Bolton house prices dropped more than North West average in May, new figures show.

And industry professionals state Bolton’s property market has been “affected by political and economic pressures during this period, such as high inflation levels, the cost-of-living crises and rising interest rates”.

House prices dropped by 1.9 per cent – more than the average for the North West – in Bolton in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 4.2 per cent over the last year.

The average Bolton house price in May was £182,800, Land Registry figures show – a 1.9 per cent decrease on April.

Over the month, the picture was different to that across the North West, where prices decreased 0.2 per cent, and Bolton was lower than the UK, where prices did not change.

Over the last year, the average sale price of property in Bolton rose by £7,300 – putting the area 15th among the North West’s 35 local authorities with price data for annual growth.

First-time buyers in Bolton spent an average of £152,100 on their property – £5,700 more than a year ago, and £42,700 more than in May 2018.

By comparison, former owner-occupiers paid £203,800 on average in May – 34 per cent more than first-time buyers.

Owners of semi-detached houses saw the biggest fall in property prices in Bolton in May – they dropped 2.1 per cent in price, to £196,000 on average. But over the last year, prices rose by 4.5 per cent.

Buyers paid 13.7 per cent less than the average price in the North West, £212,000, in May for a property in Bolton.

Across the North West, property prices are low compared to those across the UK, where the average cost is £286,000.

The most expensive properties in the North West were in Trafford – £360,000 on average, and twice the price as in Bolton.

Trafford properties cost 3.2 times the price as homes in Burnley (£111,000 average), at the other end of the scale.

Andrew Cardwell, Managing Director at Cardwells Estate Agents, said there are several factors that impact the price of properties in the borough.

He said: “The property market in Bolton has remained robust when considered over an annual perspective, rather than just analysing the figures released for the month of May.  

“An annual percentage price rise in the town of around 4.2 per cent really is indicative of a fuller picture for the year.  

“The Bolton property market has been affected by political and economic pressures during this period, such as high inflation levels, the cost-of-living crises and rising interest rates, yet has still performed well, in fact the Bolton property market has performed better than many other towns.

“Bolton has so many attractive features that there remains a strong demand for property in our town.

“There are wonderful schools, breathtaking countryside, fantastic employment opportunities and wonderful sporting, leisure, and retail facilities to name just a few factors.

“Although these political and economical pressures have played their part in the performance of the property over the last year, there are two positive economical factors that are being reported this week which may well help contribute to an improved property market in due course.

“The first is the that the average mortgage rates offered by banks and building societies has fallen for the first time in months, this means the cost of borrowing money to purchase a property is coming down in comparison to only a few months ago, and the second is that the rate of inflation has fallen to 7.9 per cent for the year which was at 8.7 per cent for the year to May.

“There is still some way to go for the Prime Minister’s 5 per cent target by the end of the year to be met, but this is certainly a positive for the property market.

“Bolton’s property market is built on strong foundations, and it will continue to be robust, and will likely flourish over the medium and long term.”

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