New study reveals damning statistic around Blackpool housing and property sales

A new study shows Blackpool as having the biggest drop in property sales since 2008 - despite annual income improvements and a drop in house prices. 

Researchers at Bird & Co have explored recently released ONS data to present a detailed overview of how these two factors compare over time to ascertain a measure of housing affordability. 

Examining ONS property sale figures alongside this, the statistics reveal how income and house prices have impacted house sales, if at all.

Get the latest headlines, straight to your inbox, with The Gazette’s free emails

The analysis of the data from 2003-2023 shows Blackpool has one of the smallest disparities between house price increase and income percentage change, suggesting residents in the area are more likely to be able to afford housing whilst maintaining a good quality of life.

Since 2009, the largest disparity between house price percentage change and income percentage change can be seen in 2021-22, perhaps unsurprisingly, as a result of a drop in employment during the pandemic and an increased demand for houses, ultimately pushing the two factors apart.

Since then, we can see a small rise in income and a fall in house prices, suggesting better affordability for housing in Blackpool. 

Yet, property sales have plummeted since 2022, suggesting that even with steady house prices and income, there are other factors preventing homeownership, such as a lack of availability in Blackpool. 

Daniel Chard, Partner at Bird & Co, said: “The findings reveal Blackpool as one of the most affordable places to buy a home in the UK, which is encouraging news for prospective buyers in the region.

“This study should inspire those looking to buy a home to consider the long-term relationship between income and house prices to better understand affordability.

“However, it's evident that factors beyond affordability are holding people back from becoming homeowners. Even when house prices and incomes align closely, property sales remain somewhat unaffected.

“This could indicate a lack of suitable housing availability, property value fluctuations, current interest rates, and mortgage availability.

“Personal circumstances, such as job security and long-term financial planning, also play a significant role. We urge anyone looking to buy a home to consider these long-term factors to ensure a better quality of life after purchasing a home.”