If you’re not yet familiar with Bolton, it’s a northern town located in Greater Manchester that sits nestled between Manchester and Lancashire.
Boltonians enjoy the best of both worlds, with metropolitan Manchester just a short drive away and the stunning West Pennine Moors on the doorstep too.
Bolton itself is the largest town in the UK, and has a population of approximately 280,000 people.
In the 1900s, it was a booming mill town with more than 200 cotton mills and it still retains its rich cultural and industrial heritage.
Those that live in Bolton know it as a thriving, friendly, and bustling town with a growing economy. If you’re considering buying or renting a property in Bolton, then the town offers plenty of opportunities for both residents and investors alike.
Why invest in property in Bolton?
There are plenty of reasons why now is a great time to invest in property in Bolton. Whether you’re considering buying a home for yourself or venturing into the buy-to-let market, Bolton is an affordable area to buy in.
Key reasons to invest in property in Bolton include:
Excellent location – Bolton is conveniently situated close to Manchester, Lancashire, and Merseyside. It is only 12 miles to drive from Bolton to Manchester City and 15 minutes on the train from Bolton to central Manchester.
Well connected – Bolton has excellent transport links both internally and to nearby cities. It has recently undergone a £50m transport interchange redevelopment and further investment in the town’s infrastructure is in the pipeline.
Cultural interest – There are plenty of sites of cultural interest in Bolton, including the Octagon Theatre and Bolton Museum and Art Gallery.
University of Bolton – The University of Bolton is one of the fastest-growing higher education institutions in the UK. It has an excellent reputation and was named the best North West university for overall teaching quality and student satisfaction in The Sunday Times Good University Guide 2022.
Employment opportunities – Employment opportunities in Bolton are growing, particularly in the manufacturing and logistics, professional services, and creative and digital industries.
Value for money – Bolton property prices are significantly lower than the national average and more affordable than in nearby Manchester, whilst still being close enough to easily commute to the city.
With so many benefits to living in the town, it’s easy to see why Bolton was named among the top 10 areas in the UK with the biggest house price growth in 2021. Despite the recent growth in price, Bolton remains an affordable place to buy that offers excellent value for money.
House prices in Bolton
Like within any town, the prices of property in Bolton can vary considerably depending on the property type and the area it is located in. Generally, though, Bolton property prices are affordable, and you are likely to get much more for your money buying in Bolton than you would in neighbouring Manchester.
Bolton property prices remain well below the national average, but prices are still increasing rapidly in line with the rest of the country.
According to government figures found by performing a quick search on the Land Registry website, in June 2022, average property prices in Bolton were £178,647. This figure has risen by 10.5 per cent in the past 12 months but is still significantly lower than the national average in the UK, which stands at £286,397.
As of June 2022, average house prices in Bolton for different types of housing were as follows:
• Flats – £107,777
• Terraced houses – £141,872
• Semi-detached houses – £191,257
• Detached houses – £320,150
The affordable price of properties in Bolton makes it the ideal place for first-time house buyers, tenants, and buy-to-let property investors to get a great deal for their money.
Districts of Bolton
Bolton is a very large town, with the Bolton district covering an area of about 53 square miles (nearly 140 square kilometres).
The main districts of Bolton are: Astley Bridge, Breightmet, Farnworth, Great Lever, Deane, Leverhulme, Little Lever, Halliwell, Horwich, The Haulgh, Tonge Moor, Tonge Fold, Halliwell, Smithhills, Lostock, Bradshaw, Egerton, Bromley Cross, Toppings, Kearsley, Bradley Fold, Hall i’th’ Wood, Blackrod, Westhoughton and Moss Bank.
Whether you’re searching for the area of Bolton that offers the most affordable properties or the Bolton district that offers the most high-end properties, it’s useful to know the average price of properties in each postcode area. We did a bit of research on the propertydata.co.uk website to find out this information.
Bolton postcodes with the highest property prices are:
• BL7 – Av. Asking price: £282,407 (Belmont, Bromley Cross, Chapeltown, Edgworth, Egerton, Turton)
• BL5 – Av. Asking price: £234,515 (Over Hulton, Westhoughton)
• BL6 – Av. Asking price: £228,996 (Blackrod, Horwich, Lostock, Rivington)
Bolton postcodes with the lowest property prices are:
• BL4 – Av. Asking price: £167,984 (Farnworth, Kearsley)
• BL3 – Av. Asking price: £178,948 (Bolton Centre – Little Lever, Great Level, Darcy Lever, Deane)
• BL1 – Av. Asking price: £198,369 (Bolton Centre – Smithills, Halliwell, Heaton)
Types of housing in Bolton
There are plenty of housing options in Bolton, particularly for medium household occupancies, although there is a shorter supply of flats and large, detached family homes.
