The Real Estate Market in Bolton: Expensive Neighborhoods and Bargain Finds
Introduction
Are you looking to buy a property in Bolton? The Office for National Statistics has recently released new figures that highlight the varying prices of neighborhoods in the area. Whether you want to splurge on a luxurious residence or find a more affordable option, Bolton offers a range of possibilities. In this article, we will explore the most expensive and cheapest neighborhoods in Bolton, along with insights and perspectives from local experts.
The Most Expensive Neighborhoods in Bolton
The data from the Office for National Statistics reveals that Heaton and Lostock take the crown as the most expensive neighborhoods in Bolton. With a median value of £270,000 among 208 sales in the area last year, these neighborhoods boast high-end properties that cater to the discerning buyer. Following closely behind are Bromley Cross and Bradshaw, where house prices average £253,000 and £250,000, respectively, in 2022.
The Cheapest Neighborhoods in Bolton
If you’re in search of more affordable options, look no further than the Halliwell neighborhood. Last year, buyers in this area paid an average of £105,000 for a property across 128 sales. Rumworth and Great Lever also offer budget-friendly choices, with average prices of £114,000 and £116,250, respectively.
Insights from Local Councilor and Real Estate Expert
Councilor Andy Morgan, representing Heaton, Lostock, and Chew Moor, expresses his lack of surprise at the high demand for property in the Borough. He emphasizes the area’s beauty and highlights the conservation area that preserves its original character and green spaces. The recent addition of Chew Moor to the neighborhood further enhances its reputation as a great place to live.
Andrew Cardwell, the Managing Director of Cardwells, acknowledges the multitude of wonderful areas within Bolton that continue to attract buyers. He mentions the city’s diverse architectural offerings, which range from modern to traditional designs. Cardwell assures hopeful buyers that Bolton has properties to suit all budgets, making it an affordable yet appealing housing market. He also points out the various amenities Bolton offers, including excellent schools, transportation options, countryside beauty, and abundant shopping, dining, and entertainment facilities.
The Value of Bolton’s Property Market
When comparing Bolton’s property prices to the national average, it becomes clear that the city offers excellent value for money. While Lostock (£270,000) and Bromley Cross (£253,000) might seem expensive locally, they still indicate good value when considering the national average house price, which stands at £289,818 according to Land Registry figures in January 2023. Taking a more regional and national perspective, Bolton proves itself as an affordable housing market that presents great potential for capital growth.
Furthermore, despite a significant slowdown in property sales nationwide, Bolton has managed to maintain stable house prices. In 2022, the average house cost £175,000 in Bolton, a £10,000 increase from the previous year. Although the number of properties sold dropped from 4,363 in 2021 to 3,319 in 2022, the market in Bolton remains resilient.
The Impact of Mortgage Rates and Regional Variations
The recent increase in mortgage rates has had a greater impact on property sales than home prices. According to Richard Donnell, the executive director of research for property search website Zoopla, sellers have been forced to reduce their original asking prices by more than five percent to secure a sale. Market activity remains stronger in Scotland, the North East, and London, compared to the South of England regions where sales have increased at a slower pace.
Donnell adds that higher value markets, where average prices surpass £400,000, have experienced minor declines in house prices. However, more affordable markets continue to see year-on-year price increases, albeit at slower rates compared to previous years.
The Current Real Estate Landscape
Throughout England and Wales, property sales have decreased from a peak of over 1.1 million in the year to September 2021 to 700,000 in the year to December 2021. Despite this decrease in sales, the average house price has remained stable at £280,000, a £5,000 increase from the previous year.
Conclusion
Bolton’s real estate market offers a range of options for property buyers, from luxurious neighborhoods with higher price tags to more affordable areas that provide excellent value for money. The city’s diverse architectural styles, stunning countryside, and excellent amenities make it an attractive destination for both families and investors. While the national property market faces challenges, Bolton’s stable house prices and potential for capital growth signify a resilient market. Whether you’re looking for a dream home or an investment opportunity, Bolton might just be the perfect place to start your property search.
