Credit: Bury Times
Bury Property Market Resilient Amid National Downturn
Cardwells Estate Agents reports a contrasting trend in Bury’s property market amidst a backdrop of declining UK average prices, revealing a substantial increase in property values within the borough. Despite the nation witnessing its fastest annual rate of property price decrease in 14 years, with a notable 3.8 per cent fall in July according to Nationwide Building Society, Andrew Cardwell, Managing Director of Cardwells, highlights Bury’s market as remarkably robust. Amidst challenges such as the cost of living crisis, surging inflation rates, and escalating interest rates, Bury stands as an exception, demonstrating resilience and promising growth prospects that diverge from the broader regional trend.
Insights from Cardwells Estate Agents
Mr. Cardwell underscores the buoyancy of Bury’s property market, citing recent data from the Land Registry indicating a noteworthy £3,980 increase in average property prices for the last month alone. This positive momentum is reflected at the branch level, where Cardwells continues to witness sustained levels of new enquiries and potential buyer registrations, defying seasonal expectations associated with the onset of school holidays. Expressing confidence in the borough’s enduring appeal, Cardwell anticipates a flourishing trajectory over both the medium and long term, underpinned by the market’s solid foundational strengths. Despite the prevailing financial pressures exerted by macroeconomic uncertainties, Cardwells remains optimistic, pointing to recent positive economic indicators that have bolstered market sentiment. Notably, the decline in average mortgage rates offered by financial institutions signals a reduction in borrowing costs, enhancing affordability and incentivising prospective buyers. Additionally, a slight moderation in inflation rates from 8.7 per cent to approximately 7.9 per cent provides further relief, fostering a conducive environment for sustained market activity and growth.
