Bolton estate agent predicts housing market resilience through recession

Against the backdrop of economic turbulence, with the UK poised to enter a recession in the latter part of the year as forecasted by the Bank of England, Bolton’s housing market resilience remains unwavering. Despite projections indicating a contraction in the economy with inflation emerging as a significant long-term concern, local estate agents like Andrew Cardwell maintain faith in the housing sector’s stability. Cardwell emphasises the market’s robustness, underpinned by solid foundations, suggesting that any potential downturns are more likely to manifest as a moderation in price growth rather than precipitating a full-fledged crash. As economic indicators fluctuate and fixed-rate periods for mortgages come to an end, Cardwell acknowledges the impact of rising interest rates on affordability, signalling potential challenges for both new buyers and those seeking to renew existing mortgages post-fixed-rate terms. Despite these factors, the prevailing sentiment remains one of cautious optimism, underlining the resilience of Bolton’s housing market in navigating through uncertain economic terrains.