that and with a 2-year guarantee of 7% NET rental income, it really is a market-leading investment opportunity”