The proliferation of property investment in Blackpool can be understood as a rather recent phenomenon. With the rise of property prices in the area comes a correlating increase in the amount of property investment across Blackpool. Recovering from fluctuating economic instability, the seaside town has bounced back in a spectacular fashion, offering itself up as prime investment opportunity across various fronts.
Blackpool has a long and enduring history of economic triumph. Famed for its extravagant beachside resorts, Blackpool has been a destination for holidaymakers since the 18th century. Originally starting out as a small hamlet, the introduction of a railway and other opened a wide array of economic opportunities for a then flourishing Blackpool.
The early 1900s saw the first initial developments of Blackpool pleasure beach, with the first rides being implemented just after the turn of the century. Unfortunately, in the years following its success, Blackpool started to run into difficulties. Whilst a lot of investment was being piled into Blackpool’s beachfront, the town centre remained comparatively neglected. Along with the advent of the ‘package holiday’ in the 60s Blackpool began to see a dip in tourism. With a relatively poor infrastructure capable of supporting a declining tourist industry, Blackpool soon began to slip off the radar.
Whilst for many years, Blackpool may have experienced a significant decline in its economic prosperity, it’s now at the forefront of the North West’s larger regeneration effort. Blackpool has a strong investment future in its sights.
With up to £100m investment anticipated to rejuvenate the town centre, Blackpool is gearing itself up for an extensive facelift. With its new redevelopment, Blackpool hopes to attract new visitors, and with it an even more prosperous economy. However, Blackpool is not content with attracting just consumers, it is also looking to support a working professional sector. At one time Blackpool was the number one destination for premiere conferences and events, but sadly with the town’s economic decline, there has been a growing disassociation with business and industry in general. That is, until now.
An additional £500 million is being contributed to both private and public amenities. Blackpool will soon benefit from a number of new transportation links and a brand new £25m conference centre. Designed as an extension to the existing Winter Gardens, the new centre will be approximately 6,150 sqm and boast a seating capacity of over 7,000 people. In a bid to attract and then retain their professional audience, the council have either approved or are currently in the final stages of approving the planning for 5 hotels nearby. Part of this wider generation scheme, Blackpool council are also looking to create an Enterprise Zone. So far, this zone is playing an integral part in drawing investment to Blackpool and its surrounding areas. The zone will comprise a number of different attractions, including a sport village. The Enterprise zone will support 5,000 new jobs, 140 brand new businesses and attract (hopefully) over £300m over the course of 25 years.
As we’re sure you are already aware, the amount of investment Blackpool receives will be indicative of the amount of property investment Blackpool receives.
In more general terms, the Blackpool property investment sphere has benefitted greatly from a broader surge in investment, (and of course the North West property boom). In fact, a third of homes bought in Blackpool are either second homes or buy-to-let properties. This, among other things, is a strong indication of how low property values are in the area. To outline this even further. Blackpool is in the country’s top 10 for the biggest asking price reductions; a total of 38.36% homes having their asking price reduced
With property price inflations in many of the big cities, many are looking to Blackpool. Whilst property values may be on the rise across the seaside town, these prices are still comparatively cheaper when contrasted against the rest of the country. Blackpool, which is located approximately 50 miles from Manchester, offers a very affable price range. According to a study done on behalf of Post Office Money, 100% of local properties were placed within the affordable price bracket. Property Investment in Blackpool may be on a sharp increase, but it can be understood to be part of a broader nationwide pattern. It is important to note that other areas throughout the Northwest, including Manchester, are also contributing to the North West’s regeneration. Find out more about our North West development opportunities through The House Crowd’s peer to peer lending, property investment opportunities and property crowdfunding. Or, for more information, contact us today.