Manchester and Liverpool are an easy win for property buyers as second-tier UK cities edge out pricey London
- Property prices in the second-tier cities of Liverpool and Manchester have risen 4 per cent this year compared to a 2.5 drop in London, data from Savills shows
- Property developers are upbeat on the growth prospects of the two cities as there is a lot of foreign and government investment going into these areas while offering better yields and growth than London
Manchester and Liverpool’s popularity among soccer fans is undisputed as clubs from the two cities in the north of England are almost always on top of the league table. Now, these two cities are drawing the attention of property developers and buyers from Hong Kong and across the world because of their potential and price correction in London.
Hong Kong-based private equity firm Platinum Rise Capital Partners is banking on the growth prospects of these two cities as they remain cheap compared to London. It is developing two projects in Liverpool, and one in Manchester.
“In terms of regional cities, Liverpool and Manchester offer very competitive prices compared to London,” said Adam Simmons, co-founder and co-chief executive officer of Platinum Rise, which has interests spanning property, project management and manufacturing of prefabricated building materials.
The average price of a flat in Manchester this year at £229,129 (US$299,000) is nearly 70 per cent lower than London’s £717,731, with Liverpool still cheaper at £134,963.
While prices in London have fallen 2.5 per cent year to date, they have risen 4 per cent in northwest England that includes Manchester and Liverpool, according to data from Savills.