It is getting harder to ramp up property

Barrow on Furness; the times must be getting desperate. Is this the only town in the UK still enjoying the bubble?

Barrow-in-Furness, in prime position on Cumbria's “Energy Coast”, is definitely having a moment. The buzz is coming from its proximity to Sellafield, the transformation of its former industrial port into “the Waterfront”, a £200million marina, business park and housing scheme, and its MP, John Hutton, Secretary of State for Business and Enterprise, who is well-placed to talk the town up.

Now comes the news that BAE Systems, a local employer, has won the contract to build two super aircraft carriers, creating at least 900 jobs. This is a prime example of the unusual regeneration process in “Barrow”. The comeback of the town is not happening through cappuccino bars and “lifestyle” hype, but with hard economic investment. Millions of pounds are being poured into the town; at BAE Systems, for example, a £40million “ship-building hall” will be created.

“Barrow is bucking the trend,” says Stuart Klosinski, industrial development manager at Furness Enterprise, which promotes and supports Barrow businesses. “What we have seen recently is a buoyant housing market affected by large-scale recruitment into the area. As well as BAE Systems and Sellafield up the road, we also have major companies such as Kimberly Clark based here and other firms that require technical, managerial and professional staff.”

Year-on-year, house prices in Barrow have risen 11 per cent, and are now on average £111,588; the national average is £183,626 (Land Registry). Terraced houses have had the most significant price rise at 33 per cent, but over the past year, the volume of sales across all properties has dropped by more than 50 per cent.