Credit: Your Local Bury
Key Trends in Sales, Rentals, and Property Prices
Cardwells Estate Agents, has closely monitored the property market throughout 2024, identifying key trends in sales, rental demand, and price fluctuations. Andrew Cardwell shares his expert insights into how the local market has evolved and what buyers, sellers, landlords, and tenants can expect moving forward.
Property Sales and Prices
Bury’s property market began 2024 on a strong note, continuing the steady growth seen in 2023. Average house prices rose by around 5% year-on-year, reaching approximately £250,000 by mid-year. Demand remained particularly high for detached homes and properties in sought-after areas such as Greenmount and Holcombe, with prices increasing by more than 7% in some cases.
However, in the latter half of the year, market activity started to cool. Rising interest rates impacted affordability for first-time buyers, and concerns over Stamp Duty Land Tax further influenced buyer confidence. Despite these challenges, properties priced under £200,000 – especially terraced homes – continued to attract high levels of interest from budget-conscious buyers.
Rental Market Trends
The rental sector in Bury has been exceptionally active in 2024, with average monthly rents increasing by nearly 8% compared to the previous year. Flats and smaller homes in Ramsbottom and Whitefield have been particularly sought-after, driven by demand from young professionals and commuters.
Competition for rental properties has intensified, with many homes being let within days of listing. Cardwells Estate Agents has seen a 13% rise in tenant enquiries year-on-year, reflecting both a local and national shortage of rental stock. The reduced number of new buy-to-let investments – partly due to changing tax regulations – has further constrained availability, putting upward pressure on rental prices.
Market Outlook
Bury remains an attractive location for both buyers and renters, offering excellent transport links via the Metrolink and M66 motorway, as well as highly regarded schools and beautiful countryside. While some experts predict continued moderate property price growth of 3-4% in 2025, rental prices are likely to remain high unless there is a significant increase in available properties.
Despite wider economic challenges, Bury’s combination of affordability compared to central Manchester and its strong local appeal ensures its property market remains resilient. Investors and homeowners alike continue to view the borough as a key area of opportunity within Greater Manchester.
