Burnley house prices grew faster than anywhere else in the North-West last year
House prices leapt by 7% in Burnley in November, new figures show.
The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.4% annual growth – the highest in the North-West.
The average Burnley house price in November was £99,409, Land Registry figures show – a 7% increase on October.
Over the month, the picture was better than that across the North-West, where prices increased 0.2%, and Burnley outperformed the 1.2% rise for the UK as a whole.
During the last year, the average sale price of property in Burnley rose by £13,000 – putting the area top among the North-West’s 43 local authorities for annual growth.
At the other end of the scale, properties in Ribble Valley gained 0.4% in value, giving an average price of £219,000.
Owners of detached houses saw the biggest improvement in property prices in Burnley in November – they increased 7.2%, to £189,106 on average. Over the last year, prices rose by 17.5%.
Among other types of property:
Semi-detached: up 6.7% monthly; up 15.8% annually; £122,702 average
Terraced: up 7.1% monthly; up 14.8% annually; £83,929 average
Flats: up 6.9% monthly; up 10.8% annually; £66,151 average
First-time buyers in Burnley spent an average of £90,000 on their property – £12,000 more than a year ago, and £24,000 more than in October 2015.
By comparison, former owner-occupiers paid £111,000 on average in November – 24.2% more than first-time buyers.
How do property prices in Burnley compare?
Buyers paid less for properties in Burnley than anywhere else in the North-West in November. The average price paid in Trafford (£312,000), at the other end of the scale, would buy 3.1 homes in Burnley.
The highest property prices across the UK were in Kensington and Chelsea, where the average November sale price of £1.5 million could buy 16 properties in Blaenau Gwent (average £95,000).
Across the North-West, property prices are low compared to those across the UK, where the average cost £250,000.