The average house price in Bolton for first-time buyers has risen by more than a third over the past five years, new figures show.

It comes as property website Rightmove said the typical mortgage payment for first-time buyers has increased by £400 a month and called on the next government to support those buying their first home.

The latest figures from the Land Registry's house price index show first-time buyers in Bolton were paying an average of £159,400 for a house in April.

It was up 42 per cent from an average of £112,100 five years earlier.

Overall house prices in Bolton have also jumped 42 per cent over five years, reaching £190,300 in April 2024.

The most recent Land Registry figures also show a significant drop in housing sales compared to five years prior, with over 26,600 sales across Great Britain in February this year compared to 66,000 the same month in 2019.

In Bolton, there were 99 sales in February this year – down from 285 five years earlier.

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Andrew Cardwell, managing director at Cardwells Estate Agents said: “First time buyers, along with every buyer who needs to borrow money to purchase a property, or has needed to remortgage, has suffered due to the higher levels of interest rates over the last couple of years.

“These high rates are one of the main influencing factors on the performance of the Bolton (and Bury) property market.

“It is no surprise that a typical mortgage payment has increased at around £400 a month as the rates have risen dramatically over the last few years. 

“However, there is hopefully a positive change on the horizon, with the recent news that inflation has reached the two per cent target, it is widely thought that interest rates will come down as we progress through 2024, the soonest date available that the Bank of England will meet to discuss this is in August 2024.

“Any interest rate cuts will likely lessen the cost that buyers, and specifically first time buyers face in mortgage payments. 

“Perhaps as a forerunner to future interest rate cuts, yesterday Barclays reduced their mortgage headline rates, and sometimes when one lender does this, the other high street lenders follow so as not to lose their market position. 

“So hopefully the retail mortgage rates may start to fall quicker than expected.

“A recent study by On The Market, showed that 85 per cent of active buyers in the UK were confident they would purchase a property within the next 3 months, and this is despite there being a general election next week.

“The Bolton property market is strongly placed now, and performing well given the economic conditions, but it will likely kick on further in the autumn and winter should there be a notable fall in the cost of borrowing, so if you are a first time buyer thinking about making a property purchase in 2024, this may be a good time to consider what is available.”

The Conservatives' manifesto says the party will make the temporary stamp duty threshold of £425,000 permanent for first-time buyers and promises a new help-to-buy scheme for those with small deposits.

Meanwhile, Labour says it would extend the current mortgage guarantee scheme, which supports banks to offer 95 per cent home loans.

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