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What is it like buying a house in Bolton?

by | Nov 15, 2022

Home $ House for sale in the UK $ What is it like buying a house in Bolton?

Bolton can be a tough place to find accurate information like any city in the UK. Read on to learn about which data to stay on top of when looking at house for sale in Bolton.

On top of this, keep reading for detailed information on the demographics of Bolton in East Lothian. This is crucial in finding out if the area is worth for looking at houses for sale in the UK for an investment over the long term too.

In general, for the city of Bolton, what are the final purchase prices for the houses for sale?

There are a lot of factors that impact the final sale price a house for sale sells for in the UK and in Bolton. In Bolton, this sale price works out to be £171,791. As an example, a factor like population growth over the last 10 years which works out to be 5% in Bolton and impacts house prices of the houses for sale.

Housing category Total final sale price
Average sold price (detached) £277,053
Average sold price (semi-detached) £170,617
Average sold price (terraced) £124,905
Average sold price (flat) £101,324

Above, the exact type of house is also shown to vary in price in a table in Bolton. You may think that the bigger the house is the more expensive, but actually, this table is more based on the demand for the properties in each category.

Housing category Sale price per square foot
Average sold price/sqft £1,831
Average sold price/sqft (new build) £2,013
Average sold price/sqft (old stock) £1,737

In addition, here is the price per square foot. By taking this data and doing an average, it is also possible to work out the average square foot of houses in Bolton which is £1,924. From here you can get a sense of the price of the overall housing market and therefore, also find out the prices of the houses for sale.

How are rental yields of the houses for sale different to the rest of the UK in Bolton?

Is the housing market in Bolton growing?

Before making an investment and move forward with buying a house for sale, another important set of data an investor should analyse is the growth trends of the area in question.

Below are the forecasted growth rates for the city of Bolton at 1 year, 3 year and 5 year intervals:

1 year 3 years 5 years
Bolton growth rate -1% 16% 31%

Examine this figure carefully as the addition of a lot of new houses to meet demand could mean that house price of the houses for sale in Bolton gradually reduces with an increase in the housing supply. This could be a good indicator to understand if your house will appreciate or not. Too many houses and too much supply could drive down the prices of homes or stagnate them. So be sure to check out what is exactly happening in Bolton.

If you’re buying a house for investment rather than for the reason to live in the house over time and use the house as a place to stay in the long term, there is a need to look at the rental yield figure to see if the house for sale you are considering to buy is a good investment or not.

This figure is usually looked at by investors as well as the rental income of the area, the sale turnover and the rent turnover.

The table below represents this data and compares Bolton to East Lothian and the broader suburb of the UK; Scotland.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Bolton 4.3% £753 139% 23.9%
East Lothian no relevant data for this city no relevant data for this city no relevant data for this city 46.20%
Scotland 5.48% £871 125.36% 59.40%

Let’s assume you want to sell the house you’re looking to buy in Bolton for profit in the future, in this case, looking at the data for the number of houses sold per month in Bolton would give you an idea of whether the area is actively getting new investors. This figure is 172.

It is vital you be careful with this figure however as the data can suggest something that isn’t true in Bolton. To give an example, a lot of people buying new houses could also indicate there are a lot of new first time buyers in the area which would in fact drive down the rental yield.

The more people there are interested in renting, rather than buying, the more likely that area of the UK has high rental yields and hence investors like these areas to invest in to create a large amount of cash flow.

What are the people like in Bolton?

In the city of Bolton, the demographics are unique and must be looked at by themself to make a conclusion about the area before buying a house. This is because the growth could be greatly different to the wider area of East Lothian for example.

These demographics for Bolton may impact the price of a house, how this house grows over time and the profitability of a house if you are buying it for an investment so knowing the area is crucial for a landlord making a purchasing decision in the city of Bolton in Scotland.

In the city of Bolton, has the population grown or shrunk?

Population growth in Bolton is important to know if there is housing demand and the total population may also be looked at as large populations commonly have a lot of buyer demand.

