Lancashire has long been in the economic shadow of the metropolis that is Manchester and its surrounding area. Greater Manchester is a major populous hub and boasts an economy nearly twice the size of Lancashire. However, Lancashire is starting to progress and economic development is ongoing in this beautiful region of the North West.
The county is internationally recognised as one of the leading aerospace production regions in the UK and other advanced technology industries have made Lancashire their breeding ground. As such, the future is bright for Lancashire and economic development will surely bring investment in housing, infrastructure and other areas.
Some places in Lancashire are already experiencing a booming property market thanks to the region’s location near Manchester, Liverpool and areas of outstanding natural beauty such as the Lake District and Yorkshire Dales. Below we explore some of Lancashire’s most popular property hotspots.
This city is one of the shining jewels of Lancashire. Sat on the River Lune, it has a spectacular medieval castle and one of the best Universities in the UK. Near to the west is the coast with popular locations such as Heysham and Morecambe, while to the East is the stunning area called the Forest of Bowland. The average property price is just under £200,000 which is great value in comparison to bigger cities – and Lancaster sees an average annual property value growth of around 13%.
Closer to Manchester is the city of Preston which hasn’t had a great reputation in the past, but local authority initiatives have been having recent success in developing the local economy. This is resulting in increased economic recovery and growth since the pandemic and much interest in the property market – whether it be the development of new houses around Preston or older property development. Its convenient location between Manchester, Lancaster and Liverpool makes it a great opportunity for house buyers and property investors alike.
As mentioned earlier, on the coast west of Lancaster lies Heysham which is surprisingly one of the most popular property hotspots in the UK. House prices have seen unbelievable growth in the last few years, but the average prices are still lower than Lancaster meaning there are great opportunities for prospective homeowners and property investors. It’s just down the coast from Morecambe which is a family favourite holiday destination for Brits.
Another place with a bad reputation historically is Burnley, but it too is seeing somewhat of a property boom. It ranks in the top 10 places in the UK for property price growth over the last 20 years, and yet average house prices are among the lowest in the region. The town could be a great place to invest or buy property if you’re looking to profit in the long term.