House prices in Blackpool are rising at the highest rate in the country outside of London, a new study shows.
The Land Registry House Price Index for March 2014 showed that prices in the resort were up 3.1 per cent, with the average house price being £80,395.
That compares to a rise of 12 per cent in London – to an average price of £414,490 – and a national average decrease of 0.4 per cent in March to £169, 124.
Fylde estate agents say the March price rise shows the market is picking up and reflects the fact that property prices in Blackpool have been relatively low over the past few years. They also say that Blackpool’s reputation is beginning to see an improvement, thanks to the huge amounts of investment coming into the area from the improved Promenade and the trams, to the Talbot Gateway project .
Kevin Allitt, from Oyston Estate Agency, said: “I think for the first time in recent years we are seeing the market improving significantly. It is a good time to buy. We have seen a lot of investment coming into the area. People cannot get enough of buy to let in Blackpool.
“There is a whole raft of people queueing up to invest.
“It is because prices are still low in Blackpool, and the area is on the up.
“But now we are seeing that interest filtering through to the higher-priced properties further up the market.
“We are also seeing a lot of people moving from down south to the area. They are looking for improvement to their quality of life.”
Ashley Dribben, director at Metcalf’s, on Topping Street, said Blackpool was on the up. He said: “The lower end of the market is shifting much quicker than last year, with both buy to let and first time buyers, and it’s starting to have a noticeable effect on the mid-range, too.
“People are not having to drop their asking price now, especially in the sub- £100,000 range, whereas they would have had to a year ago.
“Vendors are now getting a lot of viewings and achieving their asking price. Blackpool has seen a lot of recent investment and now we are starting to reap the benefits.
“Metcalf’s has had the best quarter for sales for a number of years. We are extremely positive and looking forward to what is to come.”
Justin Allitt, MD for Allitts of Blackpool and Cleveleys, said the report showed Blackpool and the Fylde coast were on the up. He said: “Blackpool has a lot of well built, affordable housing stock.
“I am also an auctioneer and we recently had a customer from Hong Kong investing in the area. We have also had people coming over from China and at a recent auction the room was filled with people from out of town. So there is a lot of buy to let opportunity for investment. It’s also good as a place to live, too. So for first time buyers who might struggle to get on the property ladder elsewhere, it is ideal.”
The Land Registry said house prices nationally rose 5.6 per cent over the year, with Blackpool’s up 7.9 per cent. Blackpool’s March rise of 3.1 per cent beat its closest rival, Bournemouth, up 1.8 per cent.