Here’s the latest news regarding Blackburn with Darwen and the housing market:

 

1. Housing Demand and Price Growth in Blackburn with Darwen

Like many parts of the North West, Blackburn with Darwen has seen continued demand for housing over the past year, despite broader economic challenges. The area has been experiencing some growth in property prices, driven by a combination of factors including an influx of buyers seeking more affordable housing outside of more expensive urban areas like Manchester and London. As housing in surrounding cities becomes less affordable, Blackburn with Darwen, which offers more competitive prices, has become an attractive option for both first-time buyers and investors.

Recent Trends:

• Price increases: Property prices have risen steadily in Blackburn with Darwen, particularly in suburban areas that offer good commuter links to Manchester. However, these price increases have been more moderate compared to the national average, making it a more accessible area for first-time buyers.
• Demand for family homes: There has been notable demand for family-sized homes (3-4 bedrooms), particularly in areas like Blackburn town center, Darwen, and Mill Hill. These areas are seeing a boost in popularity due to their proximity to schools, parks, and local amenities.

2. Buy-to-Let Investment Opportunities

The buy-to-let market in Blackburn with Darwen has been holding steady despite some challenges in the wider market. Investors are still eyeing properties in the area due to its relatively affordable prices and good rental yields. However, some landlords are showing caution due to rising interest rates and regulatory changes affecting the rental market.

• Rental yields: Blackburn with Darwen continues to offer attractive rental yields, especially for those investing in lower-cost properties. This has kept it appealing to landlords despite the pressures from changing mortgage conditions.
• Demand for rental properties: There has been sustained demand for rental properties, particularly for 1-2 bedroom flats and houses. The area's proximity to larger cities like Preston and Manchester, combined with strong local amenities, has driven tenant interest.

3. Housing Affordability and Local Government Initiatives

Affordable housing remains a key issue in Blackburn with Darwen as demand continues to outstrip supply in some areas. The local council has been working to address the need for more affordable homes, particularly with a focus on developing new housing and regeneration projects.

• Affordable housing projects: The Blackburn with Darwen Borough Council has outlined plans to boost the supply of affordable housing through a combination of new developments and regeneration schemes. The council is working on improving the availability of shared ownership homes, which has become increasingly important for first-time buyers.
• Housing partnerships: There has been a focus on building stronger partnerships between the local authority and housing associations to deliver new homes to meet demand. This includes investment in areas like Darwen, where regeneration efforts are underway to transform older housing stock into more desirable homes.

4. Impact of Interest Rate Hikes

Like other regions, Blackburn with Darwen is seeing the effects of the Bank of England's interest rate hikes, which are making mortgages less affordable for some buyers. This has particularly impacted first-time buyers and those looking to invest in the buy-to-let market. However, because property prices are still more affordable compared to cities like Manchester, many buyers are pushing forward with purchases despite higher borrowing costs.

• First-time buyers: The rising mortgage rates have made it harder for some to get onto the property ladder, but Blackburn with Darwen remains a relatively affordable option compared to more expensive markets. As a result, some buyers are looking to lock in lower prices before they rise further.
• Investor caution: For landlords and property investors, higher interest rates are pushing up monthly mortgage costs, making it harder to maintain profitability on new buys or re-financed properties. This caution is affecting investment in some parts of the market, though the rental yield in Blackburn with Darwen continues to remain strong enough to attract some investors.

5. Long-Term Outlook

Looking ahead, the housing market in Blackburn with Darwen is expected to remain relatively stable, with modest price growth predicted in the next 12 months. The area's affordability, coupled with ongoing investment in local infrastructure and housing, is likely to continue drawing people to the region. The council's ongoing regeneration and housing development initiatives are also expected to keep the market moving, particularly in areas like Darwen town centre and Blackburn's southern suburbs.

However, the wider economic uncertainty, coupled with potential further interest rate hikes, could continue to pose challenges for both buyers and landlords in the area.