Many of us remember it as a holiday destination, wishing as a child we could live there and enjoy the seaside town’s attractions all year round. Today investors are looking at Blackpool property, with its population of 139,900, for different reasons – it has some of the best yields in the country.
Certainly, back in summer 2016, investment company LendInvest put the north west resort second top in its seaside locations list with rental yields for landlords of 8.2 per cent. Only Hull beat it with yields of 10.7 per cent.
And Blackpool continues to be a gold mine for landlords; this summer the website This is Moneyput Blackpool 10thin its list of buy to let locations with a yield of 8.3 per cent. At the time the average rent was £1,490 and average asking price £209,556. The study looked at student population and HMOs.Blackpool letting agents meanwhile are very happy with the way trade is going.
And, it shouldn’t be too surprising then to learn that Land Registry figures showed Blackpool property sales jumped 17 per cent in the first two quarters of this year.
£100m regeneration for the town
But it’s not just about landlords – tenants and first time buyers in Blackpool too can benefit from plenty of future regeneration here.
Plans to spend £100 million on the town over the next three years, for instance, has created a definite buzz. Announced in September this year, the ‘new look Blackpool is to have:
- A £26 million conference centre next to the iconic Winter Gardens and which is to open in summer 2019
- An extension to the Houndshill shopping centre, complete with Imax cinema
- An extended tram service which will take visitors directly to Blackpool North rail station by 2020
- A museum to celebrate the town’s seaside heritage
- Blackpool’s first five-star hotel, due to open this winter
Alongside this, 10,000 jobs are to be created and safeguarded (including 4,000 posts in the civil service, as well as 3000 quality new houses for home buyers in Blackpool. There’s also a future economic projection of £1bn by 2030. The scheme is the Blackpool Pride of Place Partnership and involves contributions from the public, private and voluntary sector.
The iconic Pleasure Beach, Madame Tussauds and strolling along the piers – there is plenty to do in Blackpool – and not just for the visitor. At least five popular golf clubs sit in the vicinity and there is a fabulous zoo at Stanley Park. This abundance of greenery also boasts a huge where’s boating pond and model village.
The town has a number of restaurants and the shopping isn’t too bad; there are high street names such as Marks & Spencer, Boots, Primark and the odd independent boutique towards the north end.
Blackpool Property Market
Meanwhile, if you want to snap up a bargain property before the big change begins then you’re certainly in the right place.
A total of 1400 homes have been developed, along with a school and leisure facilities at Whyndyke Farm. In Blackpool itself the former site of Hoyle House will see six two-storey semi-detached houses, two semi-detached bungalows and three two storey mews homes ready to move into next year. By the time it’s complete in 2022, the Foxhall Village at South Beach will have created 410 quality new build homes.
Jobs in Blackpool
In June this year 65,800 residents in the town were in work. The majority were employed in health & social work (13,000), while 9000 people made their living in the retail trade. The next highest employment category was food services with 7,000 workers.
The town has its own railway station (two, in fact) with Preston just 36 minutes away. There’s the incredibly regular and reliable tram system within the town itself. For drivers the M55 motorway is nearby, connecting with the busier M6. Buses go from Fleetwood to Lythan St Anne’s.
To enquire about property to buy or rent in in this famous seaside resort call Blackpool estate agents iSell on 0333 577 0733 or email us via our website iletproperties.co.uk.