A strong student property market in Liverpool could be hugely beneficial to the city and its economy, a mayoral review set up to examine the impact of the sector has concluded.
Student property is now accepted as being one of the main contributors to the economy. Students, according to 24dash.com, are worth as much as £1 billion every year to the economy of the city, as well as helping to facilitate 16,000 jobs being created and sustained.
With this in mind, it stands to reason that the market for accommodation for students has been reviewed and scrutinised, with a greater number of students in quality city centre accommodation only likely to improve these figures further in the future.
In recent years, the city has seen a real shake-up in how student property is delivered. While previously the bulk of the development of new accommodation was constructed outside of the city itself, or on the outskirts, new developments such as that at One Wolstenholme Square have paved the way for large scale development in the city centre.
The future of Liverpool’s student property market
Moving forward, this is likely to be boosted by the introduction of a “joined up” approach to the issue of student accommodation, with investors, developers, local authorities and the universities themselves asked to work together to make sure that the right homes are built in the right places, and that red tape does not unnecessarily block the expansion of this crucial industry.
Factors that will be put in place to ensure the market grows in the right way will include licensing of developers and owners to make sure these purpose built homes are of a high enough quality to justify their place in the city.
Quality has been a cornerstone of the growth of student property from a niche asset to one that attracted almost £6 billion in investment in the past year, so it should continue to prove itself in Liverpool moving forward.
The councils will also be asked to take a more proactive approach to how they manage planning and permissions for new developments, so that they can not only control the growth of student property, but also encourage it to become the vital asset it is in other cities.