The Lancashire Property Market: what you need to know.

Are you looking to sell your Lancashire home and move up on the property ladder?

Or have you been diligently saving up towards a deposit for your first home, for many years?

Whatever situation you are in, you need to fully understand the area before making any costly decisions and it truly pays to research your desired area first.

As seasoned property specialists in Darwen and Blackburn, we have come up with the following key considerations for those of you who are planning on buying or selling property in the Lancashire area:

  • Terraced properties are the most popular choice of home in Lancashire, selling for an *average price of £98,595.
    (*Rightmove Statistics)
  • Semi-detached properties sold for an *average of £145,345.
  • Detached properties sold for an *average of £251,364.
  • Regeneration schemes are popping up all over the North West, with major refurbishments being undertaken as part of the former housing market renewal programme. These radical ideas to improve housing and neighbourhoods will inevitably encouraging new buyers and sellers to the Lancashire property market, as it’s a fantastic place to live and work.
  • At Ainsworth Lord Estates we are proud to be the first to claim that the area of Hyndburn is set to become one of the biggest property investment hotspots in the whole of the UK, with around £10m set to be invested over the next 6 years. We have drawn this conclusion purely because of its forecast housing needs and the shortfall it has.
  • Many overseas investors are now attracted to our beautiful and historic Lancashire, particularly East Lancashire, who’ve turned their backs on the crazy property market of London and can see the masses of potential within the North West region.
  • The average price paid by North West Second Steppers* was £188,079 with a deposit of 30%, which is 3% less than the national average and may be why Lancashire is becoming such a property hotspot.
    (*’Second Steppers’ are people who have outgrown their first home and want to move up onto the second rung of their property ladder.)
  • In his last budget before the ever-nearing General Election, Chancellor George Osborne has announced a new help-to-buy ISA, which will see the government add £50 to every £200 that first-time buyers save towards a deposit. We hope that this will further aid young families onto the housing ladder and kick-start the property market across Lancashire.
  • Although a controversial issue, as Britain’s population is forecast to increase by 10 million over the next 25 years; the planned High Speed 2 Train (HS2) will link 8 of Britain’s 10 largest cities. Generating jobs and helping to rebalance the economy between north and south, although a long way off, this still should be considered.

Still not sure whether you should invest in Lancashire? Why not get in touch with one of our friendly team today on 01254 760660 or email: Darwen@AinsworthLordEstates.com – who will be more than happy to help you with your property adventure!

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