Burnley house prices crashed 5.1% in September

House prices crashed by 5.1% in Burnley in September, new figures show.
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The large drop contributes to the longer-term trend, which has seen property prices in the area suffer a 10.9% annual decline – the worst in the North West.

The average Burnley house price in September was £104,626, Land Registry figures show – a 5.1% decrease on August.

The average Burnley house price in September was £104,626The average Burnley house price in September was £104,626
The average Burnley house price in September was £104,626
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Over the month, the picture was different to that across the North West, where prices increased 0.5%, and Burnley was lower than the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in Burnley fell by £13,000 – putting the area bottom among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Ribble Valley, where property prices increased on average by 7.3%, to £284,000.

First steps on the property ladder

First-time buyers in Burnley spent an average of £94,000 on their property – £12,000 less than a year ago, but £20,000 more than in September 2018.

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By comparison, former owner-occupiers paid £118,000 on average in September – 24.6% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Burnley in September – they dropped 5.4% in price, to £87,932 on average. Over the last year, prices dropped by 11.9%.

Among other types of property:

Detached: down 4.1% monthly; down 6.8% annually; £205,261 average

Semi-detached: down 5% monthly; down 10.6% annually; £128,828 average

Flats: down 5% monthly; down 10% annually; £67,376 average

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 September. The average price paid in Kensington and Chelsea (£1.2 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 is £291,000.