Newspaper Interview with Andrew Cardwell on House Prices in 2020

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Our  Andrew was interviewed in the Bolton News about property prices and pressures on supply and demand levels, here is the link to the article and the text is below 🙂

https://www.theboltonnews.co.uk/…/18731199.bolton-june…/

A local estate agent is urging people “not to dwell” on a drop in house prices in June.

New Land Registry figures show that average Bolton house prices dropped 0.2 per cent to £138,864 in June.

Bolton’s picture was worse compared to the rest of the north west, where average house prices increased by 4.3 per cent, and the UK as a whole which saw an average rise of 0.7 per cent.

Andrew Cardwell, managing director of Cardwells Estate Agents, says this should not be a concern for Bolton homeowners.

He said: “This statistic is no cause for concern at all. Given the lockdown situation that we were all in earlier in the year, there were virtually no sales being agreed, which would normally complete two to three months later.

“Therefore when it comes to the sold house price analysis for the sales completed in June, it will only be based upon a very limited number of transactions being agreed during the lockdown period.”

Despite the drop in June, statistics showed that there has been a 0.7 per cent average annual increase in house prices for Bolton.

Mr Cardwell pointed out that demand for homes has increased in recent months, with changes to stamp duty a major reason for this.

“I urge people not to dwell on this too much and lets instead look at the positives, as there have been superb demand levels ever since the property market was unlocked in May 2020, perhaps some of this was due to pent up demand, but in addition we have had the introduction of the Stamp Duty Holiday, which has meant that the vast majority of house purchasers in our town will be able to do so without the encumbrance of paying tax for the privilege of buying a new home,” he said.

“This is a notable saving, that could be as much £15,000 for some buyers. Many potential purchasers are looking to try to take advantage of this huge tax saving before the March 2021 deadline.”

The annual average increase means that the average sale price of property in Bolton rose by £1,000, putting Bolton 30th out of 39 in the north west’s local authorities for annual growth.

Mr Cardwell continued: “There will always be fluctuations in the market prices as pressures on supply and demand have an impact, however at this very moment the conditions are excellent for sellers as there are a number of buyers in the market and they are superb for buyers as the stamp duty incentive is in place now, so there are saving to be made.

“If you are thinking of making a move, this could be a good time. I am hopeful that these buoyant market conditions will continue, whilst purchasers can take advantage of the stamp duty incentive.”

 

 

 

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