‘There is an increase in demand from Manchester, Bolton and Preston commuters who feel that they can get better value homes’
One part of the north west region has been named the UK’s latest property hotspot after house prices have soared by a bigger percentage than anywhere else in the UK. The cost of buying a home is rising all across the country, with the average house price having gone up by 4.6 percent over the last year.
But in Blackburn with Darwen, a borough in Lancashire, prices have climbed by a staggering 13.3 percent in the last 12 months, which local estate agents say is down to an increase in demand.
But whilst it now costs an average of £268,000 to buy a house in the UK, according to the latest Land Registry figures, house prices in the Lancashire area are still much more affordable than the rest of the country.
The average home in Blackburn with Darwen, which covers the towns of Blackburn and Darwen plus a wider rural area, now costs £159,000 – which is one of the lowest of any council areas in the UK.
Commenting on the local property market, Andrew Cardwell, managing director of Cardwells Estate Agents, told the Manchester Evening News: “The 13 percent rise in house prices shows just how well the area has been performing over the last twelve months.
“The average cost of homes in the neighbouring towns of Bolton and Bury was notably higher 12 months ago – £197,000 in Bolton and £239,000 in Bury. This would suggest that the price of properties were starting at a much lower level, so there was certainly potential for growth which has been seen over the last 12 months.”
According to Rightmove, the majority of properties sold in Blackburn with Darwen during the last year were terraced properties, selling for an average price of £123,829.
Andrew says that the borough’s high stock of traditional terraced properties has a huge impact on the average value of homes in the area.
“In Blackburn with Darwen there is a significant stock of traditional terraced properties that are in line with the industrial legacy of historical textile manufacturing,” he said.
“The terraced properties tend to be more affordable than some other types of homes, so this has an impact on the average value of a home in the area.”
Often when price rises it is because there is more demand than there is supply. Explaining where the demand has come from, Andrew said: “There are various factors that have contributed to this increase in demand. One of those factors is an increase in demand from Manchester, Bolton and Preston commuters.
“There is a notable increase in demand from those who feel that they can get better value homes, and take advantage of the superb transport links, particularly the excellent motorway links and commute to neighbouring areas.
“Importantly, Blackburn with Darwen has seen superb regeneration and investment and increasing employment opportunities, particularly in sectors like logistics, manufacturing and digital endeavours.
“With more opportunities of employment, this is a strong demand factor that attracts people to buy in the area.”
Andrew also says that there has been significant investment in building new homes, many of which are detached properties targeted at families.
The average cost of a detached home in Blackburn with Darwen is currently £301,534, according to Rightmove.
“These homes have been very popular with buyers, and also it helps to increase the overall average value of the property in the area,” Andrew told the M.E.N.
“Blackburn with Darwen is also often an excellent choice for first time buyers as they can perhaps take advantage of the value for money property prices and get on the property ladder.
“Additionally, landlords often look to buy in the area, as the purchase prices are often reasonable in comparison to other properties in their portfolio and the increasing rent levels that can be achieved ensure a healthy yield.
Andrew added: “Blackburn with Darwen has some wonderful countryside, fabulous schools, a lovely town centre, wonderful employment opportunities, wonderful transport links and buoyant, vibrant and welcoming communities. Therefore it is no surprise that the demand for the area, has pushed up prices over the last 12 months.”
Jessica Johnson at Curtis Law Estate Agents also commented on Blackburn with Darwen’s rising demand. “The property market here is quite dynamic, with a strong appeal to first-time buyers, retirees and investors,” she told the M.E.N.
“Many people choose to live in Blackburn and surrounding areas due to affordability, lifestyle, employment opportunities and transport links to Preston and Manchester. In terms of property types, detached homes, period terraced properties and new builds are amongst the most popular.
“House prices tend to be more affordable compared to the national average due to historical economic factors and regional development. However, we have seen a recent trend in rising prices, driven by increased demand, improved transport links, regeneration projects and developers offering incentives are all influencing factors.”