Our very own Andrew Cardwell was interviewed by the Daily Mail about the recent fall in UK house prices! The Mail spoke to estate agents in Bolton and 5 other British towns that had the biggest discounts to understand why…
The article headline was “Almost 40% of homes for sale have had their price cut” and the towns under the spotlight were Bradford, Bolton, Doncaster, Mitcham, Newcastle and London. The theme that ran through the estate agency responses where:
- The uncertainty of Brexit affecting property price reductions
- Overvaluation of properties
- Stamp duty increases have had a negative effect on the housing market
With regards to Bolton which came fifth in the Daily Mail’s price reduction survey, the result was:
Bolton properties for sale – 6.97% REDUCTION
Andrew, managing director for Cardwell Estate Agents in Bolton & Bury was quoted as saying “The impact of a change in stamp duty rules has been unhelpful.. As many people were buy-to-let investors.”
A positive outlook for property Bolton
Andrew Cardwell had a positive outlook and believed the current low prices will not be for long and added, “There is also an awful lot of investment in the town centre and surrounding areas”.
“There are currently huge investments being made in Logistics North; which is a huge distribution centre off the M61 that is creating lots of jobs”
“Amazon has recently opened in Bolton, and it is looking at employing 1,200 people. Plus other companies currently in the pipeline for being positioned there”.
“Logistics North is also home to Aldi, Lidl, Costa and Greene King, with other available spaces soon to be snapped up”.
“Although, it is perhaps suffering now, the long-term looks to be an increase of jobs which will provide a huge boost to Bolton town”.
Will Brexit affect Property prices in Bolton?
So where does this leave you and a potential house purchase? Particularly if you’re worried that Brexit will affect the economy next March and the knock-on effect on house prices?
In an article in the Guardian Newspaper the governor of the Bank of England, Mark Carne, has warned that if it all goes horribly wrong and we face a “disorderly” Brexit or no-deal, the economy will suffer, unemployment, consumer prices and interest rates could rise. In a worst-case scenario, house prices could fall by as much as 25% to 30%.
It’s going to be hard to predict the market, so when buying or selling a property it’s best to make an informed decision based on the things you can control rather than those you can’t – like Brexit!
This is why our estate agents in Bolton and Bury will ensure you get the best service possible and transform any property concerns into an exciting and memorable experience. Guiding you through the home buying process step-by-step!
You can read the recent Daily Mail article in full here.
