As November comes to an end, the UK property market reveals key trends that shape buying, selling, renting, and letting activities. Shifts in the economy, regional differences in house prices, and changes in rental demand are shaping the property market in Bolton & Bury. This months update looks at the key trends and insights to help you stay ahead in the market.
Market Overview
The Office for National Statistics (ONS) reported that average UK house prices increased to £293,000 in August 2024. This reflects a 2.8% annual increase from the previous year. This growth is driven by consistent demand, with regional variations. England’s average price was £310,000 (up 2.3%), Wales £223,000 (up 3.5%), and Scotland £200,000 (a notable rise of 5.4%).
Meanwhile, private rent inflation remains high. Average UK private rents rose by 8.4% in the 12 months to September 2024. Average monthly rents in England reached £1,336, with London seeing the highest growth (9.8%).
*Data from ONS October 2024 Bulletin
Navigating the Market as a Buyer
The Bank of England recently adjusted its base interest rate to 4.75%, improving mortgage affordability for many buyers. This adjustment has made mortgage rates more competitive, offering prospective homebuyers in Bolton & Bury an opportunity to access lower monthly payments and enhanced affordability compared to the peak rate levels seen in previous months. Lower interest rates can also boost buyer confidence, encouraging more first-time buyers and existing homeowners to consider entering the market or remortgaging for improved terms.
Tip for Buyers:
Securing a mortgage pre-approval before beginning to search for property in Bolton & Bury not only demonstrates your commitment to proceed but also gives you a clear understanding of your budget. This proactive approach makes you stronger in a competitive market, particularly when competing against cash buyers or those without mortgage pre-approval.
At Cardwells we can help you by introducing you to our independent financial advisers who will:
- Find the mortgage that best suits your circumstances by searching the whole of the market, in the process saving you money
- Help you budget by reviewing your current and future costs making sure that your purchase is affordable
- Explain and help you choose the right level of protection for your mortgage and lifestyle
- Be one point of contact through the entire mortgage process, as opposed to banks where it can be difficult to speak to the same person who originally advised you
Call one of our branches in Bolton or Bury (we also cover Walkden and Worsley) or pay us a visit to see exactly what we can do for you.
Maximising Your Sale Success
Sellers are seeing increased market activity. Recent Rightmove data indicates a 27% rise in sales agreed year-on-year, reflecting strong demand, though buyers remain price-conscious due to economic factors including cost-of-living pressures and mortgage rate fluctuations. For sellers, this means striking the right balance in pricing is critical to capturing buyer interest while remaining competitive.
Not on the market yet? Cardwells Estate Agents is your local estate agent in Bolton & Bury. To request a valuation please call 01204 381281 or 0161 761 1215.
Tip for Sellers:
Setting the right price for your property in Bolton & Bury is crucial for attracting serious buyers quickly. We will expertly value your home so that you achieve the price you deserve for your property. Additionally, you may wish to consider staging your home for viewings. Decluttering, making necessary repairs, and enhancing kerb appeal can all elevate buyer interest, potentially leading to faster offers at or above the asking price.
Landlord Strategies for a Changing Market
The rental market remains buoyant, with average UK rents climbing significantly over the past year, driven by strong demand and limited supply in many regions. Rising rental costs have made it increasingly competitive for tenants, especially in high-demand areas such as Bolton & Bury. However, landlords need to be mindful of policy changes, such as the 2% increase in Stamp Duty Land Tax on additional properties. This adjustment may affect long-term investment strategies, potentially prompting a reassessment of portfolio growth, returns, and the viability of new property acquisitions.
Tip for Landlords:
Understanding legislative changes is critical for maximising rental yield in Bolton & Bury. Regularly review your rental portfolio with a property tax advisor to assess the implications on tax relief, deductions, or changes in tenant rights. Consider investing in energy efficiency improvements, as government incentives and tenant demand for greener homes may lead to longer tenancies and reduced void periods. Communication with tenants about their expectations and maintenance needs can also build stronger relationships, minimising costly turnover.
Cardwells offer a full rental management service to help landlords remain compliant and up-to-date.
Securing Your Next Home as a Renter
Renters face a highly competitive market, characterised by strong demand for available properties and rapidly shifting rental prices. The government is working to make housing more affordable by expanding social housing options and giving tenants more rights, aiming to ease the pressure on renters struggling with rising costs. However, while these measures offer hope, the market remains difficult for many renters. This is particularly prevalent in high-demand areas where supply remains constrained.
Tip for Renters:
Begin your search for rental properties in Bolton & Bury well in advance to increase your chances of finding a suitable home. Ensure you have necessary documents, such as identification, proof of income, and references, ready prepared for quick submission. A solid credit score and positive rental history can give you an advantage over other applicants. If negotiating with landlords, emphasise your stability and reliability to potentially secure more favourable lease terms.
Oldest, Largest, Smallest!
Did you know that the UK’s oldest surviving house is over 11,000 years old and located at Star Carr in North Yorkshire? The dwelling offers insight into Britain’s early settlement patterns, illustrating how the evolution of housing has shaped today’s market landscape.
From the oldest to the largest! The UK’s biggest private residence, Wentworth Woodhouse in South Yorkshire has over 300 rooms and spans 250,000 square feet. Its grand Baroque and Palladian architecture is an incredible example of Britain’s rich historical legacy. It reflects how luxury and scale remain a unique part of the property market.
In stark contrast, one of the UK’s smallest detached houses, at just 290 square feet, was recently marketed for £1.2million in Chelsea, West London. This highlights the creativity and premium pricing often found in high-demand urban areas.
Looking Ahead
The UK property market is expected to remain stable as 2024 closes, with potential growth of 2.5% to 4% predicted over the next two years. Economic shifts, interest rate adjustments, and evolving housing policies will continue to shape market trends.
Note: The information in this article is based on data as of November 2024 and may change. Always seek professional advice for specific circumstances.
What Next?
Cardwells Estate Agents bring you our property market update each month. Look out for our next property market update at the end of December!
Selling property in this area since 1982, Cardwells are the market leading estate agents in Bolton and Bury. We are here to work for you and to help you achieve the best possible price for your home.
Cardwells Estate Agents Bolton and Cardwells Estate Agents Bury are available if you would like more advice on selling your home, or an up to date property valuation. We can provide an accurate valuation of your property for free. Simply complete the form here and we will be in touch promptly, or call our experienced team on 01204 381281 or 0161 761 1215 and request a valuation today.
Cardwells can also introduce you to independent financial advisors to help you find the best mortgage product for your move or remortgage. Just fill in the form here and we will pass your details on.
Cardwells Estate Agents Bolton
01204 381281
[email protected]
Cardwells Estate Agents Bury
01617611215
[email protected]
