Bolton property market recording increases in value

The borough is the sixth in the country for homes jumping in value - whereas nationally property values have fallen.

According to Zoopla, the online  property site, nearly a third of homes on the market jumped by five per cent or more in 2023.

Burnley, Rossendale and Blackburn with Darwen were also in the top ten in the country.

Around one in 10 homes across Britain increased by 5% or more in value last year, despite the tough property market, according to a website.

Despite high mortgage rates and the continued pressure on living costs, Zoopla estimated that around one in five (21%) properties held their value last year, with no significant change.

A further 25 per cent of homes are estimated to have gained between 1% to 5% in value last year, while 10 per cent gained five per cent or more.

Nearly a third (31%) are estimated to have lost between 1 per cent  and five per cent of their value, while one in seven (13%) lost 5 per cent or more.

Homeowners who saw their property increase in value in 2023 had an average rise of £7,800 – or around £21 per day, Zoopla said.

It made the calculations by comparing value estimates for UK homes in December 2022 to those in December 2023.

England’s North West had the highest proportion of homes registering larger value increases of five per cent or more, at 17 per cent. It was closely followed by Scotland, with 16 per cent of homes there seeing value increases of five per cent or more in 2023.

Zoopla expects house prices to fall by two per cent in 2024 across the UK, but exactly how this affects individual UK homeowners will depend on the location, it said.

Izabella Lubowiecka, senior property researcher at Zoopla, said: “While national house prices indices pointed to modest house price falls over 2023, our property-by-property level tracking of home values shows that most homes saw their value unchanged or slightly higher over the year.

“Value reductions were focused in southern England while modest gains were recorded in lower priced, more affordable housing markets.”

A further 25 percent of homes are estimated to have gained between one percent to five percent in value last year, while 10 percent gained five percent or more.

Nearly a third are estimated to have lost between one percent and five percent of their value, while one in seven lost five percent or more.

Homeowners who saw their property increase in value in 2023 had an average rise of £7,800, or around £21 per day, Zoopla said.

It made the calculations by comparing value estimates for UK homes in December 2022 to those in December 2023.

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Here are the local authority areas across Britain with the highest concentrations of homes increasing in value by 5% or more in 2023, according to Zoopla, with the percentages of homes which recorded gains of this size:

1. Rossendale, North West, 44.2%

2. Blackburn with Darwen, North West, 34.5%

3. Telford and Wrekin, West Midlands, 32.6%

4. Merthyr Tydfil, Wales, 32.3%

5. Burnley, North West, 32.3%

6. Bolton, North West, 31.1%

7. Inverclyde, Scotland, 30.0%

8. Glasgow City, Scotland, 29.7%

9. Carlisle, North West, 28.9%

10. Knowsley, North West, 27.9%

And here are the areas with the highest concentration of homes with value loss of 5% or more, according to Zoopla, with the percentages of homes which recorded losses of this size:

1. Dover, South East, 52.4%

2. Hastings, South East, 50.7%

3. Aberdeen City, Scotland, 45.1%

4. Canterbury, South East, 43.4%

5. Thanet, South East, 40.9%

6. Rother, South East, 38.6%

7. Folkestone & Hythe, South East, 35.8%

8. Tendring, Eastern England, 35.3%

9. Moray, Scotland, 32.1%

10. South Holland, East Midlands, 31.5%