Burnley house prices dropped slightly in November

House prices dropped slightly, by 0.6%, in Burnley in November, new figures show.
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But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 11.4% over the last year.

The average Burnley house price in November was £117,804, Land Registry figures show – a 0.6% decrease on October.

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The average Burnley house price in November was £117,804The average Burnley house price in November was £117,804
The average Burnley house price in November was £117,804
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Over the month, the picture was different to that across the North West, where prices increased 0.4%, and Burnley was lower than the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in Burnley rose by £12,000 – putting the area 28th among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in Allerdale, where property prices increased on average by 15.6%, to £194,000. At the other end of the scale, properties in West Lancashire gained 9.1% in value, giving an average price of £225,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

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Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in Burnley spent an average of £107,000 on their property – £11,000 more than a year ago, and £34,000 more than in November 2017.

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By comparison, former owner-occupiers paid £132,000 on average in November – 23.4% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Burnley in November – they dropped 0.8% in price, to £74,132 on average. But over the last year, prices rose by 7.1%.

Among other types of property:

Detached: down 0.5% monthly; up 12% annually; £225,562 average

Semi-detached: down 0.8% monthly; up 11.3% annually; £144,385 average

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Terraced: down 0.6% monthly; up 11.4% annually; £99,793 average

How do property prices in Burnley compare?

Buyers paid less for properties in Burnley than anywhere else in the UK in November. The average price paid in Kensington and Chelsea (£1.3 million), at the other end of the scale, would buy 11.5 homes in Burnley.

Across the North West, property prices are low compared to those across the UK, where the average cost £295,000.

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