Credit: The Bolton News
Bolton Property Market Update: Insights from Cardwells Estate Agents
Cardwells Estate Agents delves into the latest developments in Bolton’s property market, as new figures reveal a slight decline in house prices during February. Despite this minor setback, the broader trajectory reflects a robust annual growth of 10.6 per cent, underscoring the resilience of Bolton’s real estate sector. With the average house price in February recorded at £187,909, a marginal decrease of 0.4 per cent from January, Bolton remains a stronghold amidst regional and national fluctuations.
Andrew Cardwell, owner of Cardwells Estate Agents, offers valuable insights into the market dynamics, stating, “The performance of the Bolton property market in direct comparison to the UK as a whole shows the robust levels of demand at play in comparison to other areas, and is testament to the strong foundations that our Bolton property market is built upon.” He emphasises the significance of viewing recent price dips within the context of medium-term trends, where notable price increases have been observed. Acknowledging external factors such as the ongoing cost of living crisis, inflationary pressures, and rising interest rates, Cardwell remains optimistic about the market’s resilience. He notes a surge in post-Easter market activity, with increased viewer interest and prospective buyers considering moves ahead of the September school term. Furthermore, he highlights Chancellor Sunak’s efforts to target a significant reduction in inflation rates for 2023, which could potentially lead to a decline in borrowing costs.
Analysing Trends and Prospects Amidst Marginal Price Adjustments
Looking ahead, Cardwell anticipates a more favorable borrowing environment, with lending rates becoming increasingly competitive in recent months despite the base interest rate hikes. He expresses confidence in the Bolton property market’s stability and underscores the excellent value for money it offers compared to other areas. Examining buyer demographics, the data reveals notable shifts in purchasing patterns. First-time buyers in Bolton have seen a substantial increase in average property prices, with figures standing at £157,000 in February – a £15,000 rise from the previous year. Conversely, former owner-occupiers paid significantly higher prices, reflecting a 33.3 per cent disparity compared to first-time buyers. In conclusion, while minor fluctuations may occur, Bolton’s property market maintains its allure, offering both stability and potential for growth. With prudent strategies and a conducive economic environment, the outlook remains optimistic for investors and homeowners alike.
Read the full news article on The Bolton News here.
