Liverpool is already a firm favourite among property investors, and a new poll has revealed that they’re not the only ones who love the city.
Choosing not only an investment location but also a place to work and live is a highly personal decision, based on myriad factors. But a new City Liveability Index has come up with a list of scores to rank the country’s cities using some key factors that most people take into account.
The index, compiled by financial services company OneFamily, scores each UK city based on job and career prospects and satisfaction, emotional connection and pride in living there, worth (including value for money), and concerns that may exist including the local economy and safety.
The latest report, released at the end of 2022, has revealed that the north west city of Liverpool received the highest overall score for liveability, deeming it the most promising place to live and work in the country.
Liverpool scored particularly highly for factors including the manageable cost of living – which is particularly crucial at the moment – pace of life, happiness of citizens and pride in the city.
It turns out that there is set to be an increase in internal migration across the UK, spurred on partly by people’s financial worries, with 35% considering a move to a different city. As such, Liverpool’s already thriving popularity could be set to see a further boost.
Last year, the city appeared in fourth position, so it has truly risen through the ranks. This year’s City Liveability Index found that Liverpool had the highest number of inhabitants who were positive about their hometown (75%), and this was across a range of social and economic factors.
Career prospects in the area continue to improve thanks to numerous ongoing regeneration projects bringing new business and jobs to the city and improving opportunities for all. People also rate the pace of life there, indicating working conditions are well-balanced with personal pursuits.
Looking at people’s priorities
As previously mentioned, cost of living is particularly prominent as a priority in many people’s lives at the moment, and the study certainly backed this up. A huge 73% of respondents said they were unsatisfied with the cost of living in their area, compared with 44% who said the same in August 2021.
A further 35% of people said they were concerned about property prices in their local area, with 26% saying they may need to relocate to manage their expenses – and 37% of Londoners saying the same.
Liverpool has seen some of the highest house price rises in the country of late, but it remains an affordable location in which to buy and invest, with the average home their still costing less than the national average. From a rental perspective, it also has some of the strongest yields in the country.
It seems that in the current climate, with people seeking a bargain more than ever, Liverpool is a place that is likely to continue to attract buyers, particularly with the future promise of redevelopments and regeneration projects boosting the economy.
How and where people work is also a bigger issue now than it was pre-Covid, and this is another important part of the picture when looking at why Liverpool is so desirable, as Matthew Ellie, marketing director at OneFamily, points out.
“The growing cost-of-living crisis is hitting Brits’ pockets this year and changing spending behaviours and habits,” he says. “Naturally, some cities are more expensive than others, so this has been a major factor in influencing where people want to live and what town or city makes for the best place to call home.
“Add this to the state of flux many find themselves in with hybrid working and things that might not have been as important this time last year – like childcare or commuting costs – could now be crucial in deciding where to live.
“Our data shows that residents of Liverpool, Edinburgh and Plymouth feel that their cities offer a mix of a more manageable cost of living and a pleasant pace of life.”
If you want to get find out about our latest property investment opportunities in Liverpool, get in touch with our team for more information.