Burnley – What to look for in houses for sale?

Sometimes, working out the prices of the houses for sale can be tricky business. This is why we created this article all about the price of houses for sale in Burnley, Lancashire.

From the average asking price of houses for sale in Burnley, to the growth of the population in the area, all will be talked about regarding the city of Burnley. So you will get better clued up on the area, and make finding a house for sale in the UK easier.

A house for sale that is right for you

What parameters impact the final price of a house for sale in Burnley?
Here below is our list with the most important ones:

• House for sale affordability – check out the (see house affordability guide)

  on the UK gov website to know more

• House Location – the actual location of a house for sale drastically changes the final price of a property

• Transports you can reach by foot – Commuting is part of our lives, especially in big cities, check it out before buying a house for sale.

• Number of bedrooms – Usually, the bigger the house for sale the more bedrooms it will have. For example, if you are a single person (or a couple) one bedroom will do.

• Energy Performance Certificate of the house for sale – Bad EPCs can result in thousands of pounds more in bills you will have to pay on an annual basis. Consider this when purchasing a new property.

• Internet connection – Having a quick internet connection is fundamental nowadays. Check the area of the house for sale to understand what the average internet speed is and see if it fits your needs

• Do you drive to the office? – If yes, ask about parking. Is it included in the house price?

• Special areas – Start by taking a look at the National Heritage list by the UK government. If a house listed for sale appears in the list, the future landlord won’t be able to invest in changes to the real estate asset.

• Houses for sale Conditions – When looking for houses for sale you should always consider the amount of time and money you will have to invest to complete the needed repairs, if any at all.

In Burnley, what are the rental yields?

Are there more or fewer houses being built in Burnley?

Growth in the area can be a good signal of a booming house market. However, too much growth could also have negative consequences on the capital appreciation of a house as time goes on.

Take a look at the table below for Burnley that shows the growth in recent years.

High growth rates can signal an appreciating housing market, nonetheless, if there are too many houses being built, this could reduce demand for housing as the supply of houses for sale starts to catch up with the demand. Leading to stagnation or a decline in house pricing so understanding the growth in Burnley is important.

Let’s consider that you’re not looking to buy a house for sale to live in for the long term future such as if you changed location with your family and want to settle down and you want to find somewhere to buy as an investor in Burnley. If this is the case, rental yield is a crucial statistic to consider.

If looking to invest, you should also consider other data about the area. The average rental income, the turnover of the sale of the house and what the net rental yields are like for the area do also have an impact on the final price of houses for sale in Burnley.

It is clear to see from the table below that there is a difference between all of these pieces of information and how they can be compared and contrasted on a county level (Lancashire), a regional level (North West) and finally on the level of the city talked about in this article, Burnley.

You may also find it useful to compare the data above to the number of properties sold per month Burnley experiences. This figure for house sales per month is 22. Looking at all this information holistically is what a smart investor should do when deciding on the right area for investment before looking for houses for sale.

What are the asking prices for the houses for sale in the city of Burnley?

In the city of Burnley, what is the average asking price for the houses for sale?

Based on this table, hopefully, you will be able to tell what type of house for sale is the most suitable for your budget. You can also consider the average asking price per square foot (£0) for houses for sale with this table to get a good idea as to whether Burnley is the right area to buy a house in for you.

When investors make offers for houses for sale in Burnley, the average price asked by the homeowners works out to be £110,227.

In the table below, for all the different sizes of houses in the area, the average asking prices have been displayed. This tells you what kind of house is more or less expensive and sought after despite houses with fewer bedrooms being overall less expensive anyway.

Any house that looks like it is overpriced for the number of bedrooms it has in Burnley is typically not overpriced. It is just the case that that type of housing has a higher demand, therefore, people are willing to pay more.

Are there any important statistics about the population of Burnley?

How much are those living in Burnley earning?

By and large, a higher household income in a population can have positive effects on the crime rate and the quality of space. This is due to the fact that higher earners tend to buy houses where there are better schools and more desirable amenities that impact the quality of life someone has.

