Property Investment in Bolton – A Guide by Aspen Woolf
With its rich history, growing economy, proximity to cities like Manchester and property prices well below the UK average, we take a look at 7 compelling reasons to consider property Investment in Bolton.
When you think of property investment in the north of England, you might not immediately think of Bolton. But this Greater Manchester town is a hidden gem, with so much going for it, including a massive regeneration plan that will transform the town centre.
Without further ado, here are the top 7 reasons why buying a property in Bolton is definitely a good idea.
A Growing Population
Bolton is one of the largest towns in Europe. According to the latest figures from the Office of National Statistics (ONS), published in mid-2021, Bolton’s population is currently 296,000 and is predicted to grow to 300,000 by 2043.
Bolton contributes to the overall population of Greater Manchester, which stands at 2,868,400 people. A larger population typically results in a higher demand for housing, leading to increased capital gains and numerous investment prospects for buy-to-let investors.
One of the reasons why property investment in Bolton is attractive is its convenient proximity to central Manchester. Bolton is located only 10 miles away from the city centre, which enhances its overall appeal as a desirable location for investment.
Redevelopment is Transforming Bolton
Bolton is a significant player within the economy of Greater Manchester, which in turn is at the centre of the Government’s Northern Powerhouse strategy. This aims to revitalise major towns, cities and business hubs across the north of England to fully release their potential for growth and improvement.
As part of this master plan, Bolton Town Council has formed a development fund worth £100 million, which has attracted more than £1 billion worth of investment and development. The Council is now actively considering a range of possible joint ventures to ensure Bolton becomes what they call a “super-connected digital city.” It represents the sixth part of the master plan that will completely transform Bolton by 2030.
Bolton is currently experiencing a period of significant transformation, reshaping the city and making it increasingly attractive for residents. Several redevelopment projects are contributing to this transformation, including:
Town Centre Redevelopment
The town centre will be transformed and move away from purely retail services. More than 2,000 new homes will be constructed, while high-profile retail outlets will be retained and expanded. New leisure and hospitality outlets will increase the viability of Bolton town centre and provide for the influx of new residents.
This radical town centre transformation will fundamentally alter Bolton’s identity by combining with the rebuilding of a transport hub and the existing £260 million transformation of the town’s private and public sectors.
Redevelopment of the Farnworth Area
Farnworth is currently undergoing an exciting £50 million regeneration project, which includes the creation of 97 homes, trendy cafés, bars, shops and a vibrant green public square.
In addition to its high street regeneration, Farnworth is also witnessing progress in other areas. Just a few metres away, the refurbishment of Farnworth Leisure Centre is in full swing, with an expanded fitness suite and dance studio.
Bolton College of Medical Sciences
Construction is underway for the establishment of a cutting-edge medical and clinical skills college at the Royal Bolton Hospital site.
The Bolton College of Medical Sciences (BCMS) is set to open its doors in 2024 and will offer training prospects for both aspiring and practising healthcare professionals, aiming to become a revolutionary model for training NHS staff.
New Jubilee Centre
March 2023 marked the opening of this day centre and swimming pool in Bolton, representing a £6 million investment. The Jubilee Centre will begin its operations next year and is designed to cater to the needs of adults and young individuals with learning and physical disabilities, offering a range of services, including a hydrotherapy pool.
Town Fund Projects
The Town Fund Projects initiative is set to infuse vitality into various significant sites and public buildings located within Bolton’s town centre. One notable project involves the revitalisation of Bolