The Perfect Mix: Blackburn's Affordable Property and High Rental Returns
Welcome to the bustling town of Blackburn
another hidden gem in the North West of England that has recently caught the attention of property investors. A town with a rich history and a promising future. As a former mill town, textiles have been a part of Blackburn's heritage since the 13th century. The Flemish weavers who settled in the area in the 14th century played a crucial role in developing the woollen cottage industry. Fast forward to 2023, and Blackburn continues to attract attention, but this time for a different reason. With its affordable property prices and high rental returns, With house prices around 45% cheaper than the national average for England, Blackburn has become a hotspot for buy-to-let investors. It is amongst the top ten cheapest places to invest in property in England. Blackburn offers the perfect mix for those looking to enter the buy-to-let market. But it's not just about the numbers – This historic and cultural town also boasts beautiful countryside and plenty of green spaces, providing residents with a high quality of life. From its textile industry roots to its ongoing regeneration projects, there's no shortage of reasons why Blackburn is becoming a buy-to-let hotspot within the UK. Join us as we delve into the details and discover what makes this town the perfect mix for property investors.
Unveiling the Charm of Blackburn: A Snapshot of Its History and Attractions
Blackburn, a town with a rich history that dates back to the Industrial Revolution. Located in Lancashire, England, Blackburn is the second-largest town in the county and rich in History. With a population of approximately 150,000 people, Blackburn has seen remarkable growth and development over the years.
Once a prosperous centre for the textile and engineering industries, Blackburn earned the nickname "Blackburn with white chimneys" due to its first cotton mill. Today, the iconic Black Dyke Mills still play an important role in the town's economy, producing fabrics for renowned companies like Marks & Spencer. But Blackburn isn't just about its industrial past. The town boasts a thriving cultural scene, with three arts centres that offer a variety of performances and exhibitions. King George's Hall, Blackburn Empire Theatre, and Darwen Library Theatre are all cherished venues that showcase the importance of art and heritage in Blackburn's cultural life.
Another prominent attraction in Blackburn is the historic Blackburn Cathedral, known for its stunning architecture and the iconic modern sculpture "Healing of the Nation". The cathedral is a testament to the town's deep-rooted history and its commitment to preserving its heritage. If that's not enough, Blackburn is also home to several public art installations, including the eye-catching braid and transitions sculptures, as well as the striking Blackburn Panopticon. These artistic elements add to the charm and character of the town, creating a unique atmosphere that draws both locals and visitors alike.
With its rich history, thriving cultural scene, and iconic attractions, it's no wonder why Blackburn is known as "The commercial capital of the North-West". Join us as we continue to explore the many facets of this vibrant town and uncover why Blackburn is becoming a sought-after destination for property investors.
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The Ongoing Regeneration Projects Elevating Blackburn's Appeal
Blackburn is a town that is not afraid to embrace change and invest in its future. Recently, the town has bid for £40m worth of 'Levelling-up' funding, and the plans for its use are incredibly exciting. Blackburn has already undergone significant regeneration, and the local council is being described as "incredibly bold and ambitious" with the future of the town, according to Councillor Phil Riley.
A comprehensive £250 million master plan for the transformation of Blackburn town centre over the next decade has been revealed. Key features of the redevelopment plan include the relocation of the Morrisons supermarket to a previously cleared brewery site, the creation of 500 new residential properties, the development of five commercial buildings, and a makeover for various heritage sites. A modern petrol station with provisions for electric vehicle charging, spearheaded by Blackburn's EG Group, will be created next to the Morrisons supermarket. Furthermore, it is anticipated that the blueprint for this regeneration, spanning over 12 acres, will lead to the creation of numerous green spaces and hopefully generate around 1,000 new jobs in the area. Significant stages of revitalisation are set to commence by the summer.
Millions of pounds of investment are planned for Blackburn, on a scale that we haven't seen in our lifetimes. Some of the ventures and ambitious plans include the creation of a new Cultural Quarter in the area surrounding King George's Hall, with an investment of around £50m. Additionally, the town's historic Blakey Moor Terrace will be built back as part of this Cultural Quarter, bringing even more charm and character to the area, according to Blackburn with Darwen Council.
There are also plans for Morrisons to relocate to the former Thwaites Brewery site, with the multi-storey car park staying and being refurbished. This will not only provide a convenient shopping option for residents but will also contribute to the ongoing revitalisation of the town.
Furthermore, Blackburn has put forward a "compelling" bid for Government "levelling-up" funding to create a new Skills and Education Campus in the town, located next to the former Thwaites Brewery site. This shows a commitment to the future and the importance of investing in education and skills development.
With such ambitious regeneration projects in the pipeline, it's no wonder that Blackburn's appeal is rapidly growing. The town is positioning itself as a vibrant and forward-thinking destination, making it an attractive prospect for property investors looking for long-term growth and development opportunities.
