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Blackburn Buy-to-Let Guide

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    Everything You Need to Know About Blackburn Buy-to-Let

    Like many other Lancashire towns, Blackburn is known for its industrial past, and in the property world, it’s known for affordable house prices and high rental yields.

    The town is the administrative centre of the Blackburn with Darwen borough, and it’s located in the North West of England.

    So, is Blackburn the perfect place for UK buy-to-let investment or are there better options out there?

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      Blackburn Aerial View

      Buy-to-Let Property Prices in Blackburn

      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%.

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      Buy-to-Let Rental Market in Blackburn

      According to housesforsaletorent.co.uk, the average monthly rent in Blackburn is £876 PCM. This is much cheaper than the UK average rent of £1,268 PCM, per the October 2023 HomeLet Rental Index, making Blackburn attractive to tenants looking for a lower cost of living.

      In late 2023, Blackburn was named by Zoopla as one of the areas of the UK with the highest average gross rental yield. They calculated this figure as 7.12%, with an estimated rent of £622 and an estimated average property price of £105,000.

      When it comes to rental demand, the amount of people renting privately in Blackburn has increased compared to a decade ago. According to the latest census, 20.2% of households fall into this category compared to 15.7% in 2011.

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      Buy-to-Let Investment in Blackburn: Area Breakdown

      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%.

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        Blackburn aerial view

        Cherry Tree

        Average Property Prices in Cherry Tree

        The average property price in this area is £208,789.

        Average Rental Yield in Cherry Tree

        The average rental yield in this area is 3.69%.

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        Blackburn street view

        Mellor

        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%.

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          Blackburn street view

          Accrington

          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%.

          Blackburn Aerial View

          Rishton

          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.

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            Why You Should Consider a Buy-to-Let Investment in Blackburn

            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.

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              Blackburn New-Builds

              As mentioned, new-build housing in Blackburn is a major part of the local council’s regeneration efforts. The Holden Fold Masterplan, for example, is hoping to deliver more than 1000 new homes across Blackburn and Darwen leading up to 2026.

              For investors looking for new-build investment opportunities in Blackburn, it is possible that these regeneration efforts, and the positive effects they will have on the town in terms of demand and appeal, will encourage more private developers to start new-build projects in the area.

              The North West has been identified as a buy-to-let hotspot, meaning developers are eager to start projects in the area. For more diverse investment opportunities, it may be worth looking at Southport new-builds or other North West areas.

              But it’s likely that most of the new build projects currently being planned will be concentrated in major cities like Manchester and Liverpool.

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                Off-Plan Property in Blackburn

                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.

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                How Does Blackburn Compare to Other UK Regions When it Comes to Buy-to-Let?

                So, is Blackburn one of the best places to invest in property in 2024?

                The end of 2023 proved that Blackburn can offer buy-to-let investors some affordable property and healthy rental yields, but how does it stack up to other areas?

                The North West can offer properties with solid values, especially compared to southern regions like London buy-to-let, where the prices are much higher. The region is also forecast to experience more capital growth over the next few years than other areas of England.

                But other North West cities and towns may be more attractive to investors than Blackburn. According to Zoopla, property markets in Liverpool can typically offer a higher gross average rental yield of 7.21%.

                Blackburn may also appeal to renters less than major cities like these, where rental demand and growth are increasing at a rapid rate.

                Further Reading: Explore investment property in Worcester and beyond with our expansive UK buy-to-let guides, or consider reading our updated Manchester Property Report for a detailed analysis of the North West market.

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                  Want to Invest in Blackburn in 2024?

                  Blackburn has potential as a buy-to-let hotspot, with cheaper property and a high average rental yield. Some areas are quite deprived, but the town hopes to turn its image around with regeneration efforts.

                  As it stands now, more established cities, such as Liverpool and Manchester, are still getting most of the attention from investors thanks to larger pools of potential tenants and higher possible capital appreciation.

                  Take a look at some of our latest area guides for more on the UK property market:

                  Map of Blackburn

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                  Author

                  Jessica Ferris

                  Jessica is a property content writer at RWinvest. Keeping a close eye on the UK property market, Jessica helps our readers stay informed and up to date on the latest market news and statistics.

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