At the start of 2023, Liverpool property prices stood at £178,133. Through the year, those figures fluctuated, reaching a low point of £169,532 in May before settling at £174,603. In comparison, the national average property price started at £285,431 in January before falling to £284,691 in December.
Regarding percentage change, Liverpool property prices had grown year-on-year by 8.10% in January 2023. By the end of the year, the annual price fell by to -2.90%.
However, while property prices fell according to annual figures, the month-by-month percentage change made for a more optimistic reading in December 2023. Between November and December, property prices rose by 1.20%. Interestingly, flat and maisonette prices rose the most this month, increasing by 2.30%.
Interestingly, sellers were applying significant discounts to their properties in December, with some knocking as much as £7,000 off their asking price to push through a sale before Christmas, making the rise in property prices all the more impressive.
The significant price increase for flats also highlights the appeal of city centre apartments. Shawbrook Bank said over a quarter of property investors saw urban flats as a lucrative investment throughout 2023 and expected similar results in the next 12 months.
This is due to more workplaces moving away from remote and hybrid work opportunities. With more people returning to the office, demand for buy-to-let apartments close to business districts has increased.
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