Bolton Housing Market

July 8, 2022

by Stephen Roe

Roe and Co Residential Sales has been operating in the Bolton Housing Market since January 2020. In that time we have seen the dramatic growth in house prices. According to Halifax Bank, Bolton house prices have increased by an average of 16.9%. But, why is that? Covid 19, value for money or is it a simple supply and demand issue. Below we take it look at a number of different factors which could effect the value of your home.

The COVID-19 pandemic and successive lockdowns has caused many people to reassess their property needs and readjust their work-life balances

The pandemic has without a doubt made people reassess their home and work-life balance. And, it has also made businesses think differently to, the shift has now changed and more and more businesses are allowing staff to work from home.

We are finding that people are now looking to upscale their homes or find a suitable property which offers that office space needed. So, at the start of the working day, or at the end, you can still separate your home life from your work life.

Bolton is better value for money

On a daily basis we are registering new clients from outside of Bolton. They are now looking to leave areas like Manchester, Stockport & Trafford. The reason for this, the value for money when it comes to buying a home.

According to the latest land registry data. (Land Registry Data)

Didsbury (Manchester), average house price is £ 399,757.

Heaton Moore (Stockport), average house price £386,629.

Altrincham (Trafford), average house price £537,836.

So, its no wonder that buyers are now looking to move to areas like Bolton with an average house price of £212,671 (zoopla). We have the properties and the transport link to allow people to commute to places like Manchester within a suitable time frame and not financially cripple themselves in the process.

Supply and Demand!

Its crazy out there! When a property comes to market, we usually sell it within a day or two. Of course, depending on when the viewings take place. This leaves many people disappointed and estate agents like us, looking for another property to sell to help both vendors and buyer.

So what does this do to the market….it drives prices up! Buyers are willing to pay more for their homes.

How to value a home in a thriving market?

And the answer is….its a difficult one but we usually get it right (91% of properties sold, completed in 2021). The value has to based on the market at that time, by what has sold previously and your competition similar to Z property which is on the market at that moment. We have to be realistic, a property is only worth what a buyer is willing to pay for it and ultimately the value a surveyor puts on it (if done for mortgage purposes or buyer request).

Competition amongst estate agents

Competition amongst estate agents has a major impact on the Bolton housing market. Why? the need to have properties to sell to keep your business operating.

As you expect, estate agents go up against each other all the time to try and win new business. Usually this is based on service, fees, contract length and of course the valuation.

Roe and Co Residential Sales offer a fantastic all round package to help vendors sell their home. Every property is marketed to make your home stand out against the competition. I believe our adverts do this. The drone imagery, staged pictures and virtual tours. Each vendor is allocated a property consultant that guides you through the valuation, viewing process, sales negotiations through to completion.

Our fees are simple, 1.2% (subject to min of £1200) of the sale price of your home and this is payable on completion. We have the option of a viewing package which is charged at £300 and is payable on completion. Our contract length is 3 months.

If a vendor is happy with the service and fees, then it all comes down to the valuation.

So my advise to vendors; research the estate agent, read reviews and ask how many properties they have on the open market for longer than 8 weeks.

In conclusion, the Bolton Housing market is booming and its not showing signs of slowing down.

If you are considering selling then now is the time to do so. Their a thousands of people trawling rightmove and applicants registered with us that are ready to buy in. Consider your options, do your research and don’t lose out.

Maybe you see to sell in a hurry, take a look out blog on the modern method of auction.