Burnley is booming! Lancashire city named Britain’s hottest property market as costs soar

Burnley is now Britain’s hottest property market, according to exclusive analysis for This is Money by specialist property analytics firm, Bricks&Logic.

Its real time house price data also suggests towns in Greater Manchester are currently seeing the biggest price rises in the country.

Meanwhile, values appear to be tanking in local markets further south and across the East of England.

Bricks&Logic uses a combination of publicly available data and sales figures sourced directly from estate agents to produce what it says is the best and real-time property market information and analysis possible.

While average house price data is produced monthly by the ONS, Halifax and Nationwide all give a more general view of what’s happening, this data also enables us to see the disparity between local markets.

Burnley has seen the biggest jump in prices in the past year with the typical home there rising 6.58 per cent, according to Bricks&Logic.

The median property value in Burnley is £122,902, which is significantly higher than the £221,717 median in Manchester, just 22 miles further south. 

Gary Trappe, senior branch manager at Entwistle Green in Burnley, says its property market is on the rise, with strong demand driving notable price growth and high levels of activity across the board. 

‘Buyers are moving into the area from all over the country, and a growing number of investors are seeing real value in the local market too,’ said Trappe.

‘With some homes available for under £100,000, Burnley is exceptionally affordable for families and first‑time buyers and, with mortgage rates having eased, purchasing is now often cheaper than renting. 

Affordability is a major draw, according to Trappe, particularly for those leaving Manchester, where the cost of a two‑bedroom flat can match that of a three‑bedroom house in Burnley.

He added: ‘The town still has strong transport links back into Manchester, including a direct train in under an hour and a 45–50 minute drive, making it an appealing choice for commuters looking for a bit more space. 

‘We’re seeing lots of regeneration here too, especially in and around the town centre, which is further boosting confidence in the market and contributing to the strong upward momentum in local house prices.’

Other towns in Greater Manchester are also performing strongly – again likely as a result of the ripple effect coming out of the city centre.

Prices in Rochdale are up 5.01 per cent year-on-year. The median home there is now worth £184,292.

Meanwhile, homes in Tameside have risen 4.73 per cent to £210,043 and house prices in Bury and Oldham also rising by similar margins. 

At the other end of the spectrum, the Isles of Scilly, located 28 miles off the coast of Cornwall is seeing somewhat of a house price slump, according to Bricks&Logic, with home values down 5.43 per cent.

On the British mainland, mid-Suffolk is the next worst performing local area when it comes to house prices.

The mostly rural area, which includes the towns of Stowmarket and Needham Market has seen typical home values fall by 5.13 per cent over the past year. The median property price there is now £286,604.

Stuart Ellis, senior branch manager, William H Brown estate agents in Stowmarket says there are too many homes for sale and not enough buyers at present.

‘A significant amount of new development in the area has increased housing supply, which has naturally put downward pressure on values,’ says Ellis.

‘Meanwhile the second‑hand market has been working hard to keep up with new‑build prices that typically come with a premium.  

‘Right now, we’re seeing a wide range of offers – the first‑time buyer market is highly competitive and often achieving asking price or above, whereas higher‑value family homes are attracting more cautious offers as buyers negotiate firmly in a slower part of the market.’

Another area where homeowners are likely to have seen the value of their property fall over the past year is in Canterbury, Kent, with prices down 4.64 per cent.

Simon Norley, senior branch manager at Connells estate agents in Canterbury says house price growth has slowed due to a higher volume of property coming to market. 

He says flats are struggling to find buyers, but houses still remain popular. 

‘Supply is currently outpacing demand, particularly in the apartment and leasehold sector, where a large number of listings are bringing down the overall average price in the area,’ he says.

‘Demand remains strongest for houses, which continue to sell quickly, whereas interest in apartments is more subdued due to wider concerns around ground rents, fire safety and wider leasehold issues.

‘We’re seeing a broad mix of active buyers, including more first-time purchasers – many of which are targeting houses rather than flats – as well as second-steppers and investors.’