With 1,480 new homes targeted to be built each year, housing supply since 2009 has not met government-set targets, creating a shortfall of 59%. This legacy of missed targets, combined with the slowdown of housing delivery, has created a structural long-term shortfall of available properties.
Liverpool’s population is forecast to grow at a significantly faster rate compared to the broader region. This growth is driven largely by the city’s thriving economy causing a further increase in housing demand.
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.
City bound migration is accelerating due to the swelling student population and growing business and economic opportunities within the city, driving demands for inner city and city fringe apartments.
JLL forecasts the number of households to increase by 2,000 annually from 2017 to 2021, totalling 10,000 additional dwellings needed on top of current levels to meet the growing demand.
With demand and supply being the market forces that determine the price of a commodity, then it is clear to see why Liverpool has seen such a strong growth reflected in prices in both the rental and home ownership sector.
JLL, who offer expert views on various aspects of UK, European and Global property markets, forecast that Liverpool house price growth change will be 17.5% between 2018 and the end of 2021 with Liverpool rental price growth forecast to increase by 14.7% between those years.
NOTE: Please note these are estimate projections. While all care has been taken intending purchasers need to rely on their own informed research before making any financial decision. Property values and rental yields can fall as well as rise.