Complete 2023 Guide.

Best Areas To Live In Liverpool

11 Best Areas for First Time Buyers in Liverpool (2023)

 

Key Takeaways:

  • In this blog, you’ll learn about the 11 best areas for first-time buyers.
  • You’ll discover the most affordable postcodes in Liverpool.
  • And, you’ll see what schemes are available for first-time buyers in 2023.

Are you thinking of getting on the property ladder as a first-time buyer in Liverpool?

This is the blog for you.

Today, you’ll learn about the 11 best areas for first-time buyers in Liverpool 2023 for young families and professionals.

Let’s get into it:

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Where Are The Best Areas To Buy In Liverpool As A First Time Buyer?

L28 

The best area for first-time buyers in Liverpool in 2023 is L28.

Covering Stockbridge Village, L28 has average house prices of only £92,688 – a whopping £184k below the national average.

However, while the area is certainly affordable, it may not be somewhere you’ll want to live.

Stockbridge Village — previously known as Cantril Farm — is one of Merseyside’s poorest areas.

But the housing estate has made moves to become a more welcoming, community-focused area, as explored in a 2019 article from the Liverpool Echo.

So:

While L28 is certainly an affordable spot, it may not necessarily be one of the best areas to live in Liverpool.

Find Out More: Best Areas to Live in Liverpool

L4 

Covering popular North Liverpool areas like Anfield, Kirkdale, and Walton, L4 is the second most affordable postcode in the city.

The average house price in L4 is just £103,120, while terraced houses cost a lower £94,782 – the area’s most popular property type.

Like L28, L4 is a rather deprived area, with Walton and Kirkdale especially known for this.

However, Anfield is seeing major regeneration efforts, with £250 million spent improving local housing and the high street.

And with further work being completed on Anfield Stadium – the home of Liverpool Football Club – it’s likely the area will continue to be a popular spot for families.

L5 

L5 is incredibly similar to L4 and covers parts of Anfield, Everton, Kirkdale, and Vauxhall.

House prices are incredibly affordable here, with averages of only £105,118.

This affordability spreads to each property type, with terraced and semi-detached houses coming at just £108,307 and £118,667, respectively.

Although this North Liverpool postcode may not be the most affluent, regeneration work and affordable houses makes it a top-rated destination for families like its L4 counterpart

L6 

Continuing the trend of affordable North Liverpool postcodes, L6 spans parts of Anfield, Everton, Fairfield, Kensington, and Tuebrook.

Each of these residential areas is popular amongst families, with average house prices of just £112,127.

Mainly dominated by terraced homes, areas like Fairfield, Kensington, and Tuebrook benefit from great transport links. Residents can get into the city centre in minutes via bus.

This makes L6 a top choice for young professionals, with commuters able to find affordable housing within touching distance of the city centre

L20 

L20 is rather unique in Liverpool as it covers two distinct areas – Bootle and Liverpool.

You’ll find the areas of Bootle, Orrell, and Kirkdale within L20, which commands an average price of just £116,089 – 8% up on last year.

These rapidly rising prices come as no surprise, with most Liverpool postcodes seeing huge growth thanks to increasing demand.

Flats in L20 remain the cheapest housing type at just £63,622.

Terraced houses are the most popular property type in L20, with prices of £95,377

L2 

It’s not often you’ll find a city centre postcode amongst the best places for first-time buyers, but Liverpool is different.

Liverpool city centre continues the trend of affordability seen throughout the city, with average prices of just £118,624.

These prices may surprise you given how much is going on in the city.

A hotspot for massive regeneration, the likes of the Knowledge Quarter and the Baltic Triangle have become an employment paradise for professionals across Merseyside.

And with constant new housing developments creating state-of-the-art apartment blocks, it’s an exciting time to move to Liverpool city centre.

Amazingly, moving into the city centre can help you save thousands, with no transport needed as everything is within walking distance.

However, families with children may be better suited to outer suburbs, which boast better schools than in the inner city.

L11 

Found on the outskirts of Liverpool is the L11 postcode.

L11 features the popular residential areas of Clubmoor, Croxteth, Gillmoss, and Norris Green.

Norris Green, in particular, is a great place for first-time buyers in 2023 as it offers a desirable suburban feel with plenty of top schools to enjoy.

