There is still a shortage of quality houses for new buyers in Bolton as we enter the new year, an estate agent boss has said.
Homes in Bolton are still high in demand and as we move into 2023 a borough estate agent hopes the market will not higher than demand as it has been amid rising costs.
Andrew Cardwell, owner of Cardwells Estate Agents, said the market remained strong and still very busy especially for first time buyers, for whom he said there is still a shortage of quality homes.
Rising inflation and stamp duty has meant first time buyers have been unable to compete with investors.
Andrew said: “The core foundations of the Bolton property market remain strong with superb fundamentals that attract people to our town such as, the wonderful schools, superb employment opportunities, stunning countryside, strong travel links and first-class leisure and sporting facilities.
“Although the property market can’t retain the very busy, sometimes chaotic, levels that we have seen over the last couple of years as the cost-of-living crises, higher interest rates and the withdrawal of the stamp duty incentive make an impact.
“There remains a shortage of supply of quality homes for first time buyers, families and bungalows in Bolton which will mean that demand levels for property should continue to be met, but perhaps without the over demand which led to sharp increases in price growth that we have previously seen.”
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The ‘bank of mum and dad’ may be called upon for more help in the new year, as aspiring first-time buyers deal with a double whammy of higher mortgage rates and surging rental costs while they try to save.
A string of Bank of England base rate hikes has taken place over the past year, with the most recent seeing the base rate jump from 3% to 3.5% in December.
Rightmove’s property expert Tim Bannister said: “First-time buyers who can afford to move next year may find they have more choice, and more negotiating power than they might have done during the pandemic frenzy, though they should not expect major price drops or bargains next year.”
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