Burnley house prices leapt 5.9% in October
House prices leapt by 5.9% in Burnley in October, new figures show.
The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 21.6% annual growth.
The average Burnley house price in October was £112,394, Land Registry figures show – a 5.9% increase on September.
Over the month, the picture was better than that across the North West, where prices decreased 4.8%, and Burnley outperformed the 1.1% drop for the UK as a whole.
Over the last year, the average sale price of property in Burnley rose by £20,000 – putting the area second among the North West’s 39 local authorities with price data for annual growth.
The best annual growth in the region was in Hyndburn, where property prices increased on average by 23.2%, to £123,000. At the other end of the scale, properties in Fylde gained just 7% in value, giving an average price of £216,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Burnley in October – they increased 6.3%, to £215,330 on average. Over the last year, prices rose by 23.5%.
Among other types of property:
Semi-detached: up 5.7% monthly; up 21.1% annually; £138,155 average
Terraced: up 5.9% monthly; up 21.4% annually; £94,935 average
Flats: up 5.5% monthly; up 19.6% annually; £73,491 average
First steps on the property ladder
First-time buyers in Burnley spent an average of £101,000 on their property – £18,000 more than a year ago, and £31,000 more than in October 2016.
By comparison, former owner-occupiers paid £126,000 on average in October – 24% more than first-time buyers.
How do property prices in Burnley compare?
Buyers paid less for properties in Burnley than anywhere else in the UK in October. The average price paid in Kensington and Chelsea (£1.4 million), at the other end of the scale, would buy 12.7 homes in Burnley.
Across the North-West, property prices are low compared to those across the UK, where the average cost £268,000.