And, although it’s on the outskirts, families can get into the city centre within 25 minutes.

The most popular property type in L11 are terraced properties, priced at an average of £102,002 – lower than the area average of £126,131.

L27 

Home of the leafy green suburb, Netherley, L27 is a top spot for families looking for a quiet treat from the inner-city hubbub.

Located in the south of the city, Netherley is bordered by Belle Vale and has easy access to large stretches of countryside, with 44% of the area green belt land.

Pair this with low crime rates and high employment, and you have a recipe for success with L27.

Amazingly, L27 is the eighth most affordable postcode in the Liverpool area, with prices of just £126,777.

However, those looking for semi-detached and detached homes will have to pay slightly higher premiums of £168,667 and £180,483, respectively – still an incredibly affordable price compared to the UK average.

L13 

While 13 may be unlucky for some, L13 provides families and young professionals an excellent opportunity in 2023.

The postcode features the residential areas of Clubmoor, Stoneycroft, Tuebrook, and Old Swan.

Although Clubmoor and Tuebrook have already appeared on this list, it’s Old Swan that we want to discuss here.

Home to a popular high street filled with everyday essentials and historic pubs, the area has become a top spot for families with prices of only £129,443.

However, the nearby employment opportunities in the surrounding area truly set Old Swan apart.

The thriving Wavertree Technology Park is just minutes away while travelling into the city centre takes just 15 minutes by car.

This makes the area an excellent spot for young professionals looking for larger homes without paying a typical inner-city premium.

L30 

L30 spans the areas of Bootle and Netherton and features some of Liverpool’s most affordable house prices for first-time buyers.

Currently the tenth most affordable area in the city, L30 sees house prices just shy of £140k – an incredible £30k below the city average.

Unlike the other Liverpool postcodes on this list, semi-detached homes are the most popular properties sold in L30 in 2021, with average prices of just £156,491.

Unsurprisingly, terraced properties are cheaper than this, at a lower £103,896.

If you’re thinking of making a move to Bootle or Netherton, it’s a good idea to act fast, with prices currently 15% higher than last year – a sign of a busy and in-demand property market.

L9 

Our final entry on this list of the best areas for first-time buyers in Liverpool is L9.

Featuring the areas of Walton, Fazakerley, Orrell Park, and Aintree, L19 is the eleventh most affordable Liverpool postcode in 2023.

You’ll find house prices of just £138,168 – fractionally more than L30 while still far below the city average.

The village of Aintree is a top spot for families, with a signature village feel complimented by two primary schools and five stunning churches.

While it’s best known as the site of the world-famous Aintree Racecourse, it’s also one of the best places to buy an affordable home in 2023.

Want to learn more about Liverpool property investment? View our complete guide.

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Other Top Areas for First-Time Buyers Liverpool to Consider 

Liverpool is a top place to live in 2023, and, unfortunately, we couldn’t include every spot on this list.

But while some areas may be pricier than the city average, they can still be fantastic places to live – provided you’ve got the cash.

The following areas are some of the best areas to live in Liverpool in 2023:

  • Lark Lane
  • Crosby
  • Aigburth
  • Allerton
  • Georgian Quarter
  • Mossley Hill
  • Wavertree

Many of these areas are found in the south of the city, resulting in higher house prices than the city average.

But if you’ve got the cash to spare (usually over £250k), you’ll be able to find a home to rival any in the North.

 

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Questions & Answers.

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The most common residential mortgage requires a 15% deposit, meaning the mortgage’s loan-to-value is 75%.

Based on the average price paid by first-time buyers in Liverpool in 2022 (£150,633), this means you’ll need a minimum deposit of £22,594.

This is obviously a huge amount to save up, especially as the cost of living rises across the UK.

And the reality is that you may need to save more than this depending on your eligibility for loans.

As most banks will typically lend up to four times your salary, you’d need to earn an average of £32,000 per year to secure a 75% LTV mortgage in Liverpool.

So, how can you get to this magic number of £22,594?

Unfortunately, there are no quick fixes or reliable get-rich schemes for you to save up enough money.

(Unless the Bank of Mum and Dad can help).

Saving can be a slog, and it’s important you start as soon as possible to maximise the money you can get.

