Blackburn and property investment are words that are becoming synonymous with one another. The last few years has seen an in influx of investment into the area, creating a whirlpool of opportunity and development. Starting off as a small village, Blackburn’s prosperity came about as the result of the industrial revolution. In particular, the textile industry proved to be one of Blackburn’s main economic drivers, marking it as an incredibly important town during the era. As time marched on, Blackburn continued to solidify itself as one of the North West’s key contributors to its rapidly developing economy.
Blackburn isn’t just your average ‘run of the mill town’. Well... it is a mill town, but that’s besides the point. The town has a number of inimitable characteristics that help it to stand out among its peers.
Part of the North West Green Belt, Blackburn has its fair share of lush, scenic countryside on offer. Commissioned in an effort to reduce the urban sprawl of the quickly developing North West, the green belt works in such a way to protect the identify of the outlying communities. With this extensive preservation comes a unique and vibrant landscape, filled with natural beauty spots and hidden gems. Thanks to this expanse of open greenery, Blackburn presents itself as a very attractive commodity to investors and house hunters alike.
With more than one string to its bow, Blackburn’s population are one of the most able and aspiring in the UK. According to data acquired from Thinking Place, Blackburn ranks as one of the youngest places in the UK; one in four people that live in the town are under the age of 15. This statistic instigates a very bright economic future ahead for Blackburn. A young and able workforce will not only help contribute to Blackburn’s ever developing economy, but will also increase the area’s potential for harbouring a skilled and appealing workforce.
Blackburn’s town centre has recently been the subject of a massive multimillion-pound investment, and has reaped the rewards of a new, highly developed infrastructure. Only this month, Blackburn’s Business Improvement District were able to celebrate a “YES” vote from local town centre businesses, meaning that the town is now able to benefit from a further 5 years of investment and development. £1.5 million will be pooled together to help the town centre develop in the 3 key areas: marketing and events, town safety and environmental improvements. Continuous enthusiasm to the development in Blackburn’s town centre can only mean one thing: an eagerness to help Blackburn thrive and continue to grow into a burgeoning centre for investment opportunity.
As always, with a general increase in investment comes a natural appreciation in the volume of property investment that Blackburn encounters. As its town centre and outlying areas grow into more desirable spaces, house prices inflate- inspiring the more savvy investors to pump their money into (what could be) a prospective property gold mine.
In terms of Blackburn’s property market status, things are looking more than good.
Property investment in Blackburn has experienced somewhat of a surge in recent years. This can be attributed to its growing house prices and yields. In fact, Blackburn has been reported as the UK’s leading light in terms of property market growth in general. With prices increasing by 16.4% over the last 12 months, Blackburn has cast a huge shadow across the UK’s property market. London- the longstanding and undisputed king of the UK property market experienced a 2.6% decrease in the same year. Rental yields in Blackburn have also been on the up, and have reportedly increased by 38%. This, among other things, indicates an appreciation in the area’s desirability for potential buyers. Whilst property prices are on the rise, so too is the rate at which development is progressing across the region. The government have recently agreed to utilise its Land Release Fund to aid in the development of 2,000 new homes across the North and North West. £8.9m is due to be invested in Blackburn in an effort to reduce the strain of the UK’s housing crisis. Blackburn itself will benefit from £670,000 in investment, facilitating easier access in and around the area. Improvements to the area’s accessibility will make Blackburn a far more tempting proposition to industry professionals and commuters from around the country.
With revitalised access links and extensive ground works improvements operating in tandem, Blackburn can hope to receive 140 brand-new properties. Whilst property investment in Blackburn may be on the up, it’s not the only contributor to the machine that is the Northern Powerhouse. To read more about other key players such as Manchester, Blackpool or Carlisle, we have lots of information readily available.
If you would like to find out more about The House Crowd’s Peer to peer lending, Property Crowdfunding, Property Investment Opportunities or Property Development Investment in these areas, please do not hesitate to get in touch with our dedicated member support team.