Burnley house prices increased more than North West average in June
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The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.2% over the last year.
The average Burnley house price in June was £116,526, Land Registry figures show – a 4.3% increase on May.
Over the month, the picture was different to that across the North West, where prices increased 1.2%, and Burnley was above the 0.7% rise for the UK as a whole.
Over the last year, the average sale price of property in Burnley rose by £3,600 – putting the area 22nd among the North West’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in Rossendale, where property prices increased on average by 9.2%, to £201,000. At the other end of the scale, properties in Hyndburn lost 3.7% of their value, giving an average price of £118,000.
First steps on the property ladder
First-time buyers in Burnley spent an average of £105,000 on their property – £2,800 more than a year ago, and £31,700 more than in June 2018.
By comparison, former owner-occupiers paid £130,900 on average in June – 24.6% more than first-time buyers.
Owners of terraced houses saw the biggest rise in property prices in Burnley in June – they increased 4.4%, to £97,839 on average. Over the last year, prices rose by 2.2%.
Among other types of property:
Detached: up 3.7% monthly; up 6% annually; £226,671 average
Semi-detached: up 4.1% monthly; up 3.7% annually; £144,142 average
Flats: up 4.1% monthly; up 3.1% annually; £74,822 average
How do property prices in Burnley compare?
Buyers paid less for properties in Burnley than anywhere else in the UK in June. The average price paid in Kensington and Chelsea (£1.3 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 £288,000.