3 Prime Property Investment Hotspots in West Cumbria 14 Feb 2024
Are you on the lookout for the next property investment hotspots? West Cumbria’s property market boasts an abundance of lucrative opportunities, from semi-detached properties priced at 25% below the national average to flats available for up to £90,000 less than the typical property price.
We’ve noticed an increase in out-of-area investors entering the local market. However, identifying the best investment locations can be challenging, particularly if you’re not local to Cumbria. This month’s blog takes a closer look at three key hotspots in West Cumbria, poised and ready for investment.
Whitehaven
Whitehaven boasts a unique blend of coastal charm, rich history, and natural beauty. Situated along the picturesque Cumbrian coast, the town offers locals easy access to some fantastic coastal walks, sandy beaches, and stunning views of the Irish Sea. Its maritime heritage is evident in the historic harbour, reflecting its past as a bustling port town.
With major employment centres like the Sellafield nuclear site and West Cumbria Hospital nearby, as well as innovative spaces like the Buzz Station and the upcoming £4m gaming centre set for 2025, Whitehaven has become a significant employment hub in West Cumbria in recent years.
The area is rich in local amenities, including a sports centre, the Beacon Museum, and the Rum Story. High street shops sit alongside local businesses like Richardson’s of Whitehaven and Dixon’s Department Store. Restaurants including the likes of Zest and lively pubs like the Yellow Earl and The Stand contribute to the town’s vibrant atmosphere. The town’s historic architecture is characterised by Georgian buildings and picturesque streets.
Residential areas in Whitehaven cater to various preferences, from traditional terraced houses and modern apartments in the High Street area to spacious detached properties with countryside views in Mirehouse. The eastern area of Kells and the Marina area provides a mix of housing options, including terraced houses and waterfront apartments.
The town benefits from excellent transport links, with regular train and bus services connecting it to neighbouring cities like Carlisle and Barrow-in-Furness, as well as convenient access to the A595 for travel by car.
Investment Highlights
Rental Potential
There’s something on offer to suit all budgets. Plus, with an influx of students enrolling in the Sellafield nuclear graduate program and steady employment opportunities for healthcare professionals at the local hospital, coupled with strong demand from locals, there’s always a steady demand for rental accommodation.
Market Insights
Recent data identified a 7% decrease in overall property prices in Whitehaven, providing investors with the ideal opportunity to enter the market when prices are favourable.
Workington
Whilst Whitehaven is known as the employment hub of the coast, Workington is the region’s shopping destination. Its main shopping area, Washington Square, features popular high street favourites like River Island, New Look, and Pandora, alongside brands Dunelm, Pets at Home, and Home Bargains in the commercial estate.
The town is teeming with local businesses and amenities, including two cinemas, Lakes Escapes rooms, and a Sports Centre offering swimming facilities, football courts, and various other sporting amenities. Cultural enthusiasts can enjoy shows at the Carnegie Theatre, while sports fans can support the Workington Comets and Reds in speedway and football.
With a rich industrial heritage from its mining and steel-making past, Workington offers a diverse range of housing options, from traditional terraced houses to semi-detached and larger detached homes. Spread across different residential areas like Harrington and Seaton, each neighbourhood has its unique character and amenities.
Just 8 miles north of Whitehaven, Workington is also well-connected, with regular train and bus services, and easy access to the A595, the primary route in North Cumbria. This road provides a vital, direct link from Carlisle, the North East, and Scotland, continuing onwards to the A66/M6.
Investment Highlights
Flipping Potential
There’s a whole host of investment properties on offer in Workington. Take this two-bedroom town centre house on the market for £75,000. With some TLC, it offers great returns if renovated or can achieve a rental yield of 6%.
Rental Demand
Throughout the key West Cumbrian areas, Workington was the second busiest rental market in terms of new lettings properties coming to the market and new lets agreed. The area almost offers a guaranteed rental income for investors.
Cockermouth
Cockermouth offers a delightful blend of historical charm, scenic beauty, and vibrant community spirit. Sat on the edge of the Lake District National Park, this picturesque market town rests at the confluence of the River Cocker and the River Derwent.
Its rich history is reflected in well-preserved Georgian architecture, charming, cobbled streets, and historic buildings. The town is also the birthplace of renowned poet William Wordsworth, and visitors can explore his childhood home, Wordsworth House.
Beyond history, Cockermouth boasts a variety of amenities. The bustling little town has a vibrant marketplace that is well known for its many specialist and independent shops, including No 15, The Toy Shop, Strolling for Shoes, and Tony Harrison’s Butchers. Cafes, restaurants, and traditional pubs like The Castle Bar, Shills of Cockermouth and The Trout Hotel offer delightful dining experiences. Regular markets, festivals like Taste Cumbria, events, and local clubs add to the community spirit that is ever-present in the town.
There’s a diverse range of housing options to suit various preferences in the region. Castlegate, situated near the town centre, is a sought-after area boasting a blend of Victorian, Georgian, and modern homes. Meanwhile, Sullart Street offers a peaceful ambience with its assortment of terraced houses and spacious homes, making it perfect for families seeking proximity to the schools and park. Dovenby, a village just a short distance from Cockermouth, offers a mix of traditional cottages and contemporary developments set in tranquil countryside surroundings.
Investment Highlights
Airbnb Potential
Cockermouth offers a budget-friendly option for those wishing to explore the Lake District National Park. It’s an excellent location for investing in short-term rental accommodation and Airbnb properties (or those looking for a home away from home). Similarly, property prices in the region are more affordable compared to popular tourist areas. For example, while a typical semi-detached property in Keswick averages £392,231 and in Ambleside £498,567, in Cockermouth, it’s £221,181.
Rental Demand
Tourism is a major employer in the Lake District and Cockermouth offers an attractive and cost-effective base for renters working in the industry who are seeking accommodation in the area.
Contact Us
If you want to know more about the property market in West Cumbria or are interested in exploring investment opportunities in the area, don’t hesitate to get in touch with our expert team. We specialise in property management services and can assist you in finding the perfect investment property or managing your existing portfolio. Whether you’re considering buy-to-let options, short-term rentals, or simply want to learn more about the region’s potential, we’re here to help.
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