Bury and Bolton Property Market Predictions for 2021
2020 was an unimaginable year for everyone. Personally, I feel so lucky that my family, friends and colleagues have, overall, come through the year with their health and happiness intact. For that I am most grateful. 2020 was a crazy year for the property market, with periods of virtually no activity particularly during the lockdown times, and then periods of high demand, due in part to the cuts in stamp duty.
I’m confident that the Bury and Bolton property market will be much more stable in 2021. Though exactly how it develops, and in turn any changes to property prices in Bury and Bolton as we move through 2021 will depend on a number of health, political, social and economic factors. Hopefully the Coronavirus vaccine continues to be issued throughout our community, but ongoing concerns and the direct impact of Covid will potentially have a large bearing again in 2021, though hopefully, even if there is another wave, we are all a little more prepared than in February / March 2020. The UK’s ties with the EU have been severed on 31st December 2020, and Brexit has happened, this will have an impact on business and industry even though preparations have been in place for some time. Importantly, interest rates are very low, this means that the cost of borrowing is cheap in comparison to previous years, this can often make moving house a little more affordable. I would expect greater availability of lower deposit mortgages at competitive rates in 2021.
Bury and Bolton have wonderful schools, beautiful countryside, enviable sports facilities, superb transport links, much admired shopping facilities, and fantastic leisure attractions. It is no wonder Bolton and Bury is so popular with buyers. I predict confidently that there will continue to be strong demand levels in our town which will inevitably be buoyed by the relatively cheap cost of borrowing and the shortage of new homes. When demand outstrips supply, it puts pressure on prices to rise. Rightmove predict that, nationally, there will be an approx. 4% rise in house prices, while other commentators have speculated a more modest growth in 2021, to be followed in 2022 with a marked upswing.