Blackpool - Market Information & Investment Guide
Index
:
Introduction
Property Market Characteristics / Demographics
Future Development
Property Investment Areas
View our current Blackpool Property
The general housing prices across the board are relatively low including the larger buildings (Hotels & holiday flats) which come onto the market sporadically; Clarke & Co. regularly come into possession of such buy to let / investment property & then in turn make it available to investors.
Below you’ll find a wealth of property market analysis, data & statistics for Blackpool. This property information has been designed to be of interest to potential house buyers, house sellers & investment property owners.
Given that over the past 5 years the UK national average for housing price growth has been 102.0% & general capital growth increased at 12.4% it was interesting to find that Blackpool came in at 93.9% & 11.7% respectively. Blackpool as a whole has seen in only the last 12 months a further percentage increment of 5% with house prices at an average current value of £142,742.
As the housing market stands at the moment, housing in Blackpool is moving at a fair pace due to developers pre-empting the increase in demand, which is expected to come with the recently started urban regeneration scheme.
Some of which has already been achieved & more is currently underway; as the town moves into the next intense phase of regeneration activity & the Re - Blackpool (Council named initiative) gears up for action, partners will be using opportunities such as the Local Area Agreement & Local Enterprise Growth Initiative. read more>>
Property Market Characteristics / Demographics
Property Market Characteristics / Demographics
View our current Blackpool Property
The current population of Blackpool is around 273,516 with housing numbers close to 129,000, broken down the figures look like this:
Semi detached property tops the list with
|
38.5% |
49,486 |
Terraced housing in second at |
24.7% |
31,799 |
Flats & apartments make up |
20.6% |
26,490 |
Detached property currently stand at |
15.7% |
20,168 |
Temporary housing making up the difference. |
0.6% |
724 |
As you can see from the statistics above semi detached & flats combine to make up almost 60 % of the total housing in Blackpool. If you agree with the way Blackpool council officials are planning the town’s future flats & smaller housing will be the big winners when it comes time to add to your property investment portfolios.
The average price of a 1 bedroom apartment/house is £80’000 compared to the national average of £120,000 & 2 bedroom properties are valued in the region of £115’000 against national values of £175,000. Clarke & Co. advises you to take a closer look at Blackpool on the whole.
1. Taking central Blackpool as an example (FY2 postcode) this is situated in & around the city centre towards the promenade area. The average 2 bedroom house prices are estimated at £138,370 which is significantly lower than UK averages. FY2 is already an extremely healthy for rental income as not only is there a high number of small properties there is also a high concentration of students living in rented accommodation.
From a property investment perspective the market holds a high degree of potential, for buy to let purpose the price to earning ratio is 7.6 couple this with the current low end market pricing & you could end up with a very healthy rental yield against a fairly small mortgage payment
For similar areas look at FY1 or FY3
The other part of Blackpool which holds water with regards to both first / second time buyers & property investors alike is FY4 (South Shore) this is part of Blackpool which links to the motorway, airport & coastline. It is seen as somewhat of a lynch pin because of these factors, there already has been some property development within the area in the shape of luxury apartments & small affordable housing.
The price range for the existing housing is between, £122,000 - £200,000. With the vast majority being semi detached property.
The local demographic for this housing band is as follows; 67.1% of the population is in full time employment with an average age of 41, a small percentage of retirees & the remaining being between the ages of 20 – 35.
This area has been highlighted for expansion with more luxury properties planned along with the continuing regeneration projects.
Future Development
View our current Blackpool Property
‘A great place to visit – a better place to live’
Blackpool regeneration framework – Blackpool Council
This slogan represents the ambitions of local & national council, the regeneration projects planned & in motion for Blackpool are set to change the face of the UK’s much loved sea side town.
Building a prosperous town, a fair sized task to undertake but the major bullet points for Re-Blackpool are as follows:
Resort Regeneration – The first factor involved in the Re – Blackpool action plan is resort regeneration, 3 million pounds already spent on George Bancroft Memorial Park, the first newly built park in the town since Stanley Park in 1926. A further 62 million pound total has been placed to reshape the beaches & develop the sea defences between North & South pier, to further enhance the beautiful sea front experience for both residents & visitors. (This project carries on the sterling work already completed along South Shore & lower promenade)
4.5 Million pounds well spent on the Sand Castle Blackpool’s indoor swimming pool and leisure facility.
Several nominations for the ENCAMS seaside award, which has not been achieved for over 10 years. The council takes great pride in this as it was they who fought for the regeneration focus to start with the promenade & beaches over 3 years ago.
Tourism – Tourism is critical to the regeneration of Blackpool as a resort, with the visitor economy making a significant contribution to the economy of Blackpool. As the regeneration of the resort core proceeds it is essential that tourism businesses are engaged in a process of improvement & renewal, focused on responding to visitor requirements & improving quality, healthy grant are now being offered to Hotels, Guesthouses & Holiday Flats who are keen to share the councils enthusiasm for implementing better standards & there is even talk of a grant of 75% of the cost of works being offered to such businesses in 2008.
This renaissance is necessary to halt any further decline & enable business to gear up for the New Blackpool. Work is underway to produce a new Tourism strategy to guide this process & galvanise the disparate elements of this business sector behind a performance driven action plan that will act as a route map for business to the New Blackpool. In the meantime the Council along with key Private Sector Partners has established a marketing consortium to promote & market Blackpool now & with the remaining SRB monies is investing in the resort now to keep Blackpool alive until the transformational regeneration to an all year round resort takes place.
