Blackburn with Darwen housebuyers need lowest deposit in the country

First published in Blackburn

FIRST-time buyers in Blackburn with Darwen need the lowest deposit to get a mortgage in Britain, new figures reveal.

They need just £14,470 to start on the housing ladder — just over half the national average of £26,468 and one fifth of the £72,760 in London.

The low deposit is the flip-side of the rapid fall in house prices which saw the value of properties in the Blackburn area drop by a quarter over five years.

In October statistics showed that the average cost of a home in the borough had fallen by 26.2 per cent from £97,802 in September 2007 to £72,171 last month, the third worst drop in the country.

A new analysis by financial firm The Castle Trust published yesterday shows the average deposit needed (20 per cent of the purchase price) in Blackburn of £14,470 is £1,200 lower than Blackpool, the next most affordable at £15,707.

Blackburn MP Jack Straw said: “This is the other side of the low price coin. It means that young couples and first-time buyers can get themselves a good home here very cheaply. I hope many come and do just that.”

Coun Alan Cottam, Tory planning spokesman on the borough council, said: “This shows you can get a good value for money home in Blackburn. I just hope young couples and first-time buyers come here and take advantage of this.”

Comments (3)

Please log in to enable comment sorting

4:09pm Wed 16 Jan 13

George.White.Bread says...

Thats because Blackburn & Darwen have some of the dirtiest slums in the country.
Thats because Blackburn & Darwen have some of the dirtiest slums in the country. George.White.Bread
  • Score: 0

4:26pm Wed 16 Jan 13

bow1974 says...

Don't buy a house in joint names though. Because if like me if you go seperate ways the mortgage companies dont want to know and will refuse to take the other persons name off unless you can find about £50.000 what a joke n/rock is thanks for no help your a joke thats why you went bust.
Don't buy a house in joint names though. Because if like me if you go seperate ways the mortgage companies dont want to know and will refuse to take the other persons name off unless you can find about £50.000 what a joke n/rock is thanks for no help your a joke thats why you went bust. bow1974
  • Score: 0

11:02pm Thu 17 Jan 13

julespent says...

A good deal very cheaply? I am wondering how many young couples have a spare £14,000 in the bank for a deposit? Plus other costs! For a politician i suppose its peanuts!

As the LET reported the other day the average debt in Blackburn is higher than the national average of £17,000! I see why they want young couples to come here to buy a house as the ones that are already here cant afford to!
A good deal very cheaply? I am wondering how many young couples have a spare £14,000 in the bank for a deposit? Plus other costs! For a politician i suppose its peanuts! As the LET reported the other day the average debt in Blackburn is higher than the national average of £17,000! I see why they want young couples to come here to buy a house as the ones that are already here cant afford to! julespent
  • Score: 0

Comments are closed on this article.

Send us your news, pictures and videos

Most read stories

Local Info

Enter your postcode, town or place name

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree