Credit: The Bolton News
Confidence in Bolton’s Property Market Remains High
Cardwells Estate Agents a trusted name in Bolton’s real estate, report a continued rise in property prices, reflecting a longer-term growth trend of 2.8 per cent over the past year. In April, the average house price in Bolton stood at £190,276, showing a 0.7 per cent increase from March. This monthly growth mirrors the North West region’s 0.7 per cent rise and surpasses the UK-wide increase of 0.3 per cent.
This steady growth places Bolton 15th among the North West’s 35 local authorities in terms of annual price increases, with an average property sale price rise of £5,200 over the last year. First-time buyers are paying an average of £159,400, which is £4,500 more than a year ago and £47,300 more than in April 2019. In contrast, former owner-occupiers spent an average of £210,500 in April, which is 32.1 per cent higher than first-time buyers.
Diverse Market and Optimistic Outlook
Cardwell pointed out the high confidence among buyers, supported by excellent supply levels that meet consistent demand. He noted, “If interest rates were lower, the price growth figures would likely be greater. With recent news that inflation has reached the 2 per cent target, it is widely anticipated that interest rates will decrease as we progress through 2024. The Bank of England’s next meeting to discuss this is in August 2024.” The expected interest rate cuts could further boost the property market. A study by On The Market showed that 85 per cent of active buyers in the UK were confident they would purchase a property within the next three months, despite the high interest rates and an upcoming general election.
In comparison to many parts of the UK, the Bolton (and Bury) housing stock remains more affordable, offering great value for money. Cardwell concluded, “The Bolton property market is strongly positioned and performing well given the economic conditions. It is likely to gain more momentum in autumn and winter 2024. Therefore, if you are considering buying a property in 2024, now may be a good time to explore what is available.”
