Liverpool "a great place to invest"

Tuesday, 8 January 2008 12:00 AM

Liverpool has been tipped as a potential investment hotspot as the city begins its year as European Capital of Culture 2008.

The city won the prestigious title in 2003, and since this time buyers have been "literally queuing up to buy properties" in the city, according to local estate agents Sutton Kersh.

The majority of investors in the city came from Ireland and the south of England, looking to exploit rapidly rising prices, with interest also shown by buyers from South Africa and America.

"This resulted in massive growth up to the end of 2005 and was not only a result of the huge increase in demand, but also because property values had been depressed for a number of years prior to 2003 and were out of step with the rest of the country," said Philip Lawton, director of Sutton Kersh.

Some price rises have been quite phenomenal.

According to Sutton Kersh in early 2003 a buyer could obtain a modern two-bedroom terraced property for £25,000.

Within 18 months, this had risen to £60,000 and today has settled down at around £70,000.

Furthermore, in the city centre, the first new developments of apartments were selling at an average of £180 per sq ft in early 2003, today the average is nearer £250 per sq ft with the more prestigious multi-storey towers achieving £300-£450 per sq ft.

The city has also benefited from a regeneration of its city centre in recent years, as well as a new waterfront arena, billion pound retail shopping complex, cruise liner terminal and a number of prestigious hotels.

Some established areas of the city are also proving enduringly popular.

For example the fashionable Georgian quarter, close to the Anglican cathedral is a very desirable address, along with the Warehouses at Wapping, Waterloo and Albert dock which are also highly sought after.

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