Credit: The Bolton News
House Price Trends in Bolton: Defying the National Downturn
Cardwells Estate Agents notes a remarkable phenomenon in the Bolton property market, defying the downward trend witnessed across the nation. Despite a one per cent decrease in average property prices for England and Wales over the past year, Bolton has experienced an upward trajectory, with the average house selling for £166,000 – a three per cent increase from the previous 12 months. Andrew Cardwell, owner of Cardwells estate agents, views this “market defying” rise as encouraging news for homeowners witnessing a steady appreciation in property values. He attributes this resilience to various socio-economic factors, including substantial investments in Bolton, notably the development of Logistics North, home to major companies such as Aldi, Amazon, Whistl, and Lidl. The influx of employment opportunities in Bolton has led to heightened demand for properties in the area, contributing to the upward pressure on prices. Cardwell advises potential sellers to seize the opportunity, noting a reduced inventory of properties entering the market compared to previous years, coupled with solid and improving demand levels expected to persist into the new year. During the October 2018 – September 2019 period, six houses in the area fetched prices exceeding £1 million, reflecting the diversity of the local market. Notably, almost a third of houses sold fell within the £100,000-£150,000 price range, indicating affordability within the town.
Analysing the Resilience of Bolton’s Property Market Amidst National Trends
New build properties command an average premium of £40,000 over established homes, a disparity possibly influenced by the limited availability of flats and terraced houses – the more affordable options in the market. Further analysis reveals that the BL1 2 postcode boasts the lowest house prices in Bolton, with the average property priced at just £78,600, largely due to the prevalence of terraced houses and flats in the area. Conversely, Chapeltown or Edgworth (BL7 0) emerge as the most expensive areas in Bolton, with properties commanding an average price of £329,000. Illustrating the diversity of the market, the most expensive house sold in the recent period, located on Chorley New Road in Heaton, fetched £1,300,000 in December last year. This six-bedroom detached house, featuring five bathrooms, two reception rooms, an annex, and a cinema room, underscores the allure of premium properties within the Bolton area.
