You are here: Home - Mortgages - Buy To Let - News -

Revealed: the worst place to have bought since 2000

0
Written by: Christina Hoghton
01/04/2016
If you bought property around the turn of the century it's likely to have risen in value, but not everywhere...

The centre of Bolton is the worst place to have bought a property in England and Wales since 2000, on the basis of property price movements, according to eMoov.

The town centre is the only location of 7,207 in England and Wales that has seen a decrease in the average property value over this time period.

At the start of the new millennium, the average house price in the centre of Bolton was £77,202, just under £8,000 less than the UK average.

However, despite peaking at £105,608 in 2008, the current average house price in the area has dropped by 9% from the start of 2000 to just £70,621. This is massively lower than the UK average of £221,254.

The high number of buy-to-let properties in Bolton is a major cause of the poorly performing property market, with landlords driving down prices by purchasing multiple properties at a time.

However, the low demand for property in Bolton is also a factor. eMoov found that demand in Bolton is at just 28%, -13% less than the national average.

On the bright side

It’s not all bad news for those who have bought in the Greater Manchester town. Of the 43 areas in the local authority of Bolton, the remaining 42 have all seen an increase in values over the last 16 years, 16 of which have actually enjoyed a higher increase than the average across England and Wales (+172%).

Founder and CEO of eMoov.co.uk, Russell Quirk, said: “This research will certainly come as bad news for homeowners in the centre of Bolton. Generally getting on the ladder is the safest investment one can make in England and Wales 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.

“It doesn’t seem like things will be improving anytime soon with low demand for property across Bolton as a whole likely to cool the local market even further.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week