HOMES: Fall in prices
HOMES: Fall in prices
Liam Thorp, politics reporter News
HOUSE prices in Bolton suffered a sharper fall than any other metropolitan borough across England and Wales last year.
Figures released by the Land Registry show that the average price of houses in the borough dropped by 1.6 per cent in the year up until June.
The House Price Index reports that the average house price in Bolton is now £90,185 — the second lowest average in Greater Manchester, with only Oldham registering a lower average.
Bolton’s price fall contrasts sharply with fellow Greater Manchester borough Trafford, which recorded the highest rise of any borough in England and Wales of 9.1 per cent.
Other neighbouring boroughs out-performed Bolton as well — Bury house prices rose by 2.4 per cent and the average house in the borough now costs £112,229.
Wigan has also seen a period of growth for the value of its properties, with prices rising by 2.6 per cent and an current average of £93,916.
Landlords and estate agents in Bolton said that the falling values could be put down to a number of different factors but argued that the housing market in Bolton is slowly improving.
Blackrod town councillor Stephen Laycock owns the Platinum Properties estate agents in Horwich and owns a number of properties in Bolton as well.
He said part of the reason for a drop in prices is because the market in Bolton is being driven by cash buyers, operating on a buy-to-let basis.
He said: “Often a landlord will sell a bunch of houses as a job lot or want to get rid of them quickly and so sell them at a cheaper price.
“There is a large amount of buy-to-let properties in Bolton — when, as an investor, you are buying to get a certain yield, that can drive prices down.”