Average Burnley property price rises above £100,000 for the first time
House prices increased by 3% in Burnley in July, pushing the average Burnley property price above £100,000 for the first time, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.4% annual growth.
The average Burnley house price in July was £100,875, Land Registry figures show – a 3% increase on June. That makes Burnley one of the cheapest places to buy a house in the whole country.
Over the month, the picture was better than that across the North West, where prices decreased 7.6%, and Burnley outperformed the 3.7% drop for the UK as a whole.
Over the last year, the average sale price of property in Burnley rose by £11,000 – putting the area 29th among the North-West’s 43 local authorities for annual growth.
The best annual growth in the region was in Rossendale, where property prices increased on average by 19.9%, to £169,000. At the other end of the scale, properties in Hyndburn gained 4.4% in value, giving an average price of £105,000.
Owners of flats saw the biggest improvement in property prices in Burnley in July – they increased 3.4%, to £66,314 on average. Over the last year, prices rose by 8.1%.
Among other types of property:
Detached: up 2.7% monthly; up 13.3% annually; £190,890 average
Semi-detached: up 3.1% monthly; up 11.3% annually; £123,270 average
Terraced: up 3% monthly; up 12.8% annually; £85,638 average
First steps on the property ladder
First-time buyers in Burnley spent an average of £91,000 on their property – £10,000 more than a year ago, and £22,000 more than in July 2016.
By comparison, former owner-occupiers paid £113,000 on average in July – 23.6% more than first-time buyers.
Buyers paid less for properties in Burnley than anywhere else in the UK in July. The average price paid in Kensington and Chelsea (£1.3 million), at the other end of the scale, would buy 13.2 homes in Burnley .
Across the North West, property prices are low compared to those across the UK, where the average cost £256,000.