Andrew Cardwell, Managing Director at Cardwells Estate Agents – North West England
Our Andrew Cardwell was recently interviewed to provide a synopsis of the North West of England property market, of course there is a special emphasis on Bolton and Bury.
“We have been pleased with the solid demand levels in the Bolton, Bury and Greater Manchester sales market, with strong, almost unseasonal levels of sales being agreed, though this is primarily in the middle and lower price brackets of the marketplace. The more expensive properties are proving to be a little slower, perhaps in line with the cost of borrowing remaining high.
Of course, the freezing of the interest rates by the Bank of England has been helpful as more rises would have put significant pressure on the market, and the reductions in the lending rates by most banks and building societies has been most welcome. Fingers crossed now that inflation levels are below Mr Sunak’s 5% target, there may be reductions in the interest rates in the first quarter of 2024.
The rental market continues to be buoyant, sustained by a low level of supply to the market, as a significant proportion of landlords have decided to step away from the business model over recent times due to changes in tax, allowances and concerns about Section 21 abolishment. This shortage of supply has meant that achieved rents have increased, and landlords often have a choice of potential tenants. This creates a trying task for some potential tenants who can find it difficult and competitive when trying to secure a new home.”
