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Bolton town centre has been named the worst performing area in the UK for house prices since the turn of the century. It was the only location in the country where the average valuation fell.
According to figures published by online estate agency eMoov, based on data from the Office for National Statistics, prices for properties in the centre of the Lancashire town fell nine per cent overall between 2000 and the end of last year. The Sun says prices actually rose from £77,000 to a peak of close to £106,000 in 2008, but have since slumped back to around £71,000.
Property rose in every other region during the same period, with the average house price jumping 172 per cent to £221,254."It's almost the equivalent of everyone in the UK buying a lottery ticket and you being the only one that doesn't hit the jackpot," Russell Quirk, the head of eMoov, said.Quirk told the Daily Mail that a "lack of wealth in the area and the high levels of poverty, especially among younger residents, "has seen "demand for property drop right off and buy-to-let investors snap up houses in bulk for cheaper than they normally could".
But he expressed hope that April's tax changes, which have made buy-to-let much less attractive, could reduce the number of landlords and increase buying among residents, helping push prices up.Full/source story A quick search of Rightmove found properties available under £50K. There were plenty under £40K. This may make Bolton MORE attractive to landlords who are looking for cheap properties that do not incur any stamp duty or surcharge.Related content:10 best towns and cities to invest in in the U.K. for under £50K Properties up North for under £10KSwitch from yield strategy to capital growth?BTL yield vs. capital growth - how to get a balance? Best property type for yeildBest property type for capital appreciationUpmarket vs. down market?Guide to improving the performance of a rental property
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
"But he expressed hope that April's tax changes, which have made buy-to-let much less attractive, could reduce the number of landlords and increase buying among residents, helping push prices up."
I find it interesting that this is exactly the opposite of the usual argument put forward that it's landlords buying that pushes prices up!
It makes no sense - if in this case residents have been unable to buy due to high levels of poverty and the only buyers have been investors, how on earth is limiting the number of investors going to magically put money in the hands of the poverty-stricken residents so that they become the new buyers and push property prices up? If anything, putting off investors will result in even less buyers, and will first push prices down, not up, thereby counteracting the negative effects of the recent tax changes (by increasing yields) and attracting those investors back in! Nice one, George.
Question for Greater Manchester experts.
Will there be a ripple effect of property price increases in Greater Manchester?The ripple starting in Manchester locations on the up.Eill the ripple ever reach Bolton?
Farnworth- Is it very similar to Bolton in housing prices and poverty.It does not seem to be far from Media city, Sorsley etc.
Are there any landlords from Bolton in PT community and are they buying for good yields.
Thanks in advance.
I think Bolton and the NE are very simler
an old school school friend rang me to see if I was interested in buying her sons flat
He has moved out and went to work in London and he needs to sell
The property he has is in an old Student area so its not in a bad location to rent ??
But for me the Figs just don't add up so would not buy it
But I will share a little bit of history which confirms the above
The owner purchased the property just before the crash and paid 135k for a Three Bed Flat
he also spent 10k on doing it up New Kitchen Central Heating and new windows
He has had the property on the Market for a year and the asking price is 135K
The agent has advised him if he wants the property sold it would need to be reduced by 10K
To a new price of 125k
so there we have it a FTB who has made nothing in 10 years in fact he will lose money
If I was to buy this property I would have around 4k Stamp Duty to pay and I would be looking for a yield of 8%
so I personally would not pay more than 95K
The NE has not recovered its prices of 2007 there is no housing crisis in the North
But George Osborne thinks the SE and the rest of the country are the same
We are heading for stagnation and I think the rest of the country may well have the same as the North has suffered for years.
Learn Change and Adapt ?????
If house prices did rise around 2007 at BOE base rate of 4 percent, why do they not creep up now at base rste of 0.25.
Was it 'irrational exuberance' in 2007 or is it irrational depression now?
Afterall, unemployment rate is less than 5 percent now, reportedly.
I think the South was Lucky and it was a fluke
The south had a bang in Immigration and a lot of overseas money was pumped into London from Overseas
It was seen by the super rich as a safe haven
If it had not been for the above London would have been the same as the Majority of the UK
If you look at the votes to leave the EU the London Bubble wanted to stay and the rest of the UK voted out
It was a reflection of the feeling the country had and still has
Now with BRITEX we may see a level playing field Prime London Property is falling in price and the More immigrants that do go back home will have an impact
The NE has always been the poor relative to the south
We have always been a haven of unemployment and depravation so when the crash happened it hit us hard
with unstable occupations a great number of folk will not get a mortgage
Its worlds away from the south and always has been in some ways its great if you have wealth you can live like a queen here so it has its good points
The faster we see a spread of wealth the better all the uk will be but I am not holding my breath
My own feeling is the South will join us in stagnation for years to come just down to money supply and affordability.
The only time I've known the SE to stagnate was about 1994.
A few colleagues were stuck in negative equity and became default LL while they rented where they needed to be.
It took some years to come out of negative equity.
But it did occur eventually.
The SE will always escape negative equity.
Not so the North.