Bolton Suffers Property Price Slump

Bolton has bucked the national trend by being the only place in UK where house prices have dropped since the year 2000.

New research has revealed that property prices in Bolton have fallen by 9 per cent since 2000, compared to a national average of a 172 per cent rise.

At the start of the millennium, the average house price in Bolton was £77,202 – around £8,000 less than the UK average.

Prices peaked at the beginning of 2008, reaching an average of £105,608, in the period just before the credit crisis and subsequent recession. The average price is now just £70,621.

However, not all areas of Bolton were affected in the same way. Of the 43 areas within the local authority of Bolton, all but the town centre enjoyed a rise in property prices.

Russell Quirk, head of eMoov, who commissioned the research, said:

"This research will come as bad news for homeowners in the centre of Bolton. Generally getting on the ladder is the safest investment one can make and it would seem that anywhere other than this particular area of Bolton, would have at least seen some sort of return on that investment.

"Fingers crossed that things improve for all in Bolton, not just those on the property ladder. Hopefully, the impending changes to stamp duty tax will have a positive influence on the Bolton property market and reduce the number of buy-to-let landlords."

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