In Bolton, 260,757 people live in the city as their main place of residence.

It is important to note that it is not the case that everyone likes a large population to live in. People who tend to prefer a more relaxed life are more likely to buy or rent somewhere to live that has a small population and perhaps also wouldn’t mind if the population isn’t growing.

Other people also like to have a mix of both. Where they can visit rural areas and also benefit from the amenities of a busy city.

In Bolton in the previous five years, have population numbers transformed?

Five years may seem like a long time but it is rare for a city to grow that much unless there is dramatic population growth. In Bolton, this change has been 2%. Read more here

Someone who wishes to find out how this change has occurred over a longer period of time may also wish to read the headings below and see if the change has continued throughout the past decade too. Or if the change is only true for the more recent figure for five years of 2%. Click here to know more on the UK population trends.

Over the last decade, how has the population differed in Bolton?

Populations change all the time but if there is a clear change in population in the last ten years this is even more reliable data about the population of the area as opposed to five. This adjustment in population works out to be 5% in Bolton.

What this statistic is like in comparison to the population change in five years should provide you with a comprehensive understanding of what direction the population is heading in.

In recent years because of the pandemic, it is common to see dramatic differences in the population change in the last five years when comparing it to ten as people realise they can work from home but still keep the current jobs they have.

This means they can move to cities they wouldn’t have considered otherwise and be location-independent of their source of income. Perhaps making a longer commute into the office every week for example.

Is there sufficient green space in Bolton?

Whether you view green space in Bolton as important to you as a homeowner is up to your personal preferences. Having said this, there is a clear benefit on the overall health of people who live near green space as the government has stated keeping green space in proximity to people is one of the biggest factors for combating obesity.

In Bolton, the number of acres of green space for every 1000 people currently is 18.6 which can be measured against the UK average of 1.7.

Are the deprivation levels of the UK any different to Bolton?

Deprivation of a city is defined as the number of people who are considered to not be earning enough to sustain their lifestyle. The UK average of deprivation nationwide is 33% so comparing the figure of 30% for Bolton should give you a nice idea of the deprivation in the area.

What’s crime like in Bolton?

Within Bolton, the number of people committing crimes is 14 per 1000 people. This figure directly relates to the safety of residents in the area which is one of the biggest factors in whether an area is considered desirable or not.

As a result, someone looking to buy a house here hoping for it to appreciate in value or buying a house here to produce rental income should check out the crime rate and compare it carefully to the UK average of 79.52 for every 1000 people to see how safe people living there will be.

If the area’s crime rate is too high, this may result in you having to pay for the renovation of burglaries or pay a premium on home insurance as insurance companies will charge you more for living in a dangerous area. So analyse this 14 figure carefully.

What is the social grade score of Bolton?

In the city of Bolton, the social grade score of the area is 19%. But what does this exactly mean? The figure refers to the proportion of people in the two highest categories of skilled jobs.

The categories are grouped from A to E shown in the table below. Overall, a high social grade score means there are more affluent people working in managerial and professional roles in the area.

This table shows the average breakdown of the UK in terms of where most people in the UK are working so you can compare it to the social grade score of Bolton.

Social Score Category The proportion of the UK population (%)
A Professional, managerial or administrative 4
B Intermediate managerial or professional jobs 23
C1 Supervisory, junior managerial or professional jobs 29
C2 Skilled manual workers 21
D Semi and unskilled manual workers 15
E State pensioners, casual & lowest grade workers 8

How much do people in Bolton earn?

As earning potential goes up in a city, so does the quality of schools in the area, the general infrastructure and the social grade score (19%). All in all, the area becomes a more desirable place to live in.

This is why it is vital to pay attention to how much people are making annually in any city you plan on making a house purchase in. In Bolton, this works out to be £38,950. This can be looked at alongside the average household income which is price34,000to estimate how affluent the area is.

For the city of Bolton, what is the education level?

