Burnley house prices increased slightly in November

House prices increased slightly, by 0.6%, in Burnley in November, new figures show.
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The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13.6% annual growth.

The average Burnley house price in November was £108,351, Land Registry figures show – a 0.6% increase on October.

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Over the month, the picture was less good than that across the North-West, where prices increased 2.3%, and Burnley underperformed compared to the 1.2% rise for the UK as a whole.

Burnley house prices continue to riseBurnley house prices continue to rise
Burnley house prices continue to rise

Over the last year, the average sale price of property in Burnley rose by £13,000 – putting the area 16th among the North-West’s 39 local authorities with price data for annual growth.

The best annual growth in the region was in Wyre, where property prices increased on average by 21.1%, to £192,000. At the other end of the scale, properties in Allerdale gained just 1.5% in value, giving an average price of £165,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Burnley in November – they increased 1.2%, to £210,082 on average. Over the last year, prices rose by 16.9%.

Among other types of property:

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Semi-detached: up 0.6% monthly; up 14% annually; £133,686 average

Terraced: up 0.5% monthly; up 12.7% annually; £91,083 average

Flats: up 0.6% monthly; up 11.9% annually; £70,800 average

First steps on the property ladder

First-time buyers in Burnley spent an average of £98,000 on their property – £12,000 more than a year ago, and £28,000 more than in November 2016.

By comparison, former owner-occupiers paid £122,000 on average in November – 24.4% more than first-time buyers.

How do property prices in Burnley compare?

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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 12.1 homes in Burnley.

Across the North-West, property prices are low compared to those across the UK, where the average cost £271,000.

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