When you think of England’s housing hotspots, Burnley may not be the first town that comes to mind. However, a recent study by PayLess for Storage surprisingly revealed Burnley as England’s premier housing hotspot.
The study conducted by PayLess for Storage measured the time taken between a house being listed for sale to when the listing was removed, indicating the sale of the property. Interestingly, the study found that homes in Burnley sold 58% quicker than the national average.
On closer inspection, the results are not all too surprising. Burnley has several things going for it, making it an increasingly popular – yet largely uncovered gem in the property market.
Affordable Home Prices
As of May 2024, the average home price in Burnley was £108,000, significantly less than the Great Britain average of £284,000. With the rise of remote work and the financial strain post-COVID, many people have looked to move out of the major cities to more affordable locations like Burnley.
Moreover, many first-time home buyers-especially those who work remotely, have been drawn to the attractive price of Burnley’s property market, with first-time homeowners spending an average of £98,000 on their home purchase.
This makes Burnley an ideal location to get a foothold in the property market.
Good Investment Location
Because of the high demand for housing in Burnley, it’s also a viable location for investors looking to add another property to their investment portfolio or buyers looking for their first investment property.
Burnley also has a strong student community, with The University of Central Lancashire (UCLan) recognized as one of the premier universities in the UK. This means there is no shortage of students looking for affordable rental accommodation in the town.
Lastly, Burnley commands higher-than-usual holiday rates due to its extensive countryside and popular parks, such as Thompson and Towneley. Therefore, investors looking to turn their property into a holiday rental will also find a lot of value in Burnley.
Population Growth
Not surprisingly, Burnley’s population has grown noticeably faster than the rest of England, with the population increasing from 87,100 in 2011 to 94,600 in 2021.
This represents a growth rate of 8.7%, which is 2.1% more than the national average over the same period. It’s worth noting that Burnley saw a substantial influx of people during the COVID pandemic, which saw housing prices rising by more than 37%.
Naturally, more people relocating to Burnley has resulted in a greater demand for housing, resulting in the current boom in the property market.
Conveniently Located
Lastly, Burnley is conveniently situated on the uncongested M65, offering easy access to the M62, M66, M6, and beyond.
Within an hour’s drive, you’ll find three international airports, and nearby destinations include Manchester, Leeds, Preston, Blackpool, the Lake District, and Liverpool.
This makes Burnley a viable location for families with remote jobs or those working in nearby cities.
With easy access to surrounding cities, a bustling university life, and affordable house prices, it’s easy to see why Burnley has become England’s most sought-after property hotspot.
