Bolton house prices dropped slightly in September, by 0.2 per cent, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.2 per cent over the last year.

The average Bolton house price in September was £188,201, Land Registry figures show – a 0.2 per cent decrease on August.

Over the month, the picture was different to that across the North West, where prices increased 0.5 per cent, and Bolton was above the 0.5 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Bolton rose by £440 – putting the area 19th among the North West’s 35 local authorities with price data for annual growth.

First-time buyers in Bolton spent an average of £156,760 on their property – £130 less than a year ago, but £45,000 more than in September 2018.

By comparison, former owner-occupiers paid £209,610 on average in September – 33.7 per cent more than first-time buyers.

Owners of flats saw the biggest fall in property prices in Bolton in September – they dropped 0.6 per cent in price, to £112,335 on average. Over the last year, prices dropped by 0.2 per cent.

Buyers paid 13.7 per cent less than the average price in the North West (£218,000) in September for a property in Bolton.

Across the North West, property prices are low compared to those across the UK, where the average cost is £291,000.

Andrew Cardwell, Managing Director of Cardwells Estate Agents said: “This small dip in house prices is no cause for concern, as this is just a snap shot of the transactions that completed during this period. 

“In fact, the Bolton Property market has performed significantly better than the national average for the same period in which prices dropped by 0.5 per cent.

“When the analysis is complete on the price changes for Bolton over a more notable period, such as 12 months rather than one month, it can be seen that prices have actually increased by 0.2 per cent in Bolton. 

“This price increase over the course of a year is within the back drop of the cost-of-living crises, consistent interest rates to the point that the 5.25 per cent interest rate level that we are at now is the highest it has been for 15 years, and most speculators predicted that we would see a fall in prices.

“In essence the Bolton property market has performed very well over the last 12 months.  

“Thankfully for the last two months there has been no further increases in the interest rates, and the rates have stabilised.

“The consensus within the industry is that interest rates will likely fall in the coming months, and with the reduction in inflation figures, which have been published today, one could speculate that the interest rates could fall sooner rather than later. 

“In fact, some of the banks and building societies have already started reducing their lending rates in anticipation of the Bank of England making changes to the base rate in due course. 

“The signals are all positive for the Bolton property market as we look towards 2024.

“We are so fortunate that our amazing town has such, welcoming communities, wonderful schools, beautiful countryside, amazing sports and leisure clubs, shopping facilities, restaurants, convenient transport links and superb employment and further education options. 

“There is a consistently strong demand for property in Bolton and I have no doubt that this will continue into 2024 and long beyond.”

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