The most and least expensive neighbourhoods in Burnley according to new figures

The Cliviger with Worsthorne neighbourhood was Burnley's priciest, with a median value of £199,950 among the 73 sales in the area last calendar year.

The next most expensive was the Whittlefield with Ightenhill area, where a house could set you back £195,000, and Coal Clough with Deerplay, which had a median price of £161,500 in 2022.

Meanwhile, the Daneshouse with Stoneyholme neighbourhood saw the lowest house prices, with buyers paying an average of £63,000 across 53 sales last year.

This was followed by Bank Hall and Queensgate, where buyers spent £65,000 and £80,000 respectively.

Across the country, property sales have slowed significantly in the past year.

Richard Donnell, executive director of research at the property search website Zoopla, said: "The increase in mortgage rates is having a bigger impact on the number of sales rather than house prices so far."

Recent research by the company suggests sellers are shaving off more than 5% of the original asking price to achieve a sale.

"There are big regional variations with market activity holding up better in Scotland, the North East and London while sales have increased more slowly in England regions across the south of England.

"House prices are starting to post small falls in higher value markets where average values are over £400,000 – in more affordable markets prices are still rising year on year, albeit at much slower rates than a year ago," he added.

There was a total of 700,000 sales across England and Wales in the year to December 2021 – down from a recent peak of more than 1.1 million in the year to September 2021.

Overall, house prices have remained steady, with a median price of £280,000 last year – a £5,000 increase on the year before.

In Burnley, the average house cost £120,000 in 2022 – up from £118,750 a year before.

The number of properties sold dropped, from 1,750 in 2021 to 1,360 last year.