Burnley house prices increased more than across the North-West in May
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 2.2% annual growth.
The average Burnley house price in May was £87,565, Land Registry figures show – a 1.4% increase on April.
Advertisement
Hide AdAdvertisement
Hide AdOver the month, the picture was better than that across the North-West, where prices increased 0.3%, and Burnley outperformed the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Burnley rose by £1,900 – putting the area 24th among the North West’s 39 local authorities for annual growth.
The best annual growth in the region was in Hyndburn, where properties increased on average by 14.3%, to £106,000. At the other end of the scale, properties in Halton dropped 7.2% in value, giving an average price of £135,000.
Owners of flats saw the biggest improvement in property prices in Burnley in May – they increased 2.6%, to £61,236 on average. Over the last year, prices rose by 3%.
Among other types of property:
Advertisement
Hide AdAdvertisement
Hide Ad- Detached: up 1.7% monthly; up 3% annually; £165,407 average
- Semi-detached: up 1.7% monthly; up 2.6% annually; £108,108 average
- Terraced: up 1.2% monthly; up 1.8% annually; £73,926 average
First-time buyers in Burnley spent an average of £79,200 on their property – £1,700 more than a year ago, and £12,700 more than in May 2015.
Advertisement
Hide AdAdvertisement
Hide AdBy comparison, former owner-occupiers paid £97,800 on average in May – 23.4% more than first-time buyers.
Buyers paid less for properties in Burnley than anywhere else in the UK in May. The average price paid in Kensington and Chelsea (£1.4 million), at the other end of the scale, would buy 16.3 homes in Burnley .
Comment Guidelines
National World encourages reader discussion on our stories. User feedback, insights and back-and-forth exchanges add a rich layer of context to reporting. Please review our Community Guidelines before commenting.