Credit: The Bolton News
Navigating Challenges: Bolton’s Property Market Dynamics in 2023
Cardwells Estate Agents delves into the intricate dynamics of Bolton’s property market as 2023 unfolds. Despite the persistent demand for homes in Bolton, Andrew Cardwell, the owner of Cardwells Estate Agents, expresses caution as the market grapples with challenges. Particularly concerning for first-time buyers, the shortage of quality homes remains a notable hurdle. The impact of rising inflation and stamp duty has tilted the scales, making it challenging for newcomers to compete with investors. Andrew Cardwell emphasises the enduring strength of the Bolton property market, rooted in fundamental aspects that draw people to the town, including excellent schools, promising employment opportunities, picturesque countryside, robust travel links, and top-tier leisure and sporting facilities. However, as the property market adjusts to the cost-of-living crisis, higher interest rates, and the withdrawal of stamp duty incentives, Andrew anticipates a shift from the frenzied activity of recent years. While acknowledging a potential decrease in demand, he highlights the persistent shortage of quality homes for first-time buyers, families, and those seeking bungalows in Bolton.
Cardwells Estate Agents Analyses the Landscape Amidst Rising Demand and Market Shifts
As the new year unfolds, the reliance on the ‘bank of mum and dad’ may intensify for aspiring first-time buyers grappling with higher mortgage rates and surging rental costs while striving to save. The recent Bank of England base rate hikes, including the December jump from 3% to 3.5%, add another layer of complexity to the evolving property landscape. Tim Bannister, Rightmove’s property expert, suggests that although first-time buyers may experience more choice and negotiating power in the coming year, significant price drops or bargains should not be anticipated, given the market’s resilience in the aftermath of the pandemic frenzy.
