Burnley, a historic market town in Lancashire, has been named one of the cheapest places in the UK to buy a house.
Known for its industrial heritage and picturesque countryside, Burnley offers affordable housing options that attract first-time buyers and investors alike.
According to recent research by HCB Solicitors, Burnley tops the list of locations where buyers can best stretch their money, particularly following the Bank of England’s recent interest rate cut which has led to a fall in mortgage rates.
For £500,000, buyers in Burnley can secure a stately five-bedroom family home with large gardens, modern amenities and ample parking.
This is in stark contrast to what the same amount can buy in central London, where £500,000 might only buy you a small one-bedroom apartment with no outside space.
Burnley’s combination of affordability and quality of life makes it the first choice for savvy buyers looking for a great value location.
Located in Lancashire, the town not only offers spacious homes but also proximity to scenic landscapes, making it an attractive option for both families and individuals.
“Burnley offers unbeatable value for money,” said Martin Edwards, Senior Associate Solicitor at HCB Solicitors.
“With house prices rising by £2,200 in the last month, things have become more difficult for first-time buyers.
“However, as mortgage rates have fallen following the Bank of England’s rate cut, it has become easier to keep a property.”
“To get the best deal, be sure to get a mortgage so you know how much you can borrow. Find out about government schemes like Help to Buy and don’t be afraid to haggle,” he advises.
The recent rise in property prices may be due to the reduction in the key interest rate, which made loans cheaper and increased demand.
As buyers look to take advantage of lower interest rates, speed and preparation are key to purchasing the best properties.
Besides Burnley, other parts of the UK such as Stoke-on-Trent, Staffordshire and Swansea in Wales also offer good value for money, coming in second and third place respectively.
In many areas, £500,000 can not only buy larger properties, but also include additional benefits such as gardens and parking, enhancing the overall living experience.
