The North-South Price Divide Narrows as Blackpool Named One of The Hottest in The UK Property Market
The UK Housing Market has seemed fairly doom and gloom for a little while now as Brexit decisions continue to drag on.
However, new figures from Housesimple, an online estate agent, show that the North-South price divide within the property market has narrowed somewhat.
In fact, the North seems to be forging ahead, with seven out of the top ten towns for growth in property sales being in the North of the country.
On average, property prices in Blackpool are amongst the lowest in the UK. However, the seaside town is experiencing a rise in property sales right now.
Houses sold in Blackpool jumped by 17% between April and June in 2018 compared to the first three months of the year. This makes it higher than any other town or city in the UK.
Lancaster and Durham are also experiencing strong levels of growth (16.6% and 15.4% respectively).
Buyers seem to be attracted by affordable prices and a booming jobs market, according to Housesimple, which is explaining some of these figures.
Family homes, in particular, are still affordable in the north of England and local economies are currently thriving therefore, people are attracted to the larger northern cities like Liverpool, Manchester and Leeds.
|Town / City||Region||% Increase in sold Q1 vs Q2 (2018)|
People are used to house prices in the South of England soaring. However, this also means that they’re out of reach for many people, especially those trying to get onto the property ladder. Deposits for houses in London and the South East, alone, are around four times the average income of the buyer.
Having said all of this, UK house prices fell to the lowest level in more than five years towards the end of 2018 because of household budgets being tighter due to economic uncertainty surrounding the outcome of Brexit later this month. The housing market is set to continue struggling to gain momentum until a deal is reached.
However, it is expected that the North-South divide in property prices will continue to narrow over the next five years, with the Midlands, North West and Scotland expected to see the strongest price increases in the market.
Blackpool Property Market
Blackpool is and has been one of the hottest property markets over the past few years, the house prices are continuing to soar year on year, which you can see in the table above. Despite Blackpool having some of the lowest house prices on average in the UK, it seems to be on the up considerably year on year.
Blackpool is a great place to invest in at the moment, with very few dips in the price & low property prices in general you should get a good return in regards to yield, if you're looking to rent it out of course.
Average House Prices In Blackpool
If you're looking to buy in Blackpool, as we've mentioned the property there has some of the lowest average house price in the UK.
The current average house price in July 2020 according to Zoopla is £120,774. If you're looking for a flat it's cheaper on average than that sitting at £83,904 & terraces are £94,710. Although these figures are based on estimates.
Is Blackpool a Good Place To Invest In Property?
Blackpool has a strong investment future in it's sights, with it being part of a large regeneration effort, as we write this, Blackpool are preparing to pitch for £25m investment to regenerate the town centre. There actively seeking and trying to get further funding which is a positive sign for the property industry.
It's an area that is showing very promising signs and the house prices are consistantly going up, so as an area for investment it looks like a good place to buy. All investments of course come with a risk though & you never know!