Credit: Your Local Bury
A Strong Start for the Bury Property Market in 2024
Cardwells Estate Agents reports a robust beginning to the Bury property market in the first quarter of 2024. January and February witnessed a notable increase in properties entering the market compared to the same period in 2023, offering prospective buyers a wider selection of options. Despite initial hopes for falling interest rates not materialising in January and February, demand for property sales remained resilient across Bury, Whitefield, Bolton, and Greater Manchester. Strong sales agreed levels indicate sustained buyer interest, reflecting optimism in the market’s stability. The rental market in Bury has also seen significant activity in early 2024, albeit facing challenges due to a shortage of available properties. Landlords opting to sell properties have contributed to this supply shortage, resulting in heightened demand and rising rental prices. Over-subscribed properties afford landlords the luxury of choice and the opportunity to command higher rents compared to the previous year.
Insights from Cardwells Estate Agents
The increasing rental yields in Bury may incentivise new landlords to enter the market and encourage existing ones to maintain their investments. With no significant political or taxation changes anticipated, the busy rental market is expected to persist throughout 2024, driving further growth in achievable rents. Overall, the Bury property market demonstrates resilience and vitality in the face of economic uncertainties. As the year progresses, Cardwells Estate Agents anticipates continued momentum in both the sales and rental sectors, positioning Bury as an attractive destination for property investment and rental opportunities.
