Liverpool Waters, a GBP5 billion masterplan to transform the city’s historic northern docks into a 150-hectare waterfront quarter of residential, commercial and leisure space. Central Docks will the one of Liverpool Waters’ five neighbourhoods and will form its entertainment, business and leisure hub. The plan will create 166,000sqm of office space, 25,000sqm area worth of restaurants and bars set around an impressive green space with views of the River Mersey.
This has good implications for the housing market. Private renting is on the rise – a reflection of the demand for high quality housing in the city centre. Liverpool house prices are also predicted to rise 17.5% between 2018 and 2021 according to JLL. Owner occupier demand remains focused on established city centre areas and the waterfront, driving liquidity for sales in these locations. On the other hand, housing supply since 2009 has not met government-set targets, creating a 59% shortfall.
Liverpool City Region’s population is projected to increase to 1.6 million by 2040, with 50,000 additional people living in the city by 2040. Students represent 15% of the city’s population with the top three universities experiencing 26% growth over last five years. Additionally, over 100,000 new jobs and 20,000 new businesses forecast to be created over the next 25 years. These economic factors has led to an accelerated growth in city-bound migration, which is driving demand for inner city and city fringe apartments where students and young professionals dwell.
Part of the Northern Powerhouse, Liverpool is a major city with a population of 485,300. Touted as the UK’s cultural capital, the city’s diverse economy encompassing shipping, health and life sciences, wealth management and education is one of the many reasons why Liverpool is thriving.