The property market in Bury and Bolton has long been a hot topic of debate around our towns, and as enter 2024 it’s no different. In 2023 we saw consistent interest rate rises, which increased the cost of borrowing (mortgages), and along with the Cost of Living Crises, put significant financial pressure on our households. During the early part of 2024 there has been a reduction in interest rates offeeed by a number of lenders who are anticipating the Bank of England reducing the base interest rate soon, and there is a feeling that the rates may continue to fall as we progress through the year.
Reducing interest rates could serve as a catalyst for rejuvenating the Bolton and Bury property market. Historically lowering interest rates has been a powerful tool to stimulate economic activity. In the context of the Bury and Bolton property market, a decrease in interest rates could have several positive effects.
Firstly, reduced interest rates translate to lower mortgage costs for potential homebuyers. This makes homeownership more accessible to a broader segment of the population, encouraging a higher number of individuals and families to enter the property market. As demand increases, so does the overall buoyancy of the property market.
Furthermore, lower interest rates are likely to incentivise existing homeowners to consider upgrading, or perhaps even investing in additional properties on a Buy To Let basis.
The construction and development sector in Bury and Bolton could also benefit from reduced interest rates. Lower financing costs for developers can help spur new construction projects, addressing the existing new home supply / demand gap. Increased construction activity not only creates jobs but also contributes to the overall growth of our local Bury economy. A thriving Bolton and Bury property market can have a ripple effect on related industries.
While homeowners and potential buyers stand to benefit significantly from falling interest rates, save a thought for savers relying on interest income who will not welcome the lowering of interest rates.
If you are thinking of selling, buying or letting out a property in Bury, give my colleagues and I at Cardwells Estate Agents Bury a call on 01617611215, or pop in and see us for a cuppa in our town centre office at 14 Market Street, Bury, Lancs, BL9 0AJ, we are next door to the wonderful Wax and Beans record and coffee shop.
If you are thinking of selling a property in Bolton via auction or a more traditional method, letting a house in Bolton, selling commercial property in Bolton, letting a flat in Bolton, letting a shop in Bolton, selling a house in Bolton for example, then Cardwells Estate Agents Bolton are your perfect Estate Agents in Bolton. Cardwells Estate Agents Bolton 01204381281, email: [email protected] or visit us at www.Cardwells.co.uk
Cardwells are the market leading estate agents in Bolton and Bury and are here to work for you and get you the best possible price for your home be it selling or letting.
Cardwells Estate Agents Bolton:
01204381281
[email protected]
www.Cardwells.co.uk
Cardwells Estate Agents Bury
01617611215
[email protected]
www.Cardwells.co.uk
