City Centre Living
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Since the mid 1990's, more people have wanted to live in the City Centre. Between 1971 and 1991, numbers of people living in the City Centre had dropped from 3,600 to 2,340 but after the mid 1990s this trend was reversed. By 2009, the number had reached nearly 15,000.
When Liverpool Vision was formed in 1999, City Centre Living was one of its main priorities. Liverpool City Council has also endorsed City Centre Living since 1993, and included it in the 1996 Draft Unitary Development Plan.
The huge rise in average property values:
Between 2000 and 2007, until the current credit crunch took hold across the country, there was a large amount of capital and rental growth in property values in Liverpool's City Centre. Instead of one bedroom studio flats, people wanted to buy two bedroom apartments. Until early 2008, these were selling for an average price of £153,000.
The biggest rise in prices were seen in traditional Georgian terraces in the Hope and Canning areas of the City Centre. These rose from £97,500 in 2000 to an average of £227,000 in late 2005 (a rise of 132% in 5 years). This was a much higher increase than most of the rest of the UK.
Where the demand exists:
- In the 1990's, Liverpool had many empty office buildings. Some of these were listed and could not be made into modern offices. There were also empty spaces above shops and in Victorian warehouses. These vacant buildings and spaces have now been changed into beautiful homes for those who wish to live in the city centre.
- Although there are now less empty buildings which can be changed into homes, demand is still strong. People are looking for large, luxury 2 and 3 bedroomed homes. Some penthouse flats have been sold in 2006/2007 for up to £1million.
The first high prices were shown when Beetham Plaza on The Strand came onto the market in June 2000; and Beetham Tower on Old Hall Street four years later. National housebuilders have also shown interest in city centre schemes, including Morrison Homes, Bellway Homes and Crosby Homes.
Although prices and values have stalled and started to reverse around much of the country with the current recession, some experts are predicting that the average price of Liverpool homes may not tumble as much as elsewhere since they started from a very low base and played catch-up with the rest of the UK. In fact, between April 2008 and April 2009, according to the Land Registry, prices within the city centre actually rose 22% - although this was for higher value more desirable properties which are still selling. Perhaps more indicative of the market for average priced apartments is the L3 postcode that includes the Liverpool Marina area where prices fell by 9% during the same period.
Liverpool City - Student City:
Not just professional single/couples wish to live in the City Centre, it also attracts students. By the start of the 2005/6 academic year, over 8,132 bedspaces had been developed in the City Centre in just seven years whilst the universities expanded. By 2009, however, the level of development for student accommodation has significantly reduced.
Social Housing:
Social housing has not been forgotten. Riverside Housing Association spent £13million improving homes in the St Andrew's Gardens area between 1994 and 1999.
Housing Associations work closely with the City Council on the regeneration of Liverpool's suburbs, as well as the City Centre. They provide schemes for sale and co-ownership.
Examples of these include:
- Maritime Housing Association's schemes at Old Haymarket; Commutation Plaza next to Lime Street; and on Arts Village in Ropewalks.
- In 2003, Morrison Homes/Atrium completed 200 new apartments in a £20 million scheme at Kings Dock. 93 homes were for rent in association with Liverpool Housing Trust and Riverside Housing Association, and 107 for private sale.
City Centre Living and Council Policy
More people wanting to live in the City Centre has helped to make sure buildings which might have stayed vacant are now being used.
As more people live in the city centre, more support services are needed. Tesco Metro has been in the city centre for some years. More recently other food shops have opened here, including three Sainsburys Locals, Lidl and Aldi.
Two walk-in health centres are open on Charlotte Street and at Marybone. A third has been recently completed at Cleveland Square. There are many dry cleaners, dentists and day nurseries.
The City Council and its partners, including Liverpool Vision, encourage the growth of city living. However, we would like to see more family homes built where possible.
We have also been making the city centre an attractive place to work, visit - and for residents of the city centre - to actually live in. As well as the £73 million City Centre Movement Strategy, work has been completed in the Ropewalks area, Old Hall Street and Hope Street. Work has also taken place in the Live Work District between Dale Street and Tithebarn Street.
St James Gardens has been improved, whilst the new Chavasse Gardens opened in the Liverpool One development in 2008. These have given Liverpool two large city centre green spaces. Work also took place on Great George Square in Ropewalks in 2005, whilst further improvements are planned for Pownall and Cleveland Square.
City Living Residential Update:
We periodically produce an update on residential developments in the city centre. Download the current version - June 2009![(PDF [508.9Kb] opens in new window)](/images/PDF.gif)
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You can also view previous editions
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Do you want to know more?:
For more information about City Living, visit the Liverpool Vision website