Culture boon for Liverpool prices

House prices in Liverpool have rocketed by 76% since the city was named European Capital of Culture five years ago, a title it took up this year.

Research from Halifax Estate Agents based on Land Registry figures tracked house price performance in the city from June 2003 when it was named Capital of Culture until March 2008.

Halifax says the 76% hike outstripped the average 50% growth seen in England over the same period.

In cash terms, it means that the average property price in Liverpool has risen from £79,886 to £140,842.

The L5 postal district covering Anfield, Everton and Kirkdale recorded the fastest rise with average prices increasing from £24,142 in 2003 to £76,403 in 2008, a 216% jump.

Liverpool has outperformed the other five UK cities shortlisted for Capital of Culture status. House prices in Newcastle and Gateshead grew by 64% over the same period, while prices in Birmingham rose by 46%. Oxford reported the smallest increase of 35%.

Martin Ellis, chief economist at Halifax, says: “Since Liverpool was designated the European Capital of Culture, property prices in the city have risen sharply.

“They have also been boosted by the regeneration in Liverpool’s infrastructure. Demand for good quality afford-able housing has remained high due to its close proximity to other key cities.”