In Burnley, the average income is £33,500.00. Measuring this figure against the average household income for the UK of price34,000 should tell you if the city is higher or lower earning.

When buying a house, use this statistic with other factors when making a decision too like the crime rate or the social grade score of 12% to decide on what the demographics are like in the area.

What is a social grade score and how does this relate to Burnley?

The social grade of a city is useful when searching for a house for sale because it tells you what kind of jobs people have in the area. For example, there could be a lot of skilled manual workers or there could be a lot of pensioners and people on benefits.

The scale goes from a social grade of an A who are high managerial, administrative or professional workers to an E where people in this category are on state pensions, casual workers or unemployed on state benefits. The number of people in Burnley in grades A or B which are the highest skilled roles in the country is 12%.

Realistically, you can expect workers in this category to earn a higher salary too. For comparison, £33,500.00 is the average household income of the area. You can see how this figure is congruent with the number of people in the top two categories of the social grade at 12%.

How educated are the people in Burnley?

Interestingly, the percentage of people who have a degree in the city of Burnley is 16%. Most of the time, the more people that have a degree, the higher the average household income and the more likely someone is to be able to afford to purchase a house. For example, the average income of the citizens in the area of Burnley is £33,500.00.

Generally, areas with high numbers of people with a degree are also areas with more people likely to be home owners and therefore the value of houses and relative prices of the houses for sale are more likely to go up too.

Nonetheless, making predictions about the appreciation of a house also has to be considered alongside other factors like population growth and the rental yields of the area.

However, most of the time, being educated is a good indication of affluence with 82% of people graded a first in tertiary education going on to eventually own a house.

What does the population of Burnley look like?

Population growth in Burnley is important to know if there is housing demand and the total population may also be looked at as large populations commonly have a lot of buyer demand.

In Burnley, 22417 people live in the city as their main place of residence.

It is important to note that it is not the case that everyone likes a large population to live in. People who tend to prefer a more relaxed life are more likely to buy or rent somewhere to live that has a small population and perhaps also wouldn’t mind if the population isn’t growing.

Other people also like to have a mix of both. Where they can visit rural areas and also benefit from the amenities of a busy city.

In Burnley in the previous five years, have population numbers transformed?

Five years may seem like a long time but it is rare for a city to grow that much unless there is dramatic population growth. In Burnley, this change has been 2%. Read more here

Someone who wishes to find out how this change has occurred over a longer period of time may also wish to read the headings below and see if the change has continued throughout the past decade too. Or if the change is only true for the more recent figure for five years of 2%. Click here to know more on the UK population trends.

Over the last decade, how has the population differed in Burnley?

Populations change all the time but if there is a clear change in population in the last ten years this is even more reliable data about the population of the area as opposed to five. This adjustment in population works out to be 3% in Burnley.

What this statistic is like in comparison to the population change in five years should provide you with a comprehensive understanding of what direction the population is heading in.

In recent years because of the pandemic, it is common to see dramatic differences in the population change in the last five years when comparing it to ten as people realise they can work from home but still keep the current jobs they have.

This means they can move to cities they wouldn’t have considered otherwise and be location-independent of their source of income. Perhaps making a longer commute into the office every week for example.

In the city of Burnley, the demographics are unique and must be looked at by themself to make a conclusion about the area before buying a house. This is because the growth could be greatly different to the wider area of Lancashire for example.

These demographics for Burnley may impact the price of a house, how this house grows over time and the profitability of a house if you are buying it for an investment so knowing the area is crucial for a landlord making a purchasing decision in the city of Burnley in North West.

Is there sufficient green space in Burnley?

In the city of Burnley, there are 35 acres of green space per 1000 residents.

The charity, ‘Fields in Trusts’ recommends a minimum of 6 acres of green space per 1000 people so it is easy to see where Burnley is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.

In Burnley, what are the deprivation levels like?

