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Burnley Buy-to-Let Guide

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    Everything You Need to Know About Burnley Buy-to-Let

    Burnley is regularly named one of the cheapest places for buy-to-let in the UK and one of the best areas for rental yields.

    On the surface, this Lancashire town seems like a buy-to-let paradise.

    So, if you’re considering an investment in Burnley, this guide will give you a full rundown of the property investment scene in the area.

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      Buy-to-Let Property Prices in Burnley

      According to Rightmove, the average price for Burnley property in 2023 was £135,919. If you compare this to the UK average house price, as stated by the UK House Price Index, of £287,782, you can see why Burnley is considered one of the most affordable places in the UK for property. Burnley’s average price was 2% higher in 2023 than in 2022 and 13% higher than in 2020.

      The UK property market has been experiencing sluggish growth recently, but the North West has been less affected than other regions, especially when compared to those in the South of England. Property experts Savills predict a return to growth in the next few years leading up to 2087, and they forecast that the North West may grow 20.2% in that time.

      Learn More: Whether you’re looking for the best Liverpool property investments or you’re interested in the latest buy-to-let stamp duty rates, our starter investments have everything you need before getting started!

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      Buy-to-Let Rental Market in Burnley

      According to housesforsaletorent.co.uk, the average monthly rent in Burnley is £639. This is much more affordable than the UK average rent of £1,268 PCM, per the October 2023 HomeLet Rental Index.

      While lower rent will mean less rental income per month for a landlord, it can have some benefits, such as the high rental demand that can come with more affordable rental properties. Another thing to take into account is that a high rental yield can still be achieved, provided the price of the property is comparatively affordable.

      This can be said of Burnley, as the town is often named as a part of the UK with particularly high rental yields. According to Zoopla, Burnley has the highest rental yield in the North West and is third overall when compared to the whole country, with 7.73%.

      There is also an opportunity to let student accommodation in the area due to the University of Central Lancashire’s Burnley Campus.

      Burnley has good rail links to surrounding cities like Manchester and Preston, and residents can find everything they need in terms of amenities nearby. However, the town may not be as attractive to potential tenants as bigger cities, and the area’s crime rates are relatively high.

      More Information: Discover the latest buy-to-let houses for sale and the costs of buy-to-let in 2024 with our recent insights!

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      Buy-to-Let Investment in Burnley: Area Breakdown

      The postcode BB10 covers Burnley Town Centre and some inner city suburbs, and this includes pricier areas like Cliviger and cheaper districts like Rose Hill. This part of Burnley is popular due to easy access to amenities and transport links.

      Areas on the outskirts of the town, such as Padiham, are less convenient but can offer renters other advantages like more scenic settings and a semi-rural lifestyle.

      Burnley Town Centre (BB10)

      Average Property Prices in Burnley Town Centre

      The average property price in this area is £149,496.

      Average Rental Yield in Burnley Town Centre

      The average rental yield in this area is 4.73%.

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        Cliviger

        Average Property Prices in Cliviger

        The average property price in this area is £311,065.

        Average Rental Yield in Cliviger

        The average rental yield in this area is 2.53%

        Burnley street view

        Rose Hill

        Average Property Prices in Rose Hill

        The average property price in this area is £112,83.

        Average Rental Yield in Rose Hill

        The average rental yield in this area is 6.67%

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        Padiham

        Average Property Prices in Padiham

        The average property price in this area is £127,873.

        Average Rental Yield in Padiham

        The average rental yield in this area is 5.89%.

        (Average property prices were taken from Rightmove in late 2023, and the gross rental yield estimates were calculated with figures from housesforsaletorent.co.uk in late 2023)

        What is the Best Area of Burnley to Invest in?

        Cliviger is a sought-after area due to its proximity to the Town Centre and idyllic rural scenery. The average property price is high, and the projected gross rental yield is low, but some good deals can still be found.

        One of the best average rental yields in the Burnley area can be found in Rose Hill, a suburb close to the Town Centre.

        Some villages on the outskirts of Burnley, such as Worsthorne, are a bit pricier than the Burnley average, while others, like Padiham, are more affordable.

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          Why You Should Consider a Buy-to-Let Investment in Burnley

          Affordable Property and High Rental Yields

          Whether or not a location has affordable property is one of the most important considerations when it comes to deciding on an area for a buy-to-let investment.

          If the initial funds needed to start the investment are lower, the investor will start seeing returns quicker, and the financial burden of the investment will be lighter. As mentioned before, Burnley has some of the cheapest properties in the UK.

          Rental yields are another factor that will play heavily into an investor’s decision-making. This is a calculation that involves the price of the property and the projected rental income.

