Bolton house prices have shot up by 42% over the past five years, leaving many first-time buyers wondering if they can still afford to buy their dream home.

New data from the Land Registry reveals that the average price for first-time buyers in Bolton has soared to £159,400, marking a considerable increase from £112,100 just five years ago. This surge in prices has been driven by various factors, including rising interest rates and a decline in the number of properties available for sale.

The impact of these escalating costs on aspiring homeowners is undeniable. Property website Rightmove reports that the typical monthly mortgage repayment for first-time buyers has surged by a hefty £400 compared to five years ago.

This trend is not confined to properties purchased by first-time buyers; the average price for all homes in Bolton has mirrored this upward trajectory, also hitting £190,300 in April 2024.

Andrew Cardwell, managing director at Cardwells Estate Agents, suggests that the recent rise in interest rates is a key factor influencing the performance of the Bolton property market. However, he believes that the Bank of England’s recent success in meeting its 2% inflation target could pave the way for interest rate reductions in the latter half of 2024.

Cardwell points to Barclays’ recent decision to slash its mortgage rates as a potential catalyst for other major lenders to follow suit. If this prediction holds true, it could bring much-needed relief to mortgage holders and those aspiring to own a home in Bolton.

Despite the challenges, optimism persists among potential buyers. A recent study by OnTheMarket found that a remarkable 85% of active buyers in the UK remain confident about securing a property within the next three months.

Cardwell remains optimistic about the future of the Bolton property market, suggesting that while it is performing relatively well given the current economic climate, it has the potential to gain further momentum in the autumn and winter if borrowing costs decrease. This could present a golden opportunity for first-time buyers who are prepared to navigate the current market dynamics.