Burnley house prices dropped slightly in July

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2% annual decline.

The average Burnley house price in July was £113,731, Land Registry figures show – a 0.7% decrease on June.

Over the month, the picture was different to that across the North West, where prices increased 0.3%, and Burnley was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Burnley fell by £2,300 – putting the area 34th among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in West Lancashire, where property prices increased on average by 9.1%, to £242,000. At the other end of the scale, properties in Halton lost 2.6% of their value, giving an average price of £180,000.

First steps on the property ladder

First-time buyers in Burnley spent an average of £102,500 on their property – £2,500 less than a year ago, but £28,600 more than in July 2018.

By comparison, former owner-occupiers paid £127,700 on average in July – 24.5% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Burnley in July – they dropped 1% in price, to £72,818 on average. Over the last year, prices dropped by 2.4%.

Detached: down 0.7% monthly; up 1% annually; £220,784 average

Semi-detached: down 0.8% monthly; down 1.9% annually; £140,166 average

Terraced: down 0.6% monthly; down 2.8% annually; £95,732 average

How do property prices in Burnley compare?

Buyers paid less for properties in Burnley than anywhere else in the UK in July. The average price paid in Kensington and Chelsea (£1.3 million), at the other end of the scale, would buy 11.8 homes in Burnley.

Across the North West, property prices are low compared to those across the UK, where the average cost is £290,000.