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Blackpool has been named as the UK’s hottest investment property market according to online estate agents Housesimple.
The agent studied data from the Land Registry and found that the north west seaside resort of Blackpool showed greater percentage growth in property sales than any other place in the UK.
Property sales in Blackpool grew by 17 per cent between the first two quarters of the year.
Blackpool was closely followed by Lancaster exhibiting 16.6 per cent growth over the same period, and Durham where sales grew by 15.4 per cent. They were the only UK cities to see growth above the 15 per cent mark.
Chief executive of online estate agents Housesimple, Sam Mitchell, said: ‘Land Registry figures show clearly that the north-south property divide has been turned on its head.
‘Properties, particularly family homes, are still affordable in the north of England and with thriving local economies attracting workers to the region, stock is being snapped up in major cities such as Liverpool, Manchester and Leeds.’
To confirm this, analysis of more than 60 UK major towns and cities revealed that completed sales across major towns in the North of England were up on average 3 per cent between the first two quarters, while completed sales fell on average 4.3 per cent over the same period in southern towns.
Including Blackpool, seven of the top ten towns for property sales growth in the UK were situated in the north, whilst nine out of the bottom ten – showing the biggest drop in sales – were in the south of the UK.
The study is further evidence of the North-South divide narrowing as property purchasers and buy to let investors flock north to get better value for money on property purchases, whilst London and the South-East suffer from the uncertainty caused by Brexit.