Burnley property: House prices dropped more than North West average in May
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But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.1% over the last year.
The average Burnley house price in May was £110,738, Land Registry figures show – a 3% decrease on April.
Over the month, the picture was different to that across the North West, where prices decreased 0.2%, and Burnley was lower than the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Burnley rose by £1,200 – putting the area 30th 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 12%, to £239,000. At the other end of the scale, properties in Hyndburn lost 1.3% 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 £99,750 on their property – £670 more than a year ago, and £28,670 more than in May 2018.
By comparison, former owner-occupiers paid £124,500 on average in May – 24.8% more than first-time buyers.
Owners of terraced houses saw the biggest fall in property prices in Burnley in May – they dropped 3% in price, to £92,819 on average. But over the last year, prices rose by 0.1%.
Among other types of property:
Detached: down 2.9% monthly; up 4.2% annually; £217,315 average
Semi-detached: down 2.9% monthly; up 1.5% annually; £136,901 average
Flats: down 2.5% monthly; up 1.8% annually; £71,670 average
How do property prices in Burnley compare?
Buyers paid less for properties in Burnley than anywhere else in the UK in May. The average price paid in Kensington and Chelsea (£1.3 million), at the other end of the scale, would buy 11.9 homes in Burnley.
Across the North West, property prices are low compared to those across the UK, where the average cost is £286,000.