Credit: The Bolton News
Bolton Property Market Bucks National Trend, Shows Resilience Amid Economic Challenges
Cardwells Estate Agents observes a contrasting narrative in the Bolton property market amidst nationwide fluctuations, as UK house prices exhibit a marginal decline of 1.8 per cent despite surges in mortgage rates. While Nationwide reports stagnation in the average house price nationally during December, with a modest 4.5 per cent decline from the peak in 2022, Bolton stands out with a notable increase in property values across the borough. Andrew Cardwell, Managing Director at Cardwells, attributes this resilience to the market’s adaptability amid challenging economic conditions, emphasising Bolton’s outperformance compared to many other regions.
Navigating Challenges: Bolton Real Estate Defies National Trends
In the face of mounting pressure from escalating interest rates, inflation levels, and the cost-of-living crises, the Bolton property market has defied projections of substantial decline. Contrary to initial forecasts of a 20 per cent drop in average house prices in England throughout 2023, data analysis reveals that Bolton experienced a marginal decrease of less than one percent over the past year, significantly outperforming the national average. While Nationwide’s figures indicate a nominal realignment of 1.8 per cent nationally, Cardwells’ insights, supported by Plumplot analysis, highlight Bolton’s robust market dynamics. With Rightmove data indicating a remarkable 14 per cent increase in the average property price since 2020, Bolton demonstrates a sustained upward trajectory, showcasing resilience and market buoyancy amid economic uncertainties. The surge in activity witnessed at Cardwells’ Bolton office during December, including a flurry of viewings, sales agreements, and rental applications, underscores the market’s vitality and consumer confidence. Looking ahead to 2024, Cardwell anticipates continued post-Christmas momentum and market improvement, buoyed by expectations of declining inflation and subsequent interest rate reductions, poised to reinvigorate not only Bolton but the broader UK property landscape.
