House prices in Liverpool rose higher than the national average in the last 12 months, according to new data, although properties in the city are more affordable.
According to the Land Registry, Liverpool house prices were up 13.8% compared to 12.8% recorded nationally. In the past five years, prices in the city have soared by 46%.
However, Liverpool remains much more affordable - average prices are 41% lower than the national average. Buyers looking for 'prime property' would need to spend in excess of £345,000, lower than the £619,000 nationally.
READ MORE: Most and least expensive houses sold on Merseyside
Marcus Dixon, director of residential research at JLL, said: "House prices in Liverpool have seen double digit growth over the last 12 months. These price rises have been driven by strong demand for homes in the city alongside a relative lack of supply."
Rents in Liverpool have also increased, with prices for flats increasing by 9.5% and house rental prices up by 10.5% in the 12 months to July 2022. The majority (90%) of properties let in the city in the last year were flats.
Young tenants are prolific in the city, with 71% aged between 18 and 29 compared with 53% across the North West. It's also an easier city to get around - 36% of residents walk to work compared with just 11% in the wider region.
Dixon added: "Looking ahead we do expect that rising interest rates and the squeeze on household finances caused by the rising cost of living will impact the market, although Liverpool offers a wider range of more affordable options than many other areas of the country, with average house prices 41% lower than the national average.
"JLL forecasts predict we will soon see an end to unsustainable double digit house prices growth. We are predicting that rates of growth will return to single digits in the coming months, but importantly we are not predicting that prices will fall.
"JLL is forecasting house prices in Liverpool will increase 21.1% between 2022 and 2026, keeping pace with the national forecast of 21.7% over the same period."
READ NEXT:
People transform nightmare houses into dream homes
All the cost of living payments you will receive and when you will get them
'Sleepy' village in shadow of nuclear plant with no shop or pub
Suspect named after man stabbed in the head at pub
Mum thought she would never be able to walk down street sober
