February house price drop in Burnley but longer term sees prices rise
House prices dropped by 1.1% in Burnley in February, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 9.9% annual growth. The average Burnley house price in February was £95,372, Land Registry figures show – a 1.1% decrease on January.
Over the month, the picture was worse than that across the North West, where prices increased 1.3%, and Burnley underperformed compared to the UK as a whole, where prices did not change. Over the last year, the average sale price of property in Burnley rose by £8,600 – putting the area 25th among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Wirral, where property prices increased on average by 22.3%, to £193,000. At the other end of the scale, properties in Hyndburn lost 6.9% of their value, giving an average price of £92,000.
Winners and Losers:
Owners of detached houses fared worst in Burnley in February – they dropped 1.3% in price, to £179,559 on average. But over the last year, prices rose by 10.4%.
Among other types of property:
Semi-detached: down 1.1% monthly; up 9.9% annually; £117,350 average
Terraced: down 1.1% monthly; up 10% annually; £80,832 average
Flats: down 0.7% monthly; up 5.6% annually; £62,854 average
First-time buyers in Burnley spent an average of £86,100 on their property – £7,600 more than a year ago, and £21,700 more than in January 2016.
By comparison, former owner-occupiers paid £106,800 on average in February – 24.1% more than first-time buyers.
rices in Burnley compare?
Buyers paid 48.3% less than the average price in the North West (£184,000) in February for a property in Burnley. Across the North West, property prices are low compared to those across the UK, where the average cost £250,000.
The most expensive properties in the North West were in Trafford – £328,000 on average, and 3.4 times as much as in Burnley.