AN investment advisor has tipped Burnley to buck the anticipated national trend of falling house prices by becoming a magnet for investors.

Barbara Goldsmith is predicting property prices to rocket in parts of the borough as millions of pounds are ploughed into the town.

And today the news was welcomed by council and business bosses who described it as a great shot in the arm for Burnley.

Ms Goldsmith, 47, owner of London-based Stratford Properties, is tipping Padiham as the hot-spot area for investment and says prices there could triple.

The former concert pianist who became a property investor five years ago has over 50 properties across the country, and has been snapping up houses in Burnley for two years.

She highlights the regeneration taking place in the town, including the £55 million shopping and leisure complex dubbed The Oval, the £21 million health and leisure centre, and plans to transform the historic Weavers Triangle into housing, bars, offices and restaurants and hopes of opening a university campus as the catalyst for the projected boom.

She said: "What I look for is areas that are regenerating and that have potential for growth.

"Currently there is a lot of regeneration taking place in Burnley and houses that now cost between £50,000 and £60,000 will triple in the next five to seven years.

"You have to choose the areas carefully but in these areas the prices will rise astronomically."

The forecast comes after the National Association of Estate Agents said prices had fallen for six months running and Hometrack predicted falls of three per cent.

However, Ms Goldsmith, who bases her predictions on researching areas and visiting them to talk to residents, said Burnley could defy those odds because of its strong rental market.

She added she could understand those who may resent outsiders coming in making money from the area but said their influence has a knock on effect.

She said: "You have to be careful and have to be able to rent these properties. The rental market is very strong and investors coming will make areas more prosperous.

"Also it is a long term investment. I always say you need to invest for at least five to years."

Mike Cook, director for housing and regeneration for Burnley council said: "This is very positive for Burnley as long as we are getting good quality housing and the management of these properties is done professionally, we certainly welcome investment."

Council leader Stuart Caddy said: "Anything that improves the market right across the borough is excellent.

"This is good news and is lifting the borough as a whole. With all the investment we are going to spend throughout the borough there are some exciting times ahead."

John Ritchings, owner of Padiham Estate Agency, in Burnley Road, said: "Prices went up dramatically last year and there was a lot of interest from investors and buyers.

"If this comes true I would be absolutely delighted and it would be great for Padiham."