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Last Updated: Thursday, 3 June, 2004, 05:26 GMT 06:26 UK
Culture win boosts house prices
For Sale signs
Liverpool's Capital of Culture 2008 win has led to rising house prices in the city, a new survey suggests.

The survey, compiled by mortgage lender Halifax, said the average house price in the city had risen by 21.2% in the past nine months.

The average house price in Liverpool now stands at 125,077 compared to an average of 133,164 across the region.

The survey said the city's good transport links made it attractive to house buyers.

Most of the cities that competed against Liverpool for the Culture prize have experienced lower rates of house price growth.

The capital of culture status is clearly having a halo effect on the regeneration of Liverpool
Tim Crawford, Halifax
The only exception was Newcastle and Gateshead where prices have risen by 21.7%.

Halifax attributed that rise to the area's regeneration investment programme.

The survey said Liverpool's property market would continue to rise as the city's infrastructure improved in readiness for 2008.

Road and rail improvements have begun while the city's John Lennon Airport is to expand and a light tram system is planned to run from the city centre to Kirkby.

A new cruise liner pier is planned for the Pier Head along with a new landmark building - dubbed the Fourth Grace - earmarked for the city's famous waterfront.

Tim Crawford, an economist for Halifax, said: "The capital of culture status is clearly having a halo effect on the regeneration of Liverpool.

"The local housing market is performing well and remains underpinned by sound fundamental factors.

"First time buyer interest remains firm and economic performance has improved, along with the outlook for employment and tourism."

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