The number of people who are deprived can have an impact on the perception of your house in the general marketplace. Additionally, if you are looking for a house to live in for the long term, you can start to picture what your neighbours and the people in your area live like financially.

If the proportion of deprivation of Burnley is £0 and in general for the UK this figure is somewhere around 33%, you can see if this figure is something you are happy with as you search for a house to buy.

In Burnley, what is the crime rate?

Within Burnley, the number of people committing crimes is 32800% per 1000 people. This figure directly relates to the safety of residents in the area which is one of the biggest factors in whether an area is considered desirable or not.

As a result, someone looking to buy a house here hoping for it to appreciate in value or buying a house here to produce rental income should check out the crime rate and compare it carefully to the UK average of 79.52 for every 1000 people to see how safe people living there will be.

If the area’s crime rate is too high, this may result in you having to pay for the renovation of burglaries or pay a premium on home insurance as insurance companies will charge you more for living in a dangerous area. So analyse this 32800% figure carefully.

Invest in houses for sale in Burnley with the right professional advice

In today’s market with an abundance of homes available for sale, choosing the best house for sale can be challenging.
With several houses for sale to choose from, who will guide you through the process of choosing?
We have listed here below several experts and companies able to advise and support potential buyers.

The process of finding and investing in a house for sale can be lengthy and time-consuming, this is why we suggest you consult with the following professionals:

• Banks – Lend you the cash
• Insurance companies – Insure your new real estate investment
• Conveyancer – handles all the legal labour that is needed to proceed in buying a house for sale.
• Surveyor – Carries out an independent and complete property valuation of the house for sale
• Mortgage advisor – If you are thinking to get a mortgage to get the finances needed to afford to buy a house for sale, a mortgage advisor is the person you should be looking for
• EPC person – Always get a quote on the Energy Performance Certificate of the houses for sale listed in a certain city

houses for sale in other cities and regions in the UK

If you are looking for a list of cities that are different to the City of Burnley and in different UK region to North West. You might want to consider these as alternatives for your next real estate investment:

• chichester in North West
• knowsley in North West
• barnston in North West
• betsham in North West
• northampton in North West

Or, visit our dedicated page on the houses for sale data for the whole of the UK which will allow you to pick based on where you think you want to live or invest – houses for sale in the UK.

In general, for the city of Burnley, what are the final purchase prices for the houses for sale?

There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Burnley. In Burnley, this sale price works out to be £94,073. As an example, a factor like population growth over the last 10 years which works out to be 3% in Burnley and impacts house prices of the houses for sale.

Above, the exact type of house is also shown to vary in price in a table in Burnley. You may think that the bigger the house is the more expensive, but actually, this table is more based on the demand for the properties in each category.

In addition, here is the price per square foot. By taking this data and doing an average, it is also possible to work out the average square foot of houses in Burnley which is £970. From here you can get a sense of the price of the overall housing market and therefore, also find out the prices of the houses for sale.

FAQ

Do properties in Burnley offer renovation potential?

Every single month in Burnley, there are 7 planning applications, of which 86% result in a success. Look at this in terms of the population size of 22417 to work out if you think you’d have good planning success if you were to renovate.

What’s the number of property sales each month in Burnley?

In the city of Burnley, there are 22 and in the total for the UK, there are around 1.1 million property sales.

What’s the year-over-year population change in Burnley or similar cities?

Calculating the evolution of Burnley’s population requires an examination of the population transformation over a decade, amounting to 3%, and the five-year adjustment at 2%. By contrasting these values, analyse recent changes in population to attain a thorough understanding of demographic trends and perhaps also look at house for sale data nearby

What are the asking rates for houses for sale in the surrounding area of Burnley?

The average cost per square foot for a house in Burnley is presently £0.

Is a house for sale in Burnley an expensive choice?

Determine whether a property is expensive by comparing a list of houses for sale to the prevailing average selling prices. In Burnley, this figure stands at £94,073, while the UK average is £286,500.