You should also try and cut down on the non-essentials.

While cutting out Netflix and your morning coffee won’t magically get you thousands of spendable cash (as many annoyingly suggest), cutting out all your non-essentials can really add up in the long term.

Coupling this with things like a Lifetime ISA or buying a home alongside a partner (romantic or otherwise) can massively help you get on the property ladder.

If you want seven tips on saving for a deposit in 2022, be sure to read our dedicated blog post today.

Thankfully, UK first-time buyers have access to several schemes and discounts to make their first home as affordable as possible.

Examples of which you’ll find below:

First Homes Scheme 

The First Homes scheme gives buyers a 30% to 40% discount on a home.

It needs to be a new home built by a developer as part of the scheme and needs a market value of £250,000 or below.

However, there are some caveats.

Firstly, you need to be able to get a mortgage for at least half the price of the home, and your total household income can’t be higher than £80,000.

Secondly, local councils may set eligibility conditions to prioritise essential workers, lower-income families, or residents of an area.

Finally, you can only sell the home to a party that’s eligible for the First Home scheme, AND you’ll need to give them the same percentage discount you got.

If you’re a first-time buyer interested in securing a new build home, you could apply for a Help to Buy Equity Loan.

Help to Buy allows first-time buyers over 18 to borrow a loan that can cover up to 20% of the property’s purchase price.

Based on how much you’ll borrow, you’ll pay varying interest levels.

You won’t pay any interest for the first five years but will be charged 1.75% in the sixth year, which increases every year afterwards.

However, not every home is eligible for a loan. It’ll need to be sold by a registered Help to Buy homebuilder.

There’s also a limit set on the maximum price of a property you can purchase with the help of a Help to Buy loan, which changes based on the region you’re buying in.

For Liverpool buyers, the North West’s maximum price is set at £224,400. Compare this to London, which is £600,000.

Another scheme designed for first-time buyers in England is the Shared Ownership scheme.

Shared Ownership allows buyers to purchase a share of their home and pay rent to a landlord or housing association on the remaining total.

You can buy between 25% and 75% of a home’s market value (sometimes as low as 10%), which is typically achieved by getting a mortgage.

The amount of rent you owe is based on your share of the property. You can increase your share over time by making additional payments and will pay less rent as a result.

While not exactly a scheme, tax discounts are available for first-time buyers in England and Northern Ireland.

When buying a home, you need to pay stamp duty land tax on the purchase price of a property.

However, first-time buyers pay reduced rates and don’t need to pay any stamp duty on up £300,000 of a home’s price.

You’ll pay 5% of the price that falls between £300,000 and £500,000 but will not be eligible for any relief if the house is above £500,000.

So, if a home was worth £250,000, a first-time buyer would pay £0 in tax, while normal buyers moving homes would need to pay £2,500.

First Time Buyer In Liverpool Summary

The costs for first-time buyers in Liverpool have been on the rise over the last few years.

Currently, the average house price paid by Liverpool’s first-time buyers in Q1 2023 was £150,633 – 9.45% higher than 12 months ago.

This means you’ll need a minimum of £22,594 to afford a 15% deposit.

And, you’ll need to earn at least £32,000 per year to secure a mortgage, as most banks will lend up to four times your salary.

New build homes continue to come at a premium, with an average price of £237,721 compared to £159,623 for existing properties.

Want to learn more about Liverpool rental yields? View our complete guide.

Our Methodology for Picking the Best Areas for First Time Buyers in Liverpool 

Our list of the best areas for first-time buyers in Liverpool isn’t perfect.

While we’ve listed the most affordable areas, it doesn’t necessarily mean they’re the best places to live.

For the sake of accuracy, we’ve had to omit several important factors that you’ll also need to consider before moving homes.

This includes:

  • Finding homes in a prime location that’s a short walk away from job opportunities.
  • Nearby access to beautiful green spaces.
  • Being in a great location with easy access to transport links.
  • Low crime rates.
  • Good quality nearby schools.
  • Local amenities like supermarkets or libraries.

Be sure to consider all these factors when searching for homes to ensure it’s the right spot for you.

Buying a house is a big purchase; don’t rush it.

Looking for more information on Liverpool property? View our complete guide.