The eagle-eyed among you would have known that the next area we’d cover would be Bolton. It’s been a while since we covered Bolton related information, so this should refresh your memories…
Rent in Bolton
The demand for properties in Bolton is growing consistently due to the economic regeneration in the area, as well as the location. As one of the closest major towns to Manchester, it’s becoming more popular for young professionals to rent here and commute into Manchester or to work in and around the Bolton area.
Renting in the area is relatively inexpensive when compared to other regions of the UK with the average rents between £456 and £755 per month for one-bedroom properties at the bottom end and three bedrooms at the upper end. The town itself is undergoing massive redevelopment and expansion and as such demand will only increase.
Buy property in Bolton
As of this month (February), we see an increase in property price compared to last year of 2.51% which is significant given there has been uncertainty in the market over the previous few months due to Brexit and the change in government after the election. There has also been an announcement that interest rates are to remain at 0.75% making mortgages affordable for those looking and there won’t be any sharp spikes anticipated.
There were somewhere in the region of 2,500 homes bought and sold in Bolton in 2019, something not looking to slow in any way in 2020 with there likely to be a consistent rate of sales ongoing in a less volatile market. The average house price in Bolton is £172,731, with flats selling at an average of £123,764 and terraced houses around £114,237.
Invest in Bolton
With everything positive going on in Bolton, right now is the perfect time to invest. There are anticipated yields of over 7% for the right property – we’ve got Stone Cross House units still available (selling out quickly!) that are attractive investment opportunities in Bolton.
Demand for renting in the area is also exceptionally high. As mentioned, there are more reasons to live in Bolton, with young professionals choosing Bolton as a destination to call home while commuting into the big city. With the demand for property in Manchester outweighing how fast it can be built, people are looking at attractive options in the surrounding areas like Bolton. Then there’s the price of the property vs how much rent can be charged – in Manchester yields are typically smaller due to rising property prices, and while Bolton has seen an increase in property prices – the improvement in the area means you can charge a relative amount of rent.
So if you feel like Bolton could be the next place for you to rent, buy a property or invest – speak to our team on 01942 251945