New research shows that Blackpool has the biggest drop in property sales in England and Wales since 2008, despite homes in the seaside town becoming more affordable.

Experts believe the drop in sales is a sign of a chronic lack of available housing in the town.

This trend is at odds with the rest of the UK, which has seen a boom in house prices.

House Prices Fall But Sales Still Plummet

A study by Bird & Co looked at house prices and average earnings in Blackpool over the last 20 years, using official figures.

They found that average incomes in Blackpool have risen at a similar rate to house prices, suggesting that people in the town are more likely to be able to afford a home.

The study also found that Blackpool has seen one of the smallest increases in the gap between house prices and wages in England and Wales.

Since 2022, house prices in Blackpool have fallen slightly. Despite this, property sales have plummeted.

This suggests that even when house prices and incomes align closely, people are still struggling to buy a home.

Lack of Housing To Blame, Say Experts

Experts say that the lack of sales is a sign of a lack of available housing.

Daniel Chard, a Partner at Bird & Co, said: “The findings reveal Blackpool as one of the most affordable places to buy a home in the UK, which is encouraging news for prospective buyers in the region.

“However, it’s evident that factors beyond affordability are holding people back from becoming homeowners. Even when house prices and incomes align closely, property sales remain somewhat unaffected.

“This could indicate a lack of suitable housing availability.”

Buyers Urged to Think Long-Term

Mr Chard said that buyers should take a long-term view when considering buying a home.

“This study should inspire those looking to buy a home to consider the long-term relationship between income and house prices to better understand affordability,” he said.

“Personal circumstances, such as job security and long-term financial planning, also play a significant role. We urge anyone looking to buy a home to consider these long-term factors to ensure a better quality of life after purchasing a home.”