Burnley house prices increased more than North West average in January
House prices increased by 0.9% – more than the average for the North West – in Burnley in January, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.3% annual growth.
The average Burnley house price in January was £99,743, Land Registry figures show – a 0.9% increase on December.
Over the month, the picture was similar to that across the North West, where prices increased 0.7%, and Burnley outperformed the 0.5% drop for the UK as a whole.
Over the last year, the average sale price of property in Burnley rose by £10,000 – putting the area 13th among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Liverpool, where property prices increased on average by 23.4%, to £156,000. At the other end of the scale, properties in Wyre gained 3.7% in value, giving an average price of £164,000.
Winners and Losers
Owners of semi-detached houses saw the biggest improvement in property prices in Burnley in January – they increased 1.2%, to £123,006 on average. Over the last year, prices rose by 11.5%.
Among other types of property:
Detached: up 0.6% monthly; up 12.1% annually; £188,277 average
Terraced: up 0.9% monthly; up 11.2% annually; £84,431 average
Flats: down 0.1% monthly; up 5.9% annually; £65,270 average
First steps on the property ladder
First-time buyers in Burnley spent an average of £90,000 on their property – £9,000 more than a year ago, and £24,500 more than in December 2015.
By comparison, former owner-occupiers paid £111,800 on average in January – 24.1% 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 January. The average price paid in Trafford (£331,000), at the other end of the scale, would buy 3.3 homes in Burnley.
The highest property prices across the UK were in Kensington and Chelsea, where the average January sale price of £1.3 million could buy 14 properties in Blaenau Gwent (average £93,000).
Across the North West, property prices are low compared to those across the UK, where the average cost £249,000.