Summary
The Office for National Statistics has revealed the varying property prices in different neighborhoods of Bolton. Heaton and Lostock emerge as the most expensive areas, with a median value of £270,000, followed by Bromley Cross (£253,000) and Bradshaw (£250,000). On the other hand, Halliwell offers the lowest home prices, with buyers paying an average of £105,000, while Rumworth (£114,000) and Great Lever (£116,250) provide more affordable options. Local experts emphasize the beauty of the borough and its conservation areas. Bolton’s property market offers excellent value for money compared to the national average, and despite a slowdown in sales nationwide, the city’s house prices remain stable. The impact of mortgage rates on sales and regional variations in market activity are also discussed. Overall, Bolton presents opportunities for both buyers and investors, making it a promising real estate market.
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New figures from the Office for National Statistics show where Estates are likely to set you back further in Bolton, and where you might get a bargain.
The neighborhood of Heaton and Lostock was the most expensive in Bolton, with a median value of £270,000 among 208 sales in the area last year.
The next most expensive were the Bromley Cross area, where a house could cost you £253,000, and Bradshaw, which had a median price of £250,000 in 2022.
Meanwhile, the Halliwell neighborhood saw the lowest home prices, with buyers who paid an average of £105,000 on 128 sales last year.
This was followed by Rumworth and Great Lever, where buyers spent £114,000 and £116,250 respectively.
Heaton, Lostock and Chew Moor Borough Councilor Andy Morgan said: “It comes as no surprise that property in the Borough is once again in such high demand as it is a beautiful part of the Borough to live in.
“A large part of the district is covered by a conservation area, which means that it retains its original character and provides additional protection for its green spaces and open trees.
“Just this week the area came into prominence predominantly as much of the Ironman competition route went through it, which helps showcase the area and the recent addition of the village of Chew Moor to the neighborhood will only further enhance its reputation. such a great place to live. ”
Andrew Cardwell, Managing Director of Cardwells, said: “There are so many wonderful areas within Bolton that it is not surprising in the first place that there has been such a large volume of property sales during the period as demand for properties in all areas of Bolton have remained strong.
“Bolton offers an enviable cross section of properties with a fascinating and eclectic mix of modern and traditional architecture throughout the city, with houses of various types and sizes, so we hope there is property to suit all budgets in our wonderful city.
“Bolton has a cosmopolitan population throughout the community who enjoy wonderful schools, excellent transport links, stunning countryside, as well as excellent shopping, dining and entertainment facilities.
“Bolton continues to be an attractive proposition for buyers from outside the area, particularly with the wonderful employment opportunities that have been created in recent years, Logistics North being one example.
“The national average house price according to Land Registry figures in January 2023 was £289,818.
“So while Lostock at £270,000 and Bromley Cross at £253,000 lead the way locally, when priced against the national average these areas still seem to indicate excellent value.
“Taking a more regional and national perspective, the Bolton property market as a whole offers excellent value for money.
“Bolton is a wonderful home to raise a family and also to make long-term property investments, as there is still clearly excellent potential for capital growth.”
Nationwide, property sales have slowed significantly in the past year.
Richard Donnell, executive director of research for property search website Zoopla, said: “So far, the increase in mortgage rates is having a bigger impact on the number of sales than on home prices.”
“Recent company research suggests that sellers are cutting more than five percent off the original asking price to make a sale.
“There are large regional variations with market activity holding up best in Scotland, the North East and London, while sales have increased more slowly in the South England regions.
“House prices are beginning to see small declines in the higher value markets where average values exceed £400,000; in the more affordable markets, prices continue to rise year on year, albeit at much slower rates than before one year”.
There were 700,000 sales in England and Wales in the year to December 2021, down from the recent peak of over 1.1 million in the year to September 2021.
In general, house prices have remained stable, with an average price of £280,000 last year, an increase of £5,000 on the previous year.
In Bolton, the average house cost £175,000 in 2022, up from £165,000 the year before.
The number of properties sold dropped from 4,363 in 2021 to 3,319 last year.
If you have a story or something you’d like to highlight in the community, please email me at chloe.wilson@newsquest.co.uk or send me a DM on Twitter @chloewjourno
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