Blackburn's Property Market
Blackburn offers affordable property prices and a thriving buy-to-let market. Blackburn has become a hotbed for property investors, with its average property price standing at £148,000 as of 2023. This is a significant increase from the average of £115,000 in 2012, showing this area's growing demand and value.
Blackburn is also part of the Blackburn with Darwen local authority area, which includes the town of Darwen. One of the biggest growth factors is job supply. This area is home to several well-known employers, including Crown Paints, Graham & Brown, EG Group (Euro Garages), Thwaites Brewery, Akzo Nobel Industrial Coatings, and BAE Systems MA & I at Samlesbury. The Samlesbury Aerospace Enterprise Zone, located just northwest of the town, is a national centre of excellence for advanced engineering and manufacturing.
Blackburn is well-connected by road, with the M65 motorway, A59, and A666 providing access to other regional towns and the M6 motorway. The town's train station also offers convenient services to nearby towns and destinations across Lancashire and Yorkshire.
With its affordable property prices, strong rental market, and thriving job opportunities, Blackburn's property market is ripe for investment. We will delve deeper into why Blackburn offers longevity in capital growth and long-term secure income.
Understanding Blackburn’s Growing Population and its Impact on Housing Demand
Between the last two censuses held in 2011 and 2023, the population of Blackburn with Darwen has seen a 6% increase. This significant population growth has had a direct impact on the demand for housing in the area. In 2021, Blackburn with Darwen was home to around 8.1 people per football pitch-sized piece of land, compared to 7.7 people in 2011. This increase in population density is a clear indication of the growing demand for housing in the area.
This trend is expected to continue as Blackburn with Darwen's population is projected to keep growing in the coming years, thanks to further investment into the town. While the population growth in Blackburn with Darwen was similar to the overall population of the North West, it was a smaller percentage compared to the overall population of England. This suggests that the demand for housing in Blackburn with Darwen may be higher than in other areas of the North West.
Additionally, the median age of Blackburn with Darwen residents has increased from 35 to 36 years of age in the last decade. This indicates that there is a mix of both younger and older individuals contributing to the growing demand for housing in the area.
Crunching Numbers: An Insight into Blackburn's Impressive Rental Returns
According to Rightmove, the average rent in Blackburn is £795 per month as of 2023. But what about the breakdown for different property sizes?
For a one-bedroom property, you can expect an average rent of £550 per calendar month. If you're looking for a two-bedroom property, the average rent jumps to £700 per calendar month. For a little more space, a three-bedroom property has an average rent of £950 per calendar month. And if you need even more room, a four-bedroom property will set you back around £1,350 per calendar month. Finally, for those in need of a five-bedroom property, the average rent is approximately £1,600 per calendar month.
These figures show that investors can find very attractive letting yields in Blackburn due to the low entry prices. The town offers a range of rental options to cater to different tenant needs.
If you're considering short-term letting, Blackburn is also a great option. The town's connectivity to major cities like Manchester, Preston, and Liverpool makes it a popular choice for business travellers and tourists alike. With the rise of platforms like Airbnb, letting properties out on a nightly basis has become a profitable venture.
The average nightly rate for short-term rentals in Blackburn can vary from £65 upwards of £110 during peak times. This can provide net rental yields ranging from 9% to 13% for landlords who choose the right area of demand.
So whether you're interested in long-term lettings or short-term rentals, Blackburn has plenty to offer in terms of impressive rental returns. It's no wonder that property investors are flocking to this town in search of profitable opportunities.
Why Blackburn Emerges as a Favourable Hotspot for Property Investment in the UK
Emerging as a favourable hotspot for property investment in the UK, several key factors are driving this trend. Firstly, the town offers affordable property prices, making it an attractive option for both first-time investors and experienced landlords looking to expand their portfolios. With an average property price of £148,000, Blackburn provides a low-entry point into the market without compromising on rental returns.
Speaking of rental returns, Blackburn boasts impressive figures in this department. With an average monthly rent of £795, investors can enjoy a healthy rental income. Additionally, the town's diverse range of rental options, from one-bedroom apartments to spacious family homes, caters to wide tenant demand.
Another contributing factor to Blackburn's appeal is its ongoing regeneration projects. With plans for a new Cultural Quarter, investments in education and skills development, and the revitalisation of key areas such as Blakey Moor Terrace, Blackburn is positioning itself as a vibrant and forward-thinking destination. This commitment to growth and development is a magnet for property investors seeking long-term opportunities.
Lastly, Blackburn's growing population and its impact on housing demand cannot be overlooked. With a 6% increase in population between 2011 and 2023, the demand for housing is on the rise. This, combined with the town's convenient location and strong job opportunities, further reinforces Blackburn's appeal as a favourable hotspot for property investment in the UK.
Overall, Blackburn offers a perfect mix of affordable property prices, high rental returns, ongoing regeneration projects, and a growing population. These factors make it a prime location for property investors looking for long-term growth and opportunities in the UK market.