Bleak outlook for first-time buyers

House prices on the Fylde coast are forecast to rise from next year
House prices on the Fylde coast are forecast to rise from next year
Share this article
Have your say

Young people struggling to get on the property ladder in Blackpool were today warned the situation is only going to get worse.

The average Blackpool house is worth almost four times the typical annual household income in the resort, according to new figures.

And while experts say a predicted rise in house prices makes now the ideal time to buy, the figures paint a bleak picture for those already having a hard time getting a foot on the ladder.

Housing charity Shelter has warned less than one in four homes for sale in Blackpool are affordable for the typical family buying for the first time – even with a 20 per cent deposit.

The outlook is even worse for anyone looking to take advantage of the Help to Buy scheme, which enables people to get a mortgage with just a five per cent deposit.

According to property website Zoopla, the average home in the resort is worth £110,000 while the average asking price for properties on the market is almost £150,000.

But the typical household makes under £30,000 a year – less than anywhere else in Lancashire.

Justin Allitt, managing director of Allitt Estate Agents, said there are fewer properties on the market on the Fylde coast than 10 years ago.

He added: “The property recession has finished and we would expect to see prices increasing from March.

“Now is the perfect time to buy – I would go sooner rather than later.”

But with increased demand set to fuel the rise in house prices, there is no indication it will get easier for first-time buyers to afford to take the plunge.

Shelter chief executive Campbell Robb said: “When the number of affordable properties in an entire town is so small, it’s not difficult to see why a stable home of their own is quickly becoming a distant dream for the next generation.”

Follow us on twitter @The_Gazette and like our page on facebook to keep up with all the latest news.