Blackburn Buy-to-Let Guide

Generally, property in the North is much cheaper than in the South, and the Blackburn area is an affordable location.

According to Rightmove, Blackburn properties had an average sold price of £161,762 in late 2023. This was similar to 2022 figures and 7% higher than 2020.

This figure is also much lower than the overall UK average in the same period, with the October House Price Index showing a total of £287,782.

The town’s lack of yearly growth in house prices is characteristic of the UK property market as a whole, which has been experiencing sluggishness during the past twelve months.

But is this set to continue?

Overall, the North West has been less affected than regions in the South, and a return to healthy growth has been predicted in the next few years. Property experts Savills forecast that in the years leading up to 2028, North West mainstream capital value will grow 20.2%.

Learn More: Discover the latest rental properties for sale and how to start buying buy-to-let property with our latest insights!

As a whole, Blackburn town centre seemingly doesn’t offer many residential spaces, but many surrounding areas differ significantly in terms of average property prices. Popular areas include Pleasington, Cherry Tree, Mill Hill, Lower Darwen, Beardwood, Ramsgreave, Shear Brow, and Whalley.

There are also areas further from that centre that are in demand from commuters thanks to good road access and rail links. Some of these regions are semi-rural, which can be a draw for renters, but property also tends to be more expensive.

Pleasington

Average Property Prices in Pleasington

The average property price in this area is £229,921.

Average Rental Yield in Pleasington

The average rental yield in this area is 3.60%.

Average Property Prices in Mellor

The average property price in this area is £288,419.

Average Rental Yield in Mellor

The average rental yield in this area is 2.80%.

Average Property Prices in Accrington

The average property price in this area is £132,874.

Average Rental Yield in Accrington

The average rental yield in this area is 5.37%.

Average Property Prices in Rishton

The average property price in this area is £143,271.

Average Rental Yield in Rishton

The average rental yield in this area is 6.83%.

(Average property prices were taken from Rightmove in late 2023, and gross rental yield estimates were calculated with figures from housesforsaletorent.co.uk in late 2023)

What is the Best Area of Blackburn to Invest in?

On the outskirts of Blackburn in the Ribble Valley borough, you can find picturesque villages such as Mellor that offer a semi-rural lifestyle. However, the average property prices are higher, resulting in a less generous rental yield.

Popular areas such as Pleasington and Cherry Tree are regarded as desirable places to live and can offer a decent rental yield.

There are separate small towns on the outskirts of Blackburn that are under the local authority borough of Hyndburn, such as Accrington and Rishton, that are popular with commuters. Cheaper properties can be found here, along with higher rental yields.

Travel and Transport Links

Blackburn is well located when it comes to travel links to more major regional towns and cities. It’s easy to access the rest of Lancashire (Burnley, Bolton and Preston, for example) and travel to Yorkshire by road.

The Blackburn train station is also convenient for major cities like Manchester and Leeds and other Lancashire destinations like Blackpool and Preston. Many surrounding suburbs also have their own train stations, giving convenient access to Blackburn and surrounding areas. This can raise the area’s profile in the eyes of renters, meaning demand will be higher, and tenants will be willing to pay more to live in an advantageous location.

Regeneration

Although Blackburn may not yet be an official city, it hasn’t dampened their ambitious spirit, and transformative regeneration efforts are set to transform the town significantly.

For example, an ambitious £250 million master plan for Blackburn Town Centre is set to build 500 new homes and 5 commercial properties over the next 10 years.

The planned redevelopment of St John’s Church also aims to create a flexible workspace for creative and digital enterprises while simultaneously adding more green spaces, trees, and shrubs. Last year, Blackburn College also announced extensive development of the Victoria Building to tackle long-term structural issues and improve its overall condition.

Affordable Property and High Rental Yields

Many investors will look for locations with cheaper properties to secure the highest rental yield possible. If the initial funds needed at the beginning of the investment are lower, you can start seeing returns quicker, and the initial financial burden will be lighter.

Blackburn is an area with affordable property and some of the highest average rental yields in the country.

New-build investments are becoming increasingly popular due to demand from tenants, superior energy efficiency, and lower maintenance costs.

Due to this, demand for off-plan investment opportunities is growing across the UK. By investing off-plan, investors can get a good deal on a new-build, a type of property that typically sees high fees.

As off-plan properties are purchased early in development, prices are often well below market levels. Flexible payment plans can also be arranged, offering even more affordability.

As mentioned, the North West of England is a popular location for buy-to-let, a promising fact for Blackburn property investors. However, when it comes to off-plan, it may be difficult to find many off-plan investment options in Blackburn. These opportunities tend to be more common in major cities, so when looking for off-plan property in the North West, Liverpool or Manchester are likely to have more potential.