Liverpool house prices continue to rise despite slump in UK property market

Property prices in the area have grown by a massive 13.2% over the last year.

House prices in Liverpool increased by 1.3% in November – more than the average for the North West and bucking the downward trend for the UK as a whole.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 13.2% over the last year, new data reveals.

The average Liverpool house price in November was £184,447, Land Registry figures show – a 1.3% increase on October.

Over the month, the picture was different to that across the North West, where prices increased 0.4%, and Liverpool was above the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in Liverpool rose by £21,000 – putting the area 15th among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in Allerdale, where property prices increased on average by 15.6%, to £194,000. At the other end of the scale, properties in West Lancashire gained 9.1% in value, giving an average price of £225,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000. Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in Liverpool spent an average of £163,000 on their property – £19,000 more than a year ago, and £48,000 more than in November 2017.

By comparison, former owner-occupiers paid £204,000 on average in November – 25.1% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Liverpool in November – they increased 1.5%, to £162,168 on average. Over the last year, prices rose by 13.8%.

Among other types of property:

Detached: up 1.3% monthly; up 12.4% annually; £366,715 average

Semi-detached: up 1.3% monthly; up 13.6% annually; £227,974 average

Flats: up 0.8% monthly; up 10.8% annually; £137,211 average

How do property prices in Liverpool compare?

Buyers paid 16.6% less than the average price in the North West (£221,000) in November for a property in Liverpool. Across the North West, property prices are lower than those across the UK, where the average cost £295,000.

The most expensive properties in the North West were in Trafford – £376,000 on average, and twice as much as more than in Liverpool. Trafford properties cost 3.2 times as much as homes in Burnley (£118,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in November

Liverpool: £184,447

The North West:£221,224

UK: £294,910

Annual growth to November

Liverpool: +13.2%

The North West: +13.5%UK: +10.3%

Highest and lowest annual growth in the North West

Allerdale: +15.6%

West Lancashire: +9.1%