Liverpool was ranked as one of the top affordable cities to buy a property in a recent article. Following on from this, for this edition of Delving into Data we decided to put a spotlight on Liverpool, to find out how the city’s house prices stood compared to other towns and cities nearby.
Using TwentyCi’s homemover data, we found that the average asking price for a property on the market in Liverpool is £188,339, while the average time properties are on the market before being sold or withdrawn is 171 days. South of Liverpool, 45 mins away via train or car is Chester, another location prospective buyers may consider. The average asking price for a property in Chester is £239,963 - more expensive compared to Liverpool - however, properties there are on the market for a shorter amount of time, on average for 149 days. Warrington is located to the east of Liverpool and again is roughly 45 mins away via train or car. Properties in Warrington have an average asking price of £289,206 which is over £100,000 more than the average property price in Liverpool. Properties in Warrington are on the market 137 days on average which is less than Liverpool, suggesting higher demand despite the higher prices.
Manchester is just over an hour away from Liverpool by car and over an hour and a half by train. The average asking price in Manchester is £217,643, more than that of Liverpool. Manchester properties are on the market for an average of 118 days which is far less than Liverpool, suggesting again despite the higher prices, demand is perhaps higher. The last town we compared is Preston, which is just over an hour’s drive north of Liverpool and over an hour and a half away by train. Properties in Preston have an average asking price of £212,636 and are on the market for an average of 166 days.
- The average asking price for a rental property in Liverpool is £542 per calendar month (pcm) and the average time that a rental property is on the market for is 139 days before the property has a new tenant or the property is taken off the market.
- The average asking price for a rental property in Chester is £652 pcm and the average time that a property is on the market for there is 81 days - a significantly shorter time period than Liverpool.
- The average asking price for a rental property in Warrington is £798 pcm and the average time that a property is on the market for is 96 days.
- The average asking price for a rental property in Manchester is £834 pcm with the average property being on the market for 108 days.
- The average asking price for a rental property in Preston is £490 pcm and the average time that a property is on the market for is 290 days.
Having looked at the rental market, Preston was the only town which was more reasonably priced on average compared to Liverpool. When it comes to the buyer’s market, Liverpool was the most competitively priced property area and the average time on market for properties for sale or on the rental market provides another view of how the markets are performing in the different towns and cities.
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