          Areas like Burnley that have more affordable property will also often have high rental yields, as the cost of renting has risen sharply in recent years. Burnley was named the North West area with the highest average rental yield in 2023, according to Zoopla.

          Read More: Looking for the best way to invest in property? Check our guide to property investment strategies in 2024 for the latest information!

          Regeneration

          Burnley’s history as a Lancashire mill town has left it with a strong manufacturing sector and strong economic links with Manchester and Leeds. This helps attract investment into the town, and the area has benefitted from regeneration in the past, such as the Forest of Burnley Scheme.

          Ongoing projects include a flagship regeneration scheme to improve pedestrian routes between the town’s main shopping centre and Burnley football ground.

          There’s also a Burnley Town Centre and Canalside Masterplan that looks set to transform central Burnley with various projects, including the £23 million Pioneer Place leisure complex and a scheme to repurpose the town’s mills for educational use by the University of Central Lancashire.

          It’s worth taking note of current and future regeneration schemes when considering a location for a buy-to-let investment. If big regeneration efforts are promised for a certain area, it can suggest increased rental demand and higher capital appreciation in the future.

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          Burnley New-Builds

          Purchasing new-build properties as an investment remains a popular choice for UK buyers. Last year, almost a quarter of all exchanges in the first quarter of 2023 were newly built properties.

          New-build properties are highly sought after by landlords, usually due to a higher level of interest from tenants. As these are freshly built developments, they also require almost zero maintenance work before someone can move in, meaning a faster turnaround for investors to start receiving rental returns.

          Another benefit is that, as most recent new-build developments feature the latest eco-technology, both tenants and landlords can significantly reduce energy bills.

          In 2023,  20 new-build properties were completed by private developers in Burnley by the end of June, according to the Department for Levelling Up, Housing and Communities.

          Considering recent trends – the cost-of-living crisis and growing eco-awareness –investing in a new-build could lead to profitable investment opportunities in the future.

          However, whilst options are available in Burnley, investors could see more new-build property deals in other cities, like Liverpool or Manchester.

          Read More:  Discover more about this investment trend with our recent buy-to-let guides, covering everything from new-builds in Middlesbrough to the latest UK hotspots!

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            Off-Plan Property in Burnley

            While new-builds can inspire significant interest from tenants, they often see higher price points compared to their more well-worn counterparts.

            Off-plan property investment is one way to invest in newly built properties at a more affordable level.

            Investing off-plan means buying a property early into development before it has even been built. For investors, this usually means they can secure a property at a much lower price compared to the standard market value.

            Buying early in the process means the property value can skyrocket when construction is completed. Typically,  the closer a property gets to completion, the more the value increases. As with standard new-build developments – particularly those in desirable areas – there is also strong rental demand, which could lead to higher rental yields in the long run.

            The best off-plan investments will be concentrated in up-and-coming areas with solid infrastructure and growing job markets. Regeneration can also be a key indicator, with higher levels of regeneration usually signifying greater potential for new-build developments in the near future.

            While there is some potential for off-plan investment within the Burnley rental market, it may be more profitable for investors to seek UK cities with more concentrated levels of new developments in the pipeline.

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            How Does Burnley Compare to Other UK Regions When it Comes to Buy-to-Let?

            Burnley has some real advantages as a buy-to-let hotspot for a small town. However, many property investors will still turn to major cities as there are more diverse investment opportunities and a higher population of potential tenants. This includes other North West locations such as Liverpool, as according to Zoopla, the average gross rental yield is not much lower than Burnley, at 7.21%. Learn more about how lower inflation in 2024 can affect the property market with our news article.

            Some investors will also choose an area with less affordable property and slightly lower rental yields because the hefty capital appreciation that may be gained by a property in a more sought-after area can outweigh the returns to be made from a cheaper area like Burnley.

            Further Reading: Delve deeper into the North West rental market with our updated Blackpool buy-to-let guide!

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              Want to Invest in Burnley in 2024?

              So, is Burnley one of the best things to invest in right now?

              The area has undeniable potential as a buy-to-let destination, with some of the country’s most affordable areas for property and high average rental yields. With stats like these, it’s easy to see why many investors are opting for Burnley.

              But the higher possible capital appreciation and larger pools of potential tenants mean that more established cities in the North West, like the Liverpool and Manchester property market, still get most of the attention from investors.

              If you want to learn more about the different buy-to-let hotspots the UK can offer, take a look at some of our guides:

              Map of Burnley

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              Author

              Jessica Ferris

              Jessica is a property content writer at RWinvest. Keeping a close eye on the UK property market, Jessica helps our readers stay informed and up to date on the latest market news and statistics.

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