In Bolton, the proportion of people who have a degree is 22%. Generally speaking, as the number of people with degrees increases, the more people are able to afford houses to buy as a degree is a good indicator of a higher income. To put this into perspective, the average income of Bolton is £38,950.

This figure for average household income usually goes up alongside the percentage of people who have degrees.

However, this is not a hard and fast rule, there are many factors influencing the buying power of a population and hence the appreciation of housing and the number of houses for sale in the area. This can include the rental yields of the area and other demographic statistics like crime rate.

Nonetheless, it cannot be argued that those with degrees tend to live in more affluent areas as 82% of people who achieve a first in degree level education are owners of the place they live.

On average, what is the figure for the asking price of a house for sale in Bolton?

Table showing the asking prices for houses for sale in Bolton

Average asking price (1 bed) £84,797
Average asking price (2 bed) £150,785
Average asking price (3 bed) £232,504
Average asking price (4 bed) £364,795
Average asking price (5 bed) £594,639

Based on this table, hopefully, you will be able to tell what type of house for sale is the most suitable for your budget. You can also consider the average asking price per square foot (£674) for houses for sale with this table to get a good idea as to whether Bolton is the right area to buy a house in for you.

When investors make offers for houses for sale in Bolton, the average price asked by the homeowners works out to be £229,941.

In the table below, for all the different sizes of houses in the area, the average asking prices have been displayed. This tells you what kind of house is more or less expensive and sought after despite houses with fewer bedrooms being overall less expensive anyway.

Any house that looks like it is overpriced for the number of bedrooms it has in Bolton is typically not overpriced. It is just the case that that type of housing has a higher demand, therefore, people are willing to pay more.

Get professional help on the houses for sale in Bolton

Considering all the above data and information provided, you may want know who can help you buy a house for sale.
Lots of professionals offer property investors and first-time buyers advice and assistance in dealing with the process of acquiring a house for sale.

Below, you can find a list of professionals that come in handy when looking for houses for sale:

  • Lender – Is someone capable of lending you the money you need to complete the purchase of the house for sale
  • Insurer – Insurance companies provide building insurances and other financial products you need to protect your real estate assets
  • Conveyancer – This professional will take care of the legal work needed when looking for a house for sale
  • Surveyor – Use this professional to assess the condition of the house for sale you are willing to buy, get an independent valuation and feel more comfortable when negotiating the final price
  • Mortgage broker or adviser – Different buyers can access different mortgages to buy a house for sale. Let the mortgage broker suggest to you which one is the best given your financial situation
  • Energy professional – Nowadays is more important than ever, to get professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering as your next investment

A house for sale that is right for you

Many criteria impact the price of houses for sale in Bolton.
Here below are the most important ones according to Lofti’s expertise:

  • Affordability – (see what house for sale can you afford?)

    A guide from the UK government

  • House Location – The borough and region of the UK you want to invest in is an important factor to consider when looking for a home for sale.

  • Transport – Commuting can be a waste of time. Minimise it by checking how long it will take from the house for sale you’re interested in, to your office before considering buying

  • Number of bedrooms – The number of bedrooms goes hand in hand with the house for sale price. If you are buying for the long period try to think if you might need an extra bedroom

  • Energy performance of the house for sale – The difference between an EPC rating of A and an EPC rating of G can impact your monthly utility bills, consider this when evaluating houses for sale.

  • Internet connection – Being able to take video calls from your home is crucial nowadays, always check the broadband of the area when browsing houses for sale

  • Car park – Ask the property seller for parking availability. If it is included in the price of the house for sale, you can justify paying more than you would at first glance

  • Conditions of the house for sale – Repair works can be expensive and take a lot of time, assess the conditions of the houses listed for sale before making an official offer.

Thinking about other cities with houses for sale?

Below are a list of towns with a similar location to Bolton.
Reading these analysis will help you evaluate the different houses for sale currently listed in Scotland:

If you are interested in some other city or even region of the UK, please visit the following page houses for sale in the UK it contains all the data related to the houses for sale.

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