Burnley house prices outpace North West average
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Figures from the Office for National Statistics show the average Burnley house price in the year to October was £117,021 – a 1.5% increase on September. It was higher the average across the North West, where prices increased by 0.2%.
The rise in Burnley contributes to the longer-term trend in the area, which has seen property prices in the area grow by 5.6% over the last year. It means the area ranked 14th among the North West’s 35 local authorities for annual growth, with the average price in Burnley rising by £6,200 over the past year.
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The highest annual growth in the North West was in Blackburn with Darwen, where property prices increased on average by 10.5%. At the other end of the scale, properties in Manchester lost 2.3% of their value.
Across the UK, average house prices in October were in line with the month before, but have jumped 3.4% over the past year.
Separate figures from the ONS show the Consumer Prices Index inflation rose to 2.6% in November, from 2.3% the previous month. Sticky inflation is fuelling expectations that Bank of England policymakers will opt to keep the base rate on hold at 4.75% this week.
David Hollingworth, associate director at L&C Mortgages, said: "Mortgage borrowers shouldn't expect to see much change because of today’s figures. Further base rate cuts are expected next year but the Bank of England has played a consistent line that those reductions are more likely to be slow and steady in pace."
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Hide AdHe said mortgage rates "edged higher" in recent months after concerns over inflationary pressure following the Budget.
"Those increases have calmed as the market has found its level and an increasing number of lenders have been able to make some reductions to fixed deals. This has helped to nibble away at fixed rates rather than slash them and I’d expect more stability in rates as we head into the festive period," he added.
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