House prices soar by 30 pc

9:28am Tuesday 4th April 2006

HOUSE prices in Bolton have soared by an inflation-busting 30 per cent over the last three years, a new report says.

Figures released by international property specialists, Knight Frank, show the local housing market is booming.

But despite hugely inflated prices, Bolton still offers excellent value for money when compared to the plush suburbs of South Manchester John Broadbent, head of Knight Frank in Manchester, said: "National house builders build the same homes right down to the kitchen specification and garden size on sites around the whole region.

"It means that you can get an identical home in many locations. Price is the one difference and the prolonged rises in south Manchester mean that homes can cost £100,000 above those for an identical property in Bolton.

"If you work in central Manchester, the commute is roughly the same whichever side of the city you chose to live in. Bolton is booming with its hugely successful out of town developments, such as Middlebrook, as well as new developments closer to the centre.

"Buyers in the town face a win-win situation better value for money now and more chance of seeing their property increase significantly in value in the future."

In 2002, a detached house in Bolton would have cost around £190,000, with an average terraced home costing roughly £69,000.

Statistics released by the land registry in February show the average price for a detached house in Bolton is now £245,332. For a semi it is £126,888, for a flat it is £109,477 and the average terraced property is fetching £90,381.

Despite the apparent boom, local property experts remain cautious about the figures. John Brownlow, a chartered surveyor and managing director of Westhoughton-based estate agents Edwards and Co, said that a 30 per cent increase over the last three years is no different to other towns similar in size to Bolton.

"I think the town has been as buoyant as many other parts of the North-west but that doesn't make it a boom town. Bury and Radcliffe could probably point to the same increase."

Mr Brownlow said the lack of a Metrolink to Manchester, which Bury and Radcliffe both have, may also put off possible buyers. "Bolton's lack of a Metrolink is a disadvantage. I don't think there's any doubt that would increase prices and open the town up for Manchester commuters," he added.

Keith Lancaster, of Lancasters Estate Agents in Horwich said: "I would have thought that we have had at least a 30 per cent rise but its probably more noticeable at the lower end of the market than the higher end."