22 properties are sold from Rightmove and other listing platforms every single month in the UK. In this article we plan to go over how to buy one of these properties and also how to rent from the platform of Rightmove too.
Burnley contains a lot of information so read carefully and start to consider how to make sure you are involved in a beneficial property deal, whether you are buying or renting.
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In Burnley, what does the property sales data look like based on Rightmove?
An overview of Burnley property in Rightmove from an investment perspective
When considering buying a house for an investment in the area of North West, you can click here to find further information about houses for sale. There are also a few metrics to look at that make the investment more appealing.
For instance, you should look at the number of property sales that the area has every month which is 22. This, alongside the city’s relative population, should give you an indication of the turnover. The turnover is a piece of data that looks at how many houses have been sold in relation to the number of properties there are.
On average throughout the UK, in a calendar year, this data is around 22% but for Burnley it is 0.98. Finally, a growing population is always a good sign. The change in population that has happened over the last decade has been 3%. So, you can make of that as you will.
Property investment opportunities presented on Rightmove in Burnley
In Burnley, the average asking rent in the area is £460 and there is a table below that goes over the asking rent for every type of property there is. Also, in Burnley, the average yield of properties is £0. A figure that can be used as a metric to gauge how profitable an investment is and compared to the national average of 4.4%.
See the table for a more extensive breakdown of how average asking rent is distributed.
| Number of bedrooms | Average asking rent |
|---|---|
| 5 | no relevant data for this city |
| 4 | no relevant data for this city |
| 3 | £544 |
| 2 | no relevant data for this city |
| 1 | BB11 |
Is it important to look at yield in Burnley in further detail?
Rental yield in Burnley is £0 as of 2023. However, this is not to say that there are not higher yields out there. When the economy was favourable for property in 2018. Yields were as high as 11% in places like Sheffield in some cases. However, an average, yet respectable figure you can expect from a property in the UK is around 4.4% so you can compare Burnley’s yield of £0 to see if you are above or below.
It is useful to note that even though a property may have a below average rental yield, it can still benefit from capital appreciation over time and this profit can be taken when the property is sold.
In Burnley, what are the number of planning permission applications on Rightmove?
In the UK, planning applications result in a success rate of 82% most of the time. In Burnley, people plan to make modifications to their properties and apply for planning permission with a planning success rate of 86%.
This is interesting data for investors in particular. An above average success indicates renovations are tried and tested and likely an investment from landlords. This is a great opportunity for investors to model what works in the area and do the same. On the other hand, a lower approval indicates there are more ambitious proposals in the area and of the 7 monthly planning applications in Burnley, property here is more difficult to conduct improvements on.
If you don’t want to deal with planning permission, consider buying a property as a leaseholder which means you don’t own the land and any planning permission is done by the freeholder who owns the land.
If you do this, you will have to look at when a leasehold expires as well as other disadvantages though. However, there are pros and cons of being a leaseholder or a freeholder. For instance, as a freeholder, you may have to evict a leaseholder in a process known as a forfeiture of lease. So, pay attention to the advantages and disadvantages and what path you actually want to go down.
A city such as Burnley has a fair amount of houses for sale on Rightmove. In the following headings, we go over all the relevant data related to Rightmove so you can begin the process of buying a house. Figuring out the best type of property to buy is a difficult process so it is useful to see all the relevant information condensed in one place.
What are properties sold for on average on Rightmove?
Using Rightmove, there is an average sold price of property that is £94,073 in Burnley. The average sold price provides a benchmark for understanding property values in the area and you may want to look at a more detailed overview of individual types of property below.
| Property category | Average price of property |
|---|---|
| Flat | £70,199 |
| Terraced house | £59,996 |
| Semi-detached house | £131,037 |
| detached house | £215,327 |
What are the number of HMOs on Rightmove that are licenced in the area of Burnley?
Currently, the number of licensed HMOs stands at 18 that come at an average price to rent of no relevant data for this city. You can also see the difference between the price of a standard HMO room and the average price of a HMO room with an ensuite which is £434.
This should give you an indication if it is worth the difference in price to upgrade to a room with a bathroom in Burnley. Understanding where is best to rent in Burnley involves considering the average asking price for a House in Multiple Occupation (HMO) and comparing this to normal rents.
How much outdoor space is there in Burnley?
In Burnley, the available data reveals that there are 15.7 acres of green space per thousand residents. By comparing this value to the recommended standard of 6, we can gauge the presence of green space in the area using statistics found on listing portals such as Rightmove.
Adequate green space is a valuable asset for all individuals as it has a huge impact on the mental and physical health of residents. Unfortunately, it is often compromised in numerous locations. For instance, in urban settings, the quantity of green space frequently falls short of the recommended measure of 6 acres of green space for every thousand individuals.
On Rightmove in Burnley, what properties are available to rent?
How to examine income data from Rightmove for Burnley
In the city of Burnley, the population is 22417. Out of all of these people, it is worth noting the education level. 16% have a degree (a higher level educational degree). Also, the average household income of the area is £38,011.63. This is important to understand for renters as if the degree level is above the average of 22.6%, your neighbours will likely be higher earners. This is not always the case and there are still other factors that determine the quality of your neighbours but taking a note of the degree is always useful.
What is the level of Rightmove affordable housing and social rent in Burnley?
Through some digging, we found the level of social rent in the area. Currently, this figure is 11% as the percentage of people who are leasing directly from the government. In the area of Burnley, the average household income is £38,011.63 too. This is another figure to reference and compare to the £34,000 average national salary to see who is in financial hardship. You may wonder why it is necessary to have this information and the answer is because it’s important you live in an area that suits your income as life is generally more enjoyable when you pick somewhere to live amongst others in a similar situation.
Sometimes, buying isn’t suitable for everyone. Fortunately, renting is also an option and there is a lot of data that can be gathered from Rightmove for this too.
What questions are asked most frequently?
What is the average property price in Burnley on Rightmove?
The mean property value in the UK is £286k but is changing all the time. Meanwhile, in the local area of Burnley, the average cost of a home available for purchase is £94,073. You can compare these figures to see how far away this city is from the average.
On Rightmove, are there any hidden costs when searching for property in the city of Burnley?
Landlords need to be vigilant about various expenses, including stamp duty rates, capital gains tax, renovation expenditures, and the deductible costs applicable to properties in a personal name. (relevant for UK property)
Based on Rightmove’s information, what’s the level of criminal activity in the Burnley area?
The ongoing crime rate in Burnley indicates 32800% instances for every 1000 citizens.
What are the house sales per month in Burnley?
To comprehend the insights extracted from listing portals like Rightmove begin by acknowledging that the ongoing frequency of houses sold each month equates to 22. To learn more about houses for sale and why this data is important
According to Rightmove, what’s the mean price of a three-bedroom property in Burnley?
The average price for a property that has three bedrooms is £544. This can be compared to average property prices
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