This under-rated corner of UK is seeing house prices soar (Image: Pete Rowbottom via Getty Images)
It’s probably not the first place that springs to mind when you think “property hotspot”. But this little-known UK borough has been called just that after witnessing house prices surge by 13.3% over the past year, outpacing any other region in the country. While the national average house price increase stands at 4.6%, the demand for homes in this borough in the north-west of England has driven up costs significantly.
Despite the nationwide average cost of a home now sitting at £268,000 according to the latest Land Registry data, Blackburn with Darwen in Lancashire offers much more affordable housing options. The average property in this area, encompassing the towns of Blackburn and Darwen as well as surrounding rural regions, is priced at £159,000, making it one of the most economical council areas in the UK.
Andrew Cardwell, managing director of Cardwells Estate Agents, about the buoyant local market in the area: “The 13 percent rise in house prices shows just how well the area has been performing over the last twelve months.”
He also noted that “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”.
Rightmove reports that the majority of properties sold in Blackburn with Darwen over the past year were terraced houses, fetching an average price of £123,829. Andrew suggests that the area’s large number of traditional terraced homes significantly influences the average house value.
The area has a large number of traditional terraced homes, like this one in Blackburn (Image: Ashley Cooper via Getty Images)
“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 explained. “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.”
But, nevertheless, price increases often occur when demand exceeds supply. And 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.
Blackburn with Darwen has been named as the UK’s property hotspot (Image: Getty Images)
“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 has noted that there has been a significant investment in the construction of new homes, many of which are detached properties aimed at families. According to Rightmove, the average price of a detached home in Blackburn with Darwen currently stands at £301,534.
“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 said. He added that Blackburn with Darwen is often an excellent choice for first-time buyers due to the value for money property prices, allowing them to get on the property ladder.
Blackburn is one of the boroughs main towns (Image: Getty Images)
Andrew added: “Additionally, landlords often look to buy in the area, as the purchase prices are often reasonable compared to other properties in their portfolio and the increasing rent levels that can be achieved ensure a healthy yield.
“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 from Curtis Law Estate Agents also commented on the rising demand in Blackburn with Darwen, saying: “The property market here is quite dynamic, with a strong appeal to first-time buyers, retirees and investors.
House prices are much more affordable than the UK average (Image: Getty Images)
“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.”