Burnley house prices increased more than North West average in July

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.2% annual growth.

The average Burnley house price in July was £120,033, Land Registry figures show – a 2.6% increase on June.

Over the month, the picture was similar to that across the North West, where prices increased 2.5%, and Burnley outperformed the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Burnley rose by £16,000 – putting the area fifth 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 16.4%, to £134,000. At the other end of the scale, properties in Pendle gained just 4.4% in value, giving an average price of £130,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Burnley in July – they increased 2.8%, to £101,698 on average. Over the last year, prices rose by 14.5%.

Among other types of property:

- Detached: up 2.1% monthly; up 17.4% annually; £228,978 average

- Semi-detached: up 2.6% monthly; up 15.7% annually; £147,250 average

- Flats: up 2.6% monthly; up 10.4% annually; £76,397 average

First steps on the property ladder

First-time buyers in Burnley spent an average of £109,000 on their property – £14,000 more than a year ago, and £34,000 more than in July 2017.

By comparison, former owner-occupiers paid £134,000 on average in July – 23.4% 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 July. The average price paid in Kensington and Chelsea (£1.4 million), at the other end of the scale, would buy 11.3 homes in Burnley.

Across the North West, property prices are low compared to those across the UK, where the average cost £292,000.