House prices in Burnley increased by 2.3% in December, contributing to a 6.2% rise over the last 12 months. The latest data from the Office of National Statistics shows that the average property in the area sold for £83,981 – significantly lower than the UK average of £230,776. Across the North-West, property prices have risen by 3.5% in the last year, to £164,352. The region outperformed the UK as a whole, which saw the average property value increase by 2.5%. The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.
Burnley is the cheapest local authority in the UK in which to buy a home, and the average homeowner will have seen their property jump in value by around £17,000 in the last five years. The figures also showed that buyers who made their first step onto the property ladder in Burnley in December spent an average of £75,966 – around £15,000 more than it would have cost them five years ago. The highest house prices in the country in December were found in London's Kensington and Chelsea, where properties sold for an average of £1.39 million – 17 times the cost of a home in Burnley, where the average property cost just £84,000.
Article in the Burnley Express