According to the 2011 Census, there are over 121,000 household spaces in Bolton. At the time of the census, the majority of these household spaces were either semi-detached or terraced houses.
• Detached houses – 16%
• Semi-detached houses – 35%
• Terraced houses – 35%
• Purpose-built flats – 14%
At the time of the 2011 census, Bolton had a lower than average number of detached houses – 16% in Bolton, versus an average of 23% in other areas of England and Wales, and a higher than average number of terraced houses – 35% in Bolton versus 25% in the rest of England and Wales. It also has fewer flats than in other areas of England and Wales, with just 14% of housing in Bolton being made up of flats compared to 21% in other areas of the country.
According to Rightmove, the majority of properties sold in Bolton during the last year were terraced properties that fetched an average of £140,045.
Housing tenure in Bolton
The number of homeowners versus tenants in Bolton reflects the picture we see in the rest of the country.
The 2011 census found housing tenure in Bolton to be distributed as follows:
• Homeowners/occupiers – 64%
• Social rented – 20%
• Private rented – 14%
• Living rent-free – 2%
• Shared ownership – 1%
Between the 2001 and 2011 censuses, the private rental sector in Bolton grew faster than the national average, during this 10-year period it grew by a huge 150%.
Renting property in Bolton
If you’re considering renting or letting a property in Bolton. then you’ll need to know what the average going price is for different types of property in the area.
The home.co.uk rental price analysis search engine says that the average price of renting a property in Bolton currently stands at £739pcm.
The same analysis of the rental market found that the average rental price in Bolton by property type is:
• Room – £592 pcm
• Flat – £715 pcm
• House – £799 pcm
We also looked at the average rental prices in Bolton according to the number of bedrooms a property has:
• One bedroom – £543 pcm
• Two bedrooms – £751 pcm
• Three bedrooms – £876 pcm
• Four bedrooms – £842 pcm
• Five bedrooms – £2,166 pcm
The most common size of property being rented out in Bolton is a two-bedroom house.
Although rental prices in the area have grown, Bolton’s average property rental price of £739 pcm remains excellent value for money when compared to other areas of the country.
According to the Statista.com website, this is significantly lower than the average price of renting in every region of the UK other than the North East. In comparison, the average price of renting a property in the UK stands at £1,113 pcm as of June 2022, and the average price of renting in the North West is £883 pcm, making Bolton a very affordable area for tenants to rent in.
Is there a demand for rental properties in Bolton?
The UK is currently in the midst of a housing crisis, with demand for property far outstripping supply, and the picture looks no different in Bolton.
With the cost of living crisis worsening and the price of property continuing to steadily increase, getting on the property ladder has become more difficult for first-time house buyers. This is reflected in the increase in demand for private rental properties.
According to the English Housing Survey, during the year 2010-11, 16.5% of housing in the UK was privately rented, this figure had increased to 19% by the year 2020-21. More people are choosing to live in rented accommodation and staying in it for longer as it takes longer to save for a deposit to buy a house or find a suitable property to buy.
The shortage of housing and rising house prices also mean that landlords are charging more than ever in rent, making buy-to-let properties profitable investments for many.
In Bolton, many landlords are opting to invest in buy-to-let property to let out to students at Bolton University. Bolton University is one of the fastest-growing higher education institutions in the UK and has a target to increase its student population to 20,000 students during the coming years. This could mean a huge increase in demand for privately let student accommodation in the area.
Mistoria Estate Agents Bolton
If you require help or advice with buying or letting property in Bolton, then our team here at Mistoria Estate Agents in Bolton have expert local knowledge and can help to make the process as straightforward as possible.
Whether you are looking to buy your first property in Bolton, find student accommodation, or expand your buy-to-let portfolio, our team are experienced in providing a diverse range of services.
For further information or advice about housing in Bolton, don’t hesitate to get in touch by giving our offices a call on 0124 800 766.