Here at Cardwells Estate Agents in Bolton and Cardwells Estate Agents in Bury, we are keeping a close eye on both the national trends and what they mean for the local property market across Bolton, Bury and the surrounding areas.
National Housing Market – A Gradual Improvement in Affordability
Recent data from the Nationwide Building Society shows that nominal house price growth is currently running at around 1.0%. While this is modest, it means that when inflation is taken into account, house prices are still technically falling in real terms.
In practical terms, this is slowly improving affordability for buyers, particularly in higher value areas such as London and across the South of England. However, given the current economic uncertainty, many buyers are still cautious about committing to a purchase.
Mortgage approval figures also reflect this cautious sentiment. According to the Bank of England, around 60,000 mortgages were approved in January, which is below the six-month average of approximately 64,100. This remains relatively subdued despite mortgage rates generally sitting below 4%.
What We Are Seeing in Bolton and Bury
Locally, the market across Bolton and Bury has remained more resilient than many higher-priced areas of the country.
Because property values here are generally more affordable than in southern regions, first-time buyers and movers are still active when the right property comes to market at the right price.
At CARDWELLS Estate Agents Bolton and CARDWELLS Estate Agents Bury, we are seeing:
- Continued steady demand from first-time buyers
- Buyers taking longer to make decisions
- Properties priced realistically still selling well
- Some sellers needing to adjust asking prices to meet the market
Encouragingly, market analytics company TwentyCi reported that the number of agreed sales in February rose above the same period last year for the first time since September. New listings were also up by around 2.4% year-on-year, suggesting that confidence may slowly be returning.
However, the number of sellers reducing their asking prices has remained largely unchanged nationally, which suggests that the market is still finding its balance.
Higher Value Homes
At the upper end of the market, particularly for homes above £1 million, activity remains around 3.2% lower year-on-year nationally.
Fortunately, this segment is far less relevant to markets like Bolton and Bury, where demand for family homes and first-time buyer properties continues to underpin much of the local market activity.
Interest Rates and What Happens Next
The next interest rate decision from the Bank of England is expected on 19 March.
With inflation easing to around 3.0% and unemployment rising slightly to 5.2%, many analysts are predicting a 0.25% reduction in the Bank Base Rate to around 3.5%.
If this happens, it could help boost buyer confidence and potentially stimulate further activity in the housing market during the spring and summer months.
Of course, global factors — including geopolitical tensions in the Middle East — could still influence the timing of any rate cuts.
The Value of the UK Housing Market
Looking at the bigger picture, the total value of the UK housing market is estimated to have reached £9.18 trillion by the end of 2025.
While the national market may be adjusting after several years of rapid price growth, housing remains one of the UK’s most valuable and resilient assets.
Rental Market Update
The rental market is also beginning to stabilise.
According to data from HomeLet, average UK rents rose by around 2.0% annually in February.
Interestingly, this is below wage growth, which the Office for National Statistics reports at around 4.2% to the end of December.
However, demand for rental homes remains strong. The Royal Institution of Chartered Surveyors recently reported a modest increase in tenant demand alongside continued supply shortages as the industry prepares for upcoming legislative changes.
Important Changes for Landlords: The Renters’ Rights Bill
Many landlords are understandably concerned about the upcoming Renters’ Rights Bill, which is expected to introduce significant changes to the private rental sector across England.
One of the most widely discussed changes is the abolishment of Section 21 “no-fault” eviction notices, which have historically allowed landlords to regain possession of their properties without providing specific grounds.
These reforms will place greater emphasis on compliance, correct procedures, and professional property management.
For many landlords in Bolton and Bury, this is prompting an important question:
Is it time to have your property professionally managed?
At CARDWELLS, we specialise in helping landlords stay compliant with constantly changing legislation while protecting their investment.
Our fully managed service can help with:
- Keeping your property legally compliant
- Handling tenancy agreements and renewals
- Managing maintenance and repairs
- Ensuring the correct legal notices and procedures
- Providing expert advice on the new legislation
With the rental landscape changing rapidly, having an experienced local agent managing your property can provide peace of mind and protection for your investment.
Thinking of Selling, Letting or Investing in Bolton or Bury?
Whether you are selling a property, looking for your next home, or seeking expert guidance as a landlord, our experienced teams in Bolton and Bury are always happy to help.
CARDWELLS Estate Agents Bolton
☎ 01204 381281
📧 [email protected]
🌐 www.www.cardwells.co.uk
📍 14–16 Bradshawgate, Bolton, BL1 1DG
CARDWELLS Estate Agents Bury
☎ 0161 761 1215
📧 [email protected]
🌐 www.www.cardwells.co.uk
📍 44–46 Market Street, Bury, BL9 0AJ
If you would like an up-to-date valuation of your property in Bolton or Bury, or advice about letting or managing a rental property under the new legislation, please feel free to contact our team.
We would be delighted to help.
