Liverpool house prices have risen by 76% since award of European Capital of Culture Status

• House prices in Liverpool have risen by 76% since the city's European Capital of Culture status was confirmed in June 2003, outperforming both the North West (69%) and England (50%)
• House prices in Liverpool have also outperformed the other UK cities that were short-listed for Capital of Culture status since 2003
• 66% of postcode districts in Liverpool have seen house price growth above the North West average, while 86% have seen stronger growth than the English average
• Postcode L5 has recorded the fastest rise in average house prices since June 2003, rising by 216% to £76,403 from £24,142 in June 2003
• The most expensive properties in the Liverpool area are in L37 where the average house price is £265,157 

House prices in Liverpool have risen by 76% since award of European Capital of Culture status

Research by Halifax Estate Agents shows that 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. 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."
Ends.

Editors' Notes

1. The house prices quoted in this release are taken from the Land Registry database and refer to 3 month averages. Prices are arithmetic average prices of houses - otherwise known as crude averages – and are based on mortgage completions.  These prices are not standardised and therefore can be affected by changes in the sample from year to year – as such care should be taken when comparing prices. 
2. House price performance has been measured over the period June 2003 to March 2008 (the latest available Land Registry data).  
3. The EU launched the Capital of Culture programme to replace the City of Culture status, which began with Athens in 1985. Every EU member state has been awarded the accolade on rotation for the years up to 2019. The UK was allocated 2008. On June 4th 2003 the then Culture Secretary Tessa Jowell announced that Liverpool had been named European City of Culture for 2008, beating five other UK cities - Bristol, Birmingham, Cardiff, Newcastle-Gateshead and Oxford.
4. For more information about Liverpool, the European capital of culture, please visitwww.liverpoolculture.com

Table 1: Top ten performing Liverpool postal districts since June 2003

Source: Land Registry

Table 2: % Change in house prices across all city nominations since June 2003

Source: Land Registry

Ends

"This report is prepared from information that we believe is collated with care, however, it is only intended to highlight issues and it is not intended to be comprehensive.   We reserve the right to vary our methodology and to edit or discontinue/withdraw this, or any other report.  Any use of this report for an individual's own or third party commercial purposes is done entirely at the risk of the person making such use and solely the responsibility of the person or persons making such reliance.  © Bank of Scotland plc all rights reserved 2008."