Credit: The Bolton News
Bolstering Bolton’s Property Market: Insights from Cardwells Estate Agents
Cardwells Estate Agents, navigating the impact of energy bill caps amidst growing concerns over escalating utility costs, the Bolton property market finds a glimmer of hope with Prime Minister Liz Truss’s recent announcement of a cap on energy bills. Originally poised to soar in October, utility price changes were anticipated to strain household budgets significantly. However, the introduction of a cap, limiting average household bills to £2,500 over the next two years, offers respite to homeowners across the country. Andrew Cardwell, representing Cardwells Estate Agents in Bolton, underscores the significance of this intervention, asserting that while energy rates continue to rise, the cap provides a much-needed lifeline for households, potentially saving up to £1,000 annually compared to anticipated price hikes. Despite the looming challenges posed by interest rate increases and escalating utility costs as winter approaches, Andrew remains cautiously optimistic about Bolton’s housing market, highlighting its resilience and underlying strength.
Reflecting on recent developments, Andrew acknowledges the prevailing economic pressures impacting affordability for homebuyers, particularly in light of interest rate hikes. As winter draws near, the convergence of rising interest rates and utility costs threatens to further strain household budgets, underscoring the importance of prudent financial planning in navigating these turbulent times. Despite these challenges, Andrew observes a notable shift in Bolton’s property market dynamics, transitioning from a seller’s market to a more balanced landscape, with signs of easing buyer demand and an uptick in housing supply. While acknowledging the hardships faced by the community, Andrew remains steadfast in his optimism, emphasising the enduring attractiveness of Bolton’s property market amidst its robust fundamentals. With a diverse array of employment opportunities, exceptional educational institutions, scenic countryside, and vibrant leisure amenities, Bolton continues to exert its allure as a desirable residential destination.
Prime Minister’s Energy Bill Cap: Implications for Bolton’s Housing Sector
Andrew’s confidence in Bolton’s property market resilience stems from its strong foundations and historical adaptability to external economic pressures. Anticipating a moderation in annual property price growth from double-digit surges to single-figure percentages, Andrew views the energy bill cap as a stabilising force, fostering a period of much-needed stability in the housing sector. As homeowners and prospective buyers navigate through uncertain economic terrain, the prospect of a two-year price cap offers a reprieve, alleviating household budgeting concerns and fostering an environment conducive to property transactions. In Andrew’s view, the energy bill cap represents a step towards safeguarding the stability of Bolton’s housing market, instilling confidence and laying the groundwork for sustained growth in the foreseeable future.
