To get on the property ladder, many young people are choosing to move to areas outside London, including Liverpool, where house prices are lower, and career prospects remain good.
The average deposit to buy a London home is about £130,000, which is unaffordable for many first-time homebuyers. Though wages are higher in London, high rental accommodation costs make it extremely difficult to save up for a deposit within a feasible timeframe.
Research by property company Savills places Liverpool in the top ten UK “starter cities”, where homes are more affordable. The city attracts first-time buyers with the average cost of a flat being £130,000. Young homebuyers like that Liverpool is a cultural centre with bars, restaurants, theatres and music venues.
The average monthly rent for a one-bedroom flat in Liverpool is £841, and cheaper north of the centre. This is much lower than London rentals and makes it easier to live and work in this city on the average yearly wage of £36,371, whilst saving up for a deposit to buy a home.
Apartments at the Tobacco Warehouse, part of the Stanley Dock redevelopment, are a typical development that attracts first-time buyers. A third of homes in the first phase of the development were purchased by first-time homebuyers.
If you are moving in or out of Liverpool, you should contact a Liverpool removal company such as Merseyside Movers & Storers. We’ll take care of transporting your belongings to your new home.
