According to a recent report Bolton has the second cheapest average monthly rents in Greater Manchester at £736. We asked Cardwells MD Andrew Cardwell for his thoughts on the rental property market in Bolton. He said:
“The statistics make interesting reading and really emphasise the point that the Bolton property market offers excellent value for money in comparison to a lot of our Greater Manchester neighbours. The study shows that Bolton has the second cheapest rents on average of all the areas in Greater Manchester, which at first glance will perhaps seem quite surprising. Our town of Bolton has so much to offer and to attract people such as; fantastic employment opportunities (particularly at Logistics North), the expanding University, wonderful shopping facilities all across the town, fabulous restaurants, excellent transport links via road and railway, highly regarded public and private schools, vibrant and welcoming communities, wonderful sports clubs and some breathtaking countryside. With such attractions to our town it would be easy to imagine that Bolton would be one of the highest priced towns for rental property in Greater Manchester, however we have to remember that there is a significant stock of traditional terraced properties that are in line with the industrial legacy of historical textile manufacturing in our town. In addition there are a significant number of student properties and Homes of Multiple Occupancy. These terraced properties, students flats and HMOs tend to be more affordable than some other types of homes, such as detached properties, so a notable stock of these types of properties has an impact on the average rental value of a home when statistics are collated.
The Bolton rental market has remained quite buoyant, as overall it is underpinned by a lack of supply to the private rental market. Unfortunately the tax pressures, legislatives burdens and the soon to be enacted Renters (Reform) Bill has contributed to the decision for a significant number of landlords to step away from the business model and sell their investment properties, often removing those properties from the rental market if sold to owner occupiers for example. We have also noticed that existing tenants choose to remain in their rental homes for longer periods than previously, perhaps this because there is less property to choose from to move to. If there is limited supply then the demand levels do not to be great to surpass the supply and put pressure on prices to rise. Relatively high interest rates and significant deposit levels being required by mortgage lenders can make purchasing a property challenging, so for many renting is a sensible avenue, and as this research shows Bolton can be one the most cost effective places in Greater Manchester to rent. In many cases the rental properties that are brought to the lettings market are oversubscribed, and landlords can often find themselves with several applicants for their property. We at Cardwells have a significant database of potential tenants who we can contact when a property comes to the rental market, often we have people waiting for something to come available to rent.
Despite the excellent demand levels and the limited supply of property to the rental market in Bolton the rents have not continued to rise at the same rate that they had done in the post covid market place, where the was a chronic under supply of property and a significant over demand, rents rose around 20% in circa 2 years at one point. Those types price growths cant continue each year as wages do not rise at the same rate, and pressures on affordability will always have an impact of course on what can pay in rent.
The figures detailed in the research would suggest that the Bolton rental property market has plenty of scope for medium and long term rental price growth, there are so many reasons to choose to live in our fabulous town and the excellent value rental properties will no doubt continue to be an attraction to many, when the costs are notably higher in other parts of Greater Manchester”
If you are landlord in Bolton or a landlord in Bury looking to let a property in Bury or let a property in Bolton then get in touch with Cardwells now and we will be able help
Cardwells Lettings Agents Bolton 01204381281, [email protected] www.cardwells.co.uk
Cardwells Lettings Agents Bury 01617611215, [email protected] www.cardwells.co.uk
https://www.cardwells.co.uk/get-your-free-valuation/
The original study can be found here:
https://www.zoopla.co.uk/discover/property-news/rental-market-report/#uk-rental-inflation-lowest-for-3-5-years
