There has been plenty of press coverage recently heralding the low average house prices in Burnley and the amount of 'flipped' properties - those selling multiple times - in the area. We take a look at the property market in this town, as well as in the Blackburn area and the wider UK North Western region in our homemover database*.
Firstly, Burnley itself:
- Burnley has an average asking price of £140k with 2.47% of all properties available currently advertised as for sale. Both of these metrics are lower than the national averages.
- Property for sale has spent an average of 178 days on the market - a much longer period than the 154 day national average.
- The rental market in Burnley does not appear as buoyant as the rest of the UK. The average asking price for rental property in Burnley is £410pcm, over £700 less per month than the national average, and has been on the market for 137 days which, again, is longer than average.
- 0.48% of all properties in Burnley are available to rent, which is lower than the national average of 1.12%.
- The Blackburn postcode (BB) enclaves the town of Burnley (BB10, BB11 and BB12). The BB area also includes its namesake town, Blackburn, Accrington and the more affluent Clitheroe.
- The average asking price in BB is £165k with 2.34% of all property available for sale and an average time on market of 179 days. These figures all show Blackburn performing less successfully then the respective national average figures.
- For rental property, the asking price is £485 with 0.45% of all properties available to rent and the average time on market recorded is 118 days.
- Considering these three key stats – average asking price, length on market and % of property available – the districts comprising Burnley are not even the strongest performing districts in the Blackburn area; the best are BB4 and BB6, both with much better market stats.
Lastly, the North West as a region:
- Average asking price for property for sale is £215k with 2.18% of properties available to buy and an average time on market of 178 days. The Blackburn postcode (BB), compares poorly with the rest of the North West, with a much lower asking price.
- For rental properties, the average asking price was recorded as £681pcm with 0.59% of properties available and an average time on market of 143 days. Compared to BB this is quite mixed; the North West has a much higher asking price but properties here spend longer on the market.
In summary, it would appear that Burnley is not as “booming” as many publications suggest; we have seen that the town is performing below average, in an area that is performing below average in its region.
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Updated daily with details of 99.6% of UK movers at the pre-move stage, TwentyCi's Homemover database is the most in-depth and accurate in the UK. For more information about TwentyCi's property and homemover data provision and insight solution, or any of our other services, please call 01908 829300 or email email@example.com.
*Data correct as of 14/08/2017