Across the UK house prices (as collated by the Land Registry) show dropped by 1% from January to February this year and are down by 0.6% in the North West. However, in Bolton the drop is just 0.4% with an average house price in the area currently £187,909.
Despite this drop prices in the area are 10.6% higher than this time last year.
In the last 12 months, properties in Bolton increased in value £18,000 – this places Bolton 9th amongst the 35 local authorities in the North West for annual growth.
Quoted in the Bolton News 23rd April, Andrew Cardwell, owner of Cardwells Estate Agents, said: “The performance of the Bolton property market in direct comparison to the UK as a whole shows the robust levels of demand at play in comparison to other areas, and is testament to the strong foundations that our Bolton property market is built upon.
“Although there has been the expected small recent price dips according to this data, this must be viewed in the context of the more medium term where prices have risen notably.
“The cost of living crisis, inflationary pressures and rising interest rates inevitably have played a part in the recent market conditions, though the post Easter market has been very active with viewers, and those thinking about perhaps moving ahead of the September school term.
“Mr Sunak has targeted a significant reduction in the inflation rates for 2023, and should that happen, I would expect the cost of borrowing (interest rates) to fall too.
“So, as we progress through 2023, we may well see the cost of borrowing reducing.
“In fact, over the last couple of months, despite the base interest rate increasing, some of the major lenders have actually reduced their lending rates over the last few weeks, so the rates available are more competitive than only a few months ago.
“I’m confident that the Bolton property market will remain robust as we move through 2023 and as these figures indicate, there is excellent value for money in purchasing Bolton property in comparison to other areas.”
