East Lancashire house prices are among the UK's best value

Property Shop, the popular local estate agent with branches in Accrington and Burnley, have been helping people get on to the property ladder for 20 years.

Owning your own home is a dream for many people, and we are fortunate that in East Lancashire house prices are among the UK’s cheapest. This also benefits people sizing up, who can stretch their budget further than anywhere else in the country.

A recent survey, conducted by PlumbNation, analysed the figures on average property prices compared to the average size of a home in each area around the country. Three areas within East Lancashire appeared within the top ten, Hyndburn, Burnley and Pendle.

In Burnley, the average house price is £112,394, with a median floor space of 88 square metres, making the average cost per square metre just £1,277 – the lowest cost per square metre in England, and the cheapest for average house prices.

Hyndburn, covering Accrington and the townships, has an average house price slightly higher at £122,510, but houses that are on average larger at 95 square metres, with an average cost per square metre of £1,290. Pendle comes in fourth in the survey, with similar values.

In comparison, the average property size across each local authority in England and Wales stands at 92.4 square metres, not far off the sizes in East Lancashire – but the average property price across the whole area is £271,368, to put into context just how good value our houses are locally.

For those trying to get on to the property ladder, East Lancashire is the most affordable place in the country and the deposit you need will be the lowest, as mortgage deposits can be as low as 5% of the value of the property. In 2021 the UK Government launched a scheme backing mortgages, which means that many more lenders are now prepared to offer a 5% deposit mortgage. This scheme is scheduled to run until December 2022, making now the ideal time to get on the property ladder for a lower deposit.

Getting more space is also more affordable on average. Post lockdown, many people have been pleasantly surprised by their current house valuation, and are taking this opportunity to gain themselves more space, by moving up to a larger property, giving them the space they now require to work from home, or with an outside space and bigger garden.

Steven Chippendale, managing director of Property Shop, said: “We’ve always said what great value houses are in our area of East Lancashire, and there are some really stunning properties around for a very reasonable price. We’re ideally located to recommend houses in all of the areas mentioned, and we’re seeing some excellent quality houses coming on to the market. If you’re thinking of moving in the near future – just give us a call and see what we’ve got to suit your needs!”

Property Shop are the local property experts, with branches in Burnley and Accrington. Independent and family owned with a team of 30, they run a sales, lettings and commercial agency giving them breadth and depth in the local property market. You can see more on propertyshopltd.com, check what houses are available and book in for a free valuation.