House prices up 76% in Liverpool

House prices in Liverpool have increased 76% since being named the European Capital of Culture for 2008 in June 2003 with some areas seeing a 188% rise.

Halifax says the average price in the city has rocketed up from £79,886 to £140,842 and outstripped both the average house price growth across the North West (69%) and England (50%).

All other shortlisted cities that made up the final five have experienced lower house price growth than Liverpool since June 2003.

Newcastle and Gateshead recorded the next highest rate of growth, at 64%, followed by Birmingham and Oxford.

Liverpool’s top ten post code performers all have an average price of less than £120,000 with the strongest price growth in those areas with the lowest average prices.

House prices in Liverpool postal district L5 – Anfield, Everton and Kirkdale – have recorded the fastest growth in house prices since June 2003.

The district has seen the average house price rise by 216% to £76,403.

L7 – Edge Hill, Fairfield and Kensington – delivered the second highest rate of growth at 188%.

Martin Ellis, chief economist at Halifax, says: “Since Liverpool was designated the European Capital of Culture for 2008 five years ago, property prices in the city have risen sharply.

“Prices have been boosted by the regeneration in Liverpool’s infrastructure in preparation for this year’s festivities.”