Credit: The Bolton News
Managing Market Fluctuations: Insights from Cardwells Estate Agents
Cardwells Estate Agents weighs in on the recent dip in house prices in June, urging homeowners not to be overly concerned by the slight downturn. According to new Land Registry figures, average house prices in Bolton experienced a marginal decline of 0.2 per cent, settling at £138,864. While this contrasts unfavorably with the broader upward trend observed in the rest of the North West, where average house prices surged by 4.3 per cent, and the UK as a whole, which saw a modest average rise of 0.7 per cent, Andrew Cardwell, managing director of Cardwells Estate Agents, offers reassurance to Bolton homeowners. Andrew Cardwell emphasises the contextual factors influencing the June statistics, attributing the dip in house prices to the impact of the lockdown earlier in the year. He explains that the analysis of sold house prices for June reflects a limited number of transactions agreed during the lockdown period, resulting in an incomplete picture of market dynamics. Despite the monthly decline, the annual data reveals a more positive trend, with a 0.7 per cent average increase in house prices for Bolton.
Evaluating Bolton’s House Price Dynamics Amidst Changing Market Trends
Moreover, Cardwell highlights the surge in demand for homes in recent months, citing changes to stamp duty regulations as a significant driving force. The introduction of the Stamp Duty Holiday has stimulated buyer interest, with many seeking to capitalise on the potential savings before the March 2021 deadline. Cardwells underscores the substantial financial benefits for buyers, with potential savings of up to £15,000, making it an opportune time for those contemplating property purchases. While Bolton ranks 30th out of 39 in the North West’s local authorities for annual growth, Cardwells Estate Agents remains optimistic about current market conditions. Acknowledging the inherent fluctuations in house prices due to supply and demand dynamics, Cardwell believes that the present environment offers favorable conditions for both sellers and buyers. With buoyant market conditions and the stamp duty incentive in place, Cardwells encourages individuals contemplating a move to seize the opportunity presented by the current market landscape.
