Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
NEWS

Why are there so few apartments to rent in Liverpool city centre?

Published On :

  • 70% of the world’s population will live in urban areas by 2050 (UN)
  • A new home needs to be built every 4 minutes in the UK (UKIP)
  • New waterfront homes helping to cope with re-urbanisation in Liverpool (Prime Centrum)

The ongoing EU Referendum debate has led to some fascinating figures being bandied about regarding the UK’s lack of housing. Ex-Cabinet Minister and ardent Leave campaigner Liam Fox has stated that,

apartments to rent in Liverpool-1

“At current levels of immigration, the Office for National Statistics project that our population will continue to grow by around half a million a year – a city the size of Liverpool every year.

“This will mean that, in England, we will have to build a new home every six minutes, or 240 a day, for the next 20 years to accommodate just the additional demand for housing from new migrants.”
By the time of the televised debate on 7 June, UKIP leader Nigel Farage had increased the figure to a home being required every 4 minutes.

Regardless of the politics and scaremongering, the UK does definitely need more homes, thanks to a growing population and a trend towards urbanisation. The theme is the same in cities around the world, with the UN projecting that 70% of the world’s population will live in urban areas by 2050.

apartments to rent in Liverpool-2

In UK cities like Liverpool, re-urbanisation is leading to intense demand for housing. From a peak of 846,101 recorded in the 1931 Census onwards, the city’s population has been in decline, but the most recent Census (2011) showed a reversal of the trend, with Liverpool’s resident numbers increasing for the first time in 80 years, to 465,700.

Yet despite the increased appetite for city centre living, and in particular for rental accommodation in recent years as the private rented sector has grown to account for 19% of homes, decent apartments to rent in Liverpool are hard to find. A search on Zoopla reveals only 83 two bedroom apartments available to rent in the sought after L1 postcode area and just 42 one bedroom apartments. In neighbouring Toxteth (L8), the situation is much the same, with 63 two bedroom and 53 one bedroom apartments available across the entire postcode area.

Toxteth makes for an interesting case study. The once notorious area has seriously smartened up its image in recent years, with swanky bistros and artsy coffee houses spilling over from L1 into L8. The gentrification has in fact been so pronounced that Toxteth’s ‘Granby 4 Streets’ was nominated for the Turner art prize in 2015.

In light of Liverpool’s re-urbanisation then, why is so little housing available to rent in the L1 and L8 areas? And what is being done about it?

Stuart Johnson, Business Development Manager at Prime Centrum, explains,

apartments to rent in Liverpool-3

“Liverpool’s re-urbanisation seemed to come as something of a surprise to city planners, so the city is playing catch up in terms of providing new, decent homes in areas where demand has spiked. The timing of the population increase was also a factor. Developers in 2011 were still coping with the economic hangover from the previous decade, so there weren’t many cranes on the move in Liverpool. Professionals were flocking to the city to work and demanding smart, new waterfront homes but the supply just couldn’t keep up.”

The situation is now beginning to improve. Prime Centrum is one of those companies working to tackle the shortage head on. Their new Parliament Residence development will provide 44 high end one and two bedroom apartments in what is being hailed Liverpool’s most iconic waterfront development. The apartments have been released for sale to investors (prices start at £109,900 with 7% NET income per annum assured for the first 3 years) and will be available for rent to professional tenants and families working and living in the city centre.

Given that Zoopla is currently listing just 36 two bedroom new build apartments for sale in the L1 area, Parliament Residence will come as a welcome relief both to investors looking for a quality buy-to-let property in Liverpool city centre and to tenants looking for high spec homes with views of the city’s UNESCO World Heritage waterfront. No wonder then, that Parliament Residence had sold more than 25% of its apartments less than two weeks after the building was launched to investors.

The re-urbanisation of cities such as Liverpool has become the new reality for city planners. Gone is the ‘managed decline’ approach, with regeneration projects capturing the interest of everyone from large tech companies to business start-ups. City living is on the up once more and the UK’s cities are racing to catch up.

For further details please visit www.primecentrum.com, email enquiries@primecentrum.com or call 020 7183 6332.

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts