Burnley house prices rise in 12 months
House prices increased by 2.7% in Burnley in August, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 17.7% annual growth.
The average Burnley house price in August was £107,238, Land Registry figures show – a 2.7% increase on July.
Over the month, the picture was less good than that across the North West, where prices increased 4.5%, and Burnley underperformed compared to the 2.9% rise for the UK as a whole.
Over the last year, the average sale price of property in Burnley rose by £16,000 – putting the area sixth among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Rossendale, where property prices increased on average by 24.6%, to £182,000. At the other end of the scale, properties in Allerdale gained 3.5% in value, giving an average price of £160,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Burnley in August – they increased 3.3%, to £205,166 on average. Over the last year, prices rose by 19.9%.
Among other types of property:
Semi-detached: up 3.2% monthly; up 17.4% annually; £132,174 average
Terraced: up 2.5% monthly; up 17.4% annually; £90,484 average
Flats: up 2% monthly; up 13.2% annually; £69,653 average
First steps on the property ladder
First-time buyers in Burnley spent an average of £97,000 on their property – £14,000 more than a year ago, and £26,000 more than in August 2016.
By comparison, former owner-occupiers paid £120,000 on average in August – 24.5% 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 August. The average price paid in Kensington and Chelsea (£1.5 million), at the other end of the scale, would buy 13.5 homes in Burnley .
Across the North West, property prices are low compared to those across the UK, where the average cost £264,000.
Average property price in August
The North West: £194,821
Annual growth to August
The North West: +12.4%
Best and worst annual growth in the North West