Bolton house prices dropped more than the North West average in October.

House prices dropped by 0.6 per cent – more than the average for the North West – in Bolton in October, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.5 per cent annual decline.

The average Bolton house price in October was £188,897, Land Registry figures show – a 0.6 per cent decrease on September.

Over the month, the picture was similar to that across the North West, where prices decreased 0.4 per cent, and Bolton was above the 0.7 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Bolton fell by £860 – putting the area 20th among the North West’s 35 local authorities with price data for annual growth.

First-time buyers in Bolton spent an average of £157,400 on their property – £1,100 less than a year ago, but £45,800 more than in October 2018.

By comparison, former owner-occupiers paid £210,300 on average in October – 33.6 per cent more than first-time buyers.

Owners of flats saw the biggest fall in property prices in Bolton in October – they dropped one per cent in price, to £111,611 on average. Over the last year, prices dropped by 1.8 per cent.

Buyers paid 12.4 per cent less than the average price in the North West (£216,000) in October for a property in Bolton.

Andrew Cardwell, Managing Director of Cardwells Estate Agents, said: “Although at first glance these figures from October may seem a little eye opening, it needs to be remembered that this is only a very small fall, and the market has continued to progress since October.

“The Bank of England has not raised interest rates since then, and a more stabilised property market has been established.

“Stable interest rates allow potential buyers to make much more confident economic plans.

“Importantly, the most recent published inflation figures in December 2023 show that the level of inflation for the last 12 months has fallen below the five per cent target set by Mr Sunak, to 3.9 per cent.

“Interest rates had previously consistently risen as a means to address the high inflation levels, though now inflation is reducing, it is expected that there will be interest rate reductions in the new year, which will undoubtedly reenergise the property market not just in Bolton but throughout the UK.

“The Bolton property market is built on strong foundations and there is a consistent demand for the eclectic variety of property in our town, due in no small part to our wonderfully welcoming communities, fantastic employment opportunities, stunning countryside, amazing schools and superb sporting and leisure facilities.”

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