The Council is also committed to improving the quality of the tourism offer in Blackpool & has established a Tourism Support Bureau to support small business development. Allied with Invest in the Best, & the huge increase in accreditation amongst Blackpool’s hotels & guesthouses, this is providing a driver to influence the private sector in improving its product, healthy grants are now being offered to Hotels, Guesthouses & Holiday Flats who are keen to share the councils enthusiasm for implementing better standards & there is even talk of a grant of 75% of the cost of works being offered to such businesses in 2008.
Town Centre Regeneration – Apart from the importance of Blackpool as a resort, the town centre provides a key driver to the town’s economy. The Council is continuing its regeneration plans for the site around Talbot Road, acquiring key properties to enable the creation of a brand new civic centre. This will significantly improve the shopping offer for local residents & the Fylde Coast & will improve the area around Blackpool North railway station, providing a transport interchange.
The £189 million development covering 35 acres of brown field land will also provide new civic facilities for the town. A prospectus for a development partner will be issued in the coming weeks, with a view to completing the development by 2010.This will complement the extension of the Hounds Hill shopping centre in providing a better town centre & shopping offer for residents & visitors alike. A development agreement is already in place, & compulsory purchase of key ownership has taken place, with construction due to begin early next year.
These two developments together with the future retail potential of the Winter Gardens will transform the retail offer & town centre environment. Public Sector jobs will be relocated to the Town Centre to support the town centre economy. The Council recognises that in taking forward town centre regeneration there is an opportunity to differentiate the town from other sub regional centres & offer a unique retail experience that complements the Blackpool resort brand.
Further major improvement in our town centre has commenced, & the 1st phase Heritage Lottery approval for a Townscape Heritage initiative has been secured as part of much wider ambitions for Blackpool to become a World Heritage Site. Celebrating its historic position, as the world’s first place offering holiday breaks to the working class. The Council has also helped the town centre Forum develop one of the first Business Improvement Districts in the country – voted for by local businesses, investing additional monies in improving the physical environment.
Economic Development - It is essential that these physical changes to the town are supported by economic development. Through the LAA & LEGI Blackpool Council & its partners are formulating an economic development strategy that will support enterprise, foster ambition, develop skills & provide better pathways to work for the economically inactive. Within the town a range of specific actions have already been instigated that include:
- Development of business within the Airport Business Park & Blackpool Technology Park
- The Development of incubator businesses at the Solaris Centre for Sustainable Development
- Offering Support & Advice to develop existing industries & focus on inward investment, diversifying the economy
- The establishment of an Economic Forum comprising 40 leading Fylde Coast employers to engage major Private Sector business in taking the Master Plan forward
- The establishment of a Local Economic Partnership. The early development of a Partnership to develop a ‘Local Jobs for Local People’ initiative. A major commitment by Blackpool Council to local procurement of goods, services & strategies to employ local people.
Property Investment Areas
View our current Blackpool Property
Blackpool’s housing market, in common with many coastal towns, is distorted by wrongful supply resulting in market failure. This market failure has different characteristics to that found in pathfinder areas; there is no market for the large bed & breakfast properties & small hotels that are no longer economically viable other than conversion to houses in multiple occupation (HMO). This gives way for developers to begin to making these types of property into luxury but affordable flats & apartments for investment property /buy to let purposes. There are two major buy to let / investment areas which are primed for buy to let / investment property, or if you wish to get onto the property ladder in a seaside town in transition then you will find the following information interesting.
As with some of our current property investment / buy to let projects Clarke & Co. had noted similar findings to the council in that the larger bed & breakfast & smaller hotels/holiday flats are falling by the way side & can no longer compete in the tourism market against the bigger chains & award winning hotels. With this information we at Clarke & Co. began to research the market & how viable it would be for our customers as an addition to their portfolios.
After some initial reservations we found our existing & more so our new customers fairly receptive to the idea of Blackpool becoming a hot bed for but to let property investment. We then outlined the two major areas within Blackpool as South Shore & the Town Centre both of which have large amounts of dilapidated property that is ripe for conversion.
The first location mentioned covers quite a large area but South Shore is the central starting point. The promenade has received somewhat of a facelift in the past couple of years which has changed the coastal view quite dramatically. Public art & sculpture now adorn the new & improved modernised sea front walk & defenses. This work is continuing along with the other regeneration projects in Blackpool & will stretch out & beyond the Blackpool town & out towards neighbouring Fleetwood. Along the promenade there are a number of small hotels & larger bed & breakfasts which are slowly but surely finding there way onto the market
Blackpool’s regeneration projects are the key to new investment, especially in property developments, the council as it stands is already looking into compulsory purchases for the more deprived areas & so already have a list of developers lined up, this isn’t to say these properties aren’t attainable, but we don’t believe these areas are high yielding areas in terms of rental income for our investors.
Back to current buy to let / investment areas, the second area that Clarke & Co. has looked into & believes that will be a good opportunity for buy to let investment property is the surrounding city center area. The city center is beginning to pick itself up out of the doldrums with new chain stores setting up shop & upcoming independent retailers entering the arena, slick bars & restaurants are already there with more on the way. The council’s focus is on changing the way people view the centre, as most people know it currently has quite a reputation for stag & hen parties. This is all set to change in the near future which is why Clarke & Co. points to this area as another possible property investment / buy to let area, the city center property is generally all flats & apartments or small houses (either terraced housing or single bed housing)
Contact Us | Search For Properties |
