Credit: The Bolton News
Unraveling Bolton’s Rental Quandary: Escalating Costs and Implications
Cardwells Estate Agents unveils a seismic shift in Bolton’s rental landscape, where rents have surged by more than a third, underscoring the mounting affordability challenges associated with urban living, as per recent research. Commuter towns like Bolton, where a mere 20-minute train journey connects it to Manchester’s bustling city center, are witnessing unprecedented spikes in rental prices. From December 2020 to December 2023, average rents catapulted from £569 to £789, marking a staggering 38.7% increase. This surge in rental costs in Bolton outstrips even Manchester’s, where rents climbed by 37.8% over the same period, peaking at £1,069 a month. Bolton notably experienced the highest rent surge across the UK in the past year alone, recording a remarkable 14.8% increase. Over the span of three years, Bolton stands second in the list of areas with the highest rental growth rates, as per comprehensive research.
Andrew Cardwell, of Cardwells Estate Agents, attributes this steep rise in rents to multiple factors. He highlights the dwindling supply of rental properties in the market, as several landlords have withdrawn from the Private Rental Sector due to escalating tax burdens in recent years. This reduced supply, coupled with sustained demand, has inevitably led to upward pressure on prices, as properties that do make it to the market become increasingly sought after. Despite the concerning trend, Cardwell underscores that Bolton still offers relatively cheaper rental options compared to neighboring towns such as Bury, Rochdale, Warrington, and Manchester, as evidenced by the Zoopla study.
An In-depth Analysis of Bolton’s Soaring Rental Market
However, not everyone shares Cardwell’s optimism. MP Yasmin Qureshi warns of a looming ‘rent crisis’ in Bolton, attributing it to the ripple effects of soaring costs in Manchester. She expresses concerns about Bolton turning into a mere dormitory town for Manchester, emphasising the urgent need for robust investment in housing and market regulation. Labour Councillor Jack Khan, who operates a letting agency, echoes these sentiments, citing a sharp increase in rental rates over the past few years. He notes that while some hikes are necessitated by landlords’ increased mortgage costs, others stem from sheer greed.
Richard Donnell, the executive director of research at Zoopla, sheds light on the broader rental landscape across the UK. He emphasises the escalating demand for rented accommodations, driven by various factors including unaffordability of homeownership, a resurging economy post-pandemic, robust job markets, burgeoning student populations, and high immigration rates. Donnell emphasises the urgent need to increase housing supply across all tenures to alleviate the rental affordability crisis gripping not just Bolton but the entire nation.
In conclusion, the exponential surge in rental costs poses significant challenges for Bolton’s residents, highlighting the urgent need for comprehensive strategies to address the affordability crisis and ensure access to decent housing for all.
