The property market in the UK has fluctuated significantly in the last decade, influenced by political movements, financial crises and even worldwide pandemics.

But how do these statistics compare to Bolton’s?

Nick Holt from Bolton Estate Agents, Regency Estates said Bolton’s property market before 2020 was relatively buoyant.

He added: “Houses sold easily if priced right, and there was a large pool of buyers all waiting for all properties.

“The market has had much steadier and manageable growth since 2012, with all levels of the property ladder proving popular.”

Let’s take an in depth look at the Bolton property market to see how it has changed in the last decade.

How house prices have changed in Bolton
(Data from January 2010- October 2020)

As you can see from the graph, average property prices in Bolton have fluctuated significantly in the last decade.

However, from January in 2010 to the latest data in 2020 (October 2020), house prices have increased by more than 31 per cent.

At the start of the decade, the UK was still recovering from the 2009 global financial crisis.

Gráinne Gilmore, head of research at Zoopla said: “According to Zoopla’s house price index, average home values recovered to pre-financial crisis levels in 2015, and have since climbed by a further 24%.”

However, Ms Gilmore added that the North of England came out on top in terms of price growth in recent years.

She explained: “In recent years, price growth has been stronger in the north of the country where there is more affordability.”

Of course, the 2020 pandemic has also had a significant impact on the local housing market too.

House prices increased by more than five per cent since the start of lockdown (March to October).

Currently, the house prices in Bolton are the highest they have ever been; in October 2020 they were £149,405 and In January 2021 the average price paid for a house in Bolton is £171,414.

As you can see from the graph, the number of property transactions in 2020 were the lowest they have been since the 2009 economic crash.

However, this figure is unsurprising considering people were unable to attend viewings or operate life normally during lockdown.

In July 2020, a stamp duty holiday for properties less than £500,000 was introduced.

This was meant to be an incentive for people to invest in properties; this is reflected in Bolton’s property transactions which increased by 72 per cent between May and August.

How does this data compare to the rest of the UK?

In 2015 the UK economy was finally beginning to recover from the 2009 financial crisis which is reflected in the gradual price growth.

In April 2016 stamp duty was increased on additional homes and more expensive homes.

According to Gráinne Gilmore, this “slowed price growth” in the South of England.

Ms Gilmore added that the 2016 EU referendum also impacted levels of activity in the market, thanks to the uncertainty that came with it.  

However, the same can’t be said for Bolton which saw a price increase of five percent between March 2016 (before stamp duty increase and EU referendum) to December 2016.

Speaking of elections, Grainne Gilmore added that the 2019 election also had a significant impact on UK housing prices.

She added: “The general election at the end of 2019 - which provided a definitive path forward for Brexit -  unleashed a new wave of pent-up demand [for property].

“This was further boosted after the first lockdown as homeowners reassessed how and where they were living,  resulting in national annual UK house price growth of 4% in 2020.”

Bolton's figures are too different from this UK average seeing an annual house price growth of around 7 per cent in 2020.  

Beyond just house prices, she said the pandemic caused people to reassess their housing needs.

As demand has risen in man areas, supply has not causing the increase in house prices.

She said: “It’s likely we will see the effects of this for some time to come, with more office-based workers able to work flexibly, and embracing the opportunity to live that bit further from the office in a different location.

“ Those who can’t change location may move to get more space, inside or outside.”

How will house prices change in the future?

There has been a lot of activity in the property market in 2021 and a spokesperson for Zoopla said Christmas 2020 was their busiest festive period for a decade and the demand for property has spilled into this year.

This means it is bad news for those hoping to buy a more affordable house this year.

Ms Gilmore said: “Looking ahead, we expect house price growth to reach 5% … and then slow down by the end of the year as demand starts to ease in the second half of 2021.”