Buy-To-Let on the increase in Blackpool

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by Gill Montia

Blackpool may have lost some of its charm as a holiday destination recently but a rebirth is on its way. The British Resorts and Destinations Association recently remarked that work is being undertaken to develop the area and encourage more tourism. The seafront at Blackpool is being completely reconstructed.

According to Estate Agents, McDonald and Company, buy-to-let is taking off in Blackpool. Investors are being tempted by the north-west seaside town and individual property developers are buying houses in need of renovation to restore and sell for a profit.

Buy-to-let investors seem confident about the market across the whole of the UK. Mortgage Express established that 96% of those with buy-to-let portfolios anticipate their rents to either increase or stay level during the rest of 2007. Over 50% said they plan to purchase more properties reflecting a solid market.

Despite Land Registry figures saying an average property costs £111,000 in Blackpool, McDonald and Company said that many first-time buyers are snapping up properties for £80,000 and said that buy-to-let investors looking for a bargain should consider this area.

Bispham and Norbreck are suburbs of Blackpool with average prices at £125,000, these areas are attracting older people but landlords wanting to tempt young professionals for tenants would do well in Blackpool itself.