European Capital of Culture status boost Liverpool house prices

House prices in Liverpool have risen by an average of 76% from £79,886 to £140,842 since June 2003 when the city was designated as European Capital of Culture for 2008, according to research by Halifax Estate Agents. The growth in house prices in the city has outstripped both the average house price growth across the North West (69%) and England (50%).

Liverpool has outperformed other UK cities short-listed for Capital of Culture status

All the other five cities that made up the final shortlist 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 (46%). Oxford has delivered the smallest increase (35%).

Two-thirds of Liverpool postal districts have outperformed the regional average

66% of postcode districts in Liverpool (23 out of 35) have seen house price growth above the North West average since June 2003. 86% (30 out of 35) have seen stronger growth than the English average. The top ten performers all have an average price of less than £120,000 with the strongest price growth in those areas with the lowest average prices.

Liverpool postal district L5 recorded the fastest rise in house prices

House prices in Liverpool postal district L5 (Anfield, Everton and Kirkdale) have recorded the fastest growth in house prices since June 2003. The postal 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 (188%), followed by L4 (168%). In contrast, house price growth was slowest in L29 (1%) and L2 (9%).

Most expensive properties located in Liverpool L37

With an average house price of £265,157, L37 (Formby, Great Altcar) has the most expensive average property price. This is 88% higher than the average house price in Liverpool (£140,842). The least expensive properties are in L5 (£76,403).

Martin Ellis, chief economist, Halifax, comments: "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. Additionally, the demand for good quality, affordable housing has remained high due to Liverpool's close proximity to key towns and cities."