Burnley First-Time Buyer Homes Are Now 28% More Affordable Than 18 Years Ago
Burnley first-time buyers often feel priced out, but the facts paint a much more hopeful picture. Mortgage affordability has improved, and owning your first home is more realistic than many believe!
If you listen to the headlines, you'd think first-time buyers in Burnley have no chance at all. Many people say the housing ladder has been pulled up, and only the lucky or wealthy can buy their first home.
But when you look at the real numbers, the picture is very different - and actually much more positive.
House Prices vs Real Affordability
Yes, starter homes in Burnley have gone up in price - around 39.9% since 2007.
The average first-time buyer home is now about £72,500, and average earnings are £23,999.
On the surface, that looks worrying. But the most important number isn't the house price, it's the monthly mortgage cost compared to your take-home pay.
And this is where the big surprise happens.
Mortgage Payments Take Up Less of Your Income Today
In 2007, a Burnley first-time buyer spent 37.9% of their take-home pay on their mortgage.
Today, it's 27.1%.
That means mortgage payments take up 28% less of a buyer's income today than they did 18 years ago.
And it gets even more interesting…
Back in 1989, buyers spent 33% of their take-home pay on mortgage costs- still more than today.
So despite what people think, affordability has actually improved over the long term.
Why Has This Happened?
A few reasons:
- Wages have risen in real terms since the 1990s.
- Interest rates today are nowhere near the painful 14.88% of the late 80s.
- Mortgage products have changed - longer terms like 30–35 years mean lower monthly payments.
Burnley has also changed. Better transport, new developments and investment have made the town more attractive to young people and families.
Renting vs Buying
Rents keep rising, and unlike a mortgage, they never turn into something you own. A fixed-rate mortgage gives you stability and helps you build equity over time. Many people now find that their mortgage payment is similar to, or even cheaper than, their rent.
The Real Challenge: The Deposit
This is the hardest part for most buyers.
You often hear the average first-time buyer deposit in the North West is £42,863 - and that number scares people.
But it's just an average. It includes buyers who choose to put down more to get better rates or have family help.
The minimum deposit is only 5%, and 95% mortgages have been normal for years. Some lenders even offer 100% mortgages for buyers with strong credit.
Right now:
Best 95% 5-year fixed rate: 4.7%
Best 75% rate: 3.8%
A bigger deposit gets a better rate, but you don't need a huge lump sum to get started.
The Bottom Line
Saving a deposit is tough - no one denies that.
But once you get past that hurdle, the monthly mortgage costs are far more affordable than most people realise.
Buying your first home in Burnley isn't easy, but it is possible - and the numbers prove it.
How Pendle Hill Properties Helps First-Time Buyers
At Pendle Hill Properties, we love helping first-time buyers take their first step onto the property ladder. Here's how we make the journey easier:
Friendly, Simple Advice
We explain everything in simple terms mortgage options, buying steps, what to expect - without any confusing jargon.
Affordable Local Homes
We know Burnley and the surrounding areas inside out. We regularly bring great-value starter homes to the market, perfect for first-time buyers.
Help With Deposits & Mortgages
We work closely with a trusted mortgage advisor, who makes sure you understand your deposit options, including 5% mortgages.
Support from Start to Finish
From arranging viewings to handing over the keys, we're with you every step of the way, keeping things smooth and stress-free.
A Family-Run Team That Cares
We're local, we're family-run, and we genuinely care about helping people build a future here. Supporting first-time buyers isn't just something we do - it's something we're passionate about.
