Bury Property Market Bucks National Trends with Monthly Growth in Summer 2023

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The property market in Bury has remained robust and performed well especially when compared directly against this national figures. In fact information released by the Land Registry in July 2023 has in fact showed that Bury property prices increased on average by £3,980 for the last month.  So this is bucking the national trend and is also is notable particularly in comparison to our neighbouring towns within Greater Manchester which have seen falls.  In essence Bury is one of the few towns that has seen property price growth recently. 

At branch level we have seen no slow down in new enquiries or registering potential buyers, since the start of the school holidays, which sometimes happens this time of year. Of course, the Bury property market has been affected by political and economic pressures during the last twelve month period, such as high inflation levels, the cost of living crises and rising interest rates, yet has still performed well. Bury has so many attractive features that there remains a strong demand for property in our town and there is an eclectic mix of property, that there is something for everyone in Bury.  There are wonderful schools, breathtaking countryside, superb transport links particularly via the Metrolink and motorway networks and wonderful sporting, leisure and retail facilities to name just a few factors.  Although these political and economical pressures have played their part in the performance of the property market over the last year, there are two positive economical factors that have been reported during the last fortnight which may well help contribute to an improved Bury property market in due course.  The first is that the average mortgage rates offered by banks and building societies has fallen for the first time in months, this means the cost of borrowing money to purchase a property is coming down in comparison to only a few months ago, and the second is that the rate of inflation has fallen to 7.9% for the year which was at 8.7% for the year to May.  There is still some way to go for the The Prime Minister’s 5% target by the end of the year to be met, but this is certainly a positive for the property market.  Bury’s property market is built on strong foundations and it will continue to be robust, and will likely flourish over the medium and long term.

 

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