All eyes are on Liverpool this week as it hosts the Eurovision Song Contest and new analysis from Rightmove has revealed the latest trends in the city and its surrounding areas.

Rightmove says that Formby is the most searched for location around the Liverpool area, followed by Crosby & Maghull. The average asking price for a home in Liverpool is now £208,120, while the average asking rent is £1,000 per calendar month, implying average yields of just under 6%.

Rightmove says that Average asking prices in the city are up 4% in the past 12 months, while average rents are up 7%.

A bigger proportion of renters are looking to move away from Liverpool in the search of cheaper rents further from the city, while a bigger proportion of buyers are looking to stay, according to the report.

Tim Bannister at Rightmove said: “Cities like Liverpool have become more popular with buyers again as people find a balance between flexible working patterns and being near to an office space and the amenities of a large city. For renters it’s a slightly different story, as record rents and a shortage of available homes means many renters need to cast their net wider and look outside of cities to find an available home within their budget.”