Bolton's housing market will see out a recession, says Bolton estate agent

The UK is projected to enter a recession in the final quarter of this year, according to the Bank of England announced.

The country’s economy will contract by 1.25 per cent in 2023 and 0.25per cent in 2024, however, inflation is becoming a much bigger long-term threat.

Bolton estate agents still think the housing market will remain strong despite this.

Andrew Cardwell at Cardwells Estate Bolton said a market crash would not happen.

He said: “The local property market is hardy and built on strong foundations. As time progresses an annual property price rise of single figure percentages, rather than the recent double-digit growth is much more likely.  

“Hopefully this slowdown in the rate of growth is a cooling off, rather than anything more dramatic.”

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As it stands with the current measures, inflation is expected to peak at 13.3 per cent in October – a sharper increase than the Bank anticipated in June, originally estimated at 11 per cent. It will continue to rise throughout 2023 only to decline in 2024.

UK Finance predicts around 3.1 million fixed rate periods will end in 20222-23.

Andrew said: "Recently we have seen interest rate rises, these will have an impact on the affordability of mortgages for new purchases and those renewing after a fixed rate term."