Purchasing a flat or any property for that matter in a rapidly developing city such as Liverpool is a great idea. The city is full of students, young adults looking to start their professional careers, and even families and pensioners.
Taking all of the above into consideration, there’s no surprise that the cost of a flat in Liverpool, depending on its location, can set you back quite a decent chunk of money compared to smaller cities around the country.
To give you a better idea of what you can expect to pay for a flat in Liverpool, keep on reading as we go over:
- The current cost of living in Liverpool
- Average property prices in Liverpool by type
- How Liverpool’s property market compares to nearby cities
A Look At Liverpool’s Cost of Living
Liverpool is a major UK city, so you can expect the cost of living to be higher than rural areas. However, Liverpool’s living costs are lower than other major cities like Manchester. So, let’s take a quick look at the different expenses to account for in Liverpool and how much it will cost you.
Rent
The first thing we will consider is the average rent you’re likely to pay. In Liverpool the average flat will set you back around £768 per month. Do note that the rental prices for flats will vary quite a bit depending on where they are located.
Gas and Electricity Bills
Older flats in Liverpool tend to have gas and electricity installed, which will likely cost you an average of £100 – £150 per month throughout the year. Newer apartment complexes mainly rely on electricity, which is more expensive than gas, especially for heating. So, expect your monthly electricity bill to be slightly higher.
Tenant’s Insurance
You aren’t required to get tenant’s insurance by law. However, most landlords in Liverpool require tenants to have some sort of insurance. While this is a recurring payment, it won’t cost that much as you can find insurance as low as £5 a month.
Council Tax
Council Tax is obligatory and every person has to pay it. The total amount of the tax depends on the value of your home. You can choose to pay this tax in 10 or 12 installments, with most people going for the 12-month option. Depending on where your flat is in Liverpool, expect to pay between £100 and £150 per month in council tax.
Groceries
Grocery costs in Liverpool can vary greatly. There are many supermarkets and stores in the city fit for any budget. To give you a better idea, the average family in Liverpool spends between £300 and £500 per month on groceries.
Transport
The cost of transport in Liverpool depends on your lifestyle and where you live. Liverpool has a great train system that allows you to commute just about anywhere without breaking the bank. Merseyrail, which are responsible for the train transport links all over Liverpool even allow people to purchase annual passes, which will save you hundreds if not thousands of pounds per year if you happen to use the train a lot.
Healthcare
While healthcare is free in Liverpool, you will need to pay for certain things like prescriptions, which cost around £9.35 an item. Additionally, dentists aren’t free, and they can cause living costs to rise significantly if you require more comprehensive dental work.
Activities and Other Expenses
Leisure activities in Liverpool come at a variety of prices. While you can do a lot of things in the city for free, there are also activities that can cost between £25-£50 per activity. So, make sure that you set aside an adequate budget every month for leisure. On top of that, you also have to consider other expenses like your Netflix and Amazon Prime subscriptions and more.
Average Property Prices in Liverpool By Property Type
Property prices in Liverpool vary quite greatly depending on location and the type of property you’re after. Since you’re looking at buying a flat, the great news is that flats are the most affordable type of property in Liverpool. To give you a good idea of what you can expect to pay for your flat and for any other type of property you may consider, let’s take a look at Liverpool’s property market in more detail.
Flats
Flats are the perfect purchase for couples or people living alone. Liverpool’s flat market is extremely varied as depending on where you look, you can find anything from studio apartments to four bedroom flats. The average price of a flat in Liverpool as of right now is around £145,000.
Terraced Property
If you’ve lived in the UK your whole life, you already know what terraced properties are. These are side-by-side, medium-density housing options that are relatively affordable while offering a lot of living space. There are many such properties in Liverpool, with the average terraced property selling for around £159,000.
Semi-Detached Property
The most popular type of property in Liverpool is the semi-detached property. These homes are popular as they aren’t as packed as terraced properties but aren’t as expensive as fully-detached homes. On average, a semi-detached property will cost around £234,000. While fairly pricey, they are still less expensive than fully-detached homes, which can reach prices of £350,000 or more.
How Liverpool’s Property Market Compares to Other Major Nearby Cities
As mentioned earlier, Liverpool’s average property price is lower than other major cities. To get a better idea of this, let’s see how the city’s average prices stack up compared to other major cities that are relatively close by.
Manchester
Manchester is just 30 or so miles away from Liverpool. However, property prices there are much higher than Liverpool. The average Manchester property sells for £286018, which is much more expensive than the Liverpool average by over £70,000.
Stoke-on-Trent
Stoke-on-Trent isn’t as big of a city as Liverpool and it’s pretty far away. Properties in this area are much more affordable, with averages floating at around £170,963. So, if you’re looking for a more affordable city than Liverpool, Stoke-on-Trent is a great option.
Southport
Southport is another city adjacent to Liverpool. However, prices here are also fairly expensive. The average Southport property sells for f £245,953, which is significantly more expensive than Liverpool’s average.
Living in Liverpool and buying your first property in the city will set you back a little more than what you can expect to pay in more rural parts of the UK. However, when compared to other major UK cities, Liverpool is one of the most affordable.
And even if you buy a flat in Liverpool and decide that you want to get rid of it, you can sell your flat fast very easily, especially if it’s in a great condition and in a great location.
