BURNLEY is the best place in the North West for first-time buyers to get a house, according to a new survey.
The Royal Bank of Scotland First-Time Buyer (FTB) Property Index reveals the region's top 10 areas with most potential for first-time buyers, by ranking Britain's postcodes by desirability and potential of return on investment - and Burnley is in first place.
Nelson and Bacup also feature in the list which is based on five key factors in determining a likely property hotspot, including planned or current building of new homes, a low price to earnings ratio, regeneration plans and good transport links.
Burnley, benefiting from significant regeneration funding, tops the list, offering a combination of low average house prices at under £60,000, and a relatively high percentage of owner occupied property.
One of the main reasons for Burnley's potential is the Elevate Housing market renewal programme with the town set to benefit from more than £40 million between 2000 and 2007.
A UK-wide table detailing the top 22 first-time buyer hotspots across each region is also available, where Burnley takes the ninth spot.
Last year three homes in Burnley were sold for less than £10,000. Along with a terrace home in Salford, Greater Manchester, they were the cheapest houses bought in the country.
However those hoping of picking up a bargain today in the regeneration zones like Burnley Wood, Accrington Road and Daneshouse and Stoneyholme could be in for a shock with some properties coming with a price tag of more than £70,000.
Barbara Goldsmith, 48, owner of London-based Stratford Properties, has found properties in Burnley for 25 tenants in the past year, and has been tipping the borough as a property hotspot for several years.
She said: "There is no doubt about it - the prices are going up under our noses.
"Because of the improvements that are planned and because it is quite accessible now Burnley is a good place to invest.
"Because prices are cheaper parts of Burnley are better to buy in than parts of Manchester."
Mortage expert Adam Howarth, of Pacific Financial Services in Lanehead, said: "I help people to buy houses for a living and a lot of my first time buyer clients have told me part of the reason why they have bought in Burnley is because of the good road links to nearby cities as well as the government investment through the Elevate scheme.
"If Burnley gets the mini-university status it is currently going for as well, that hopefully may have a positive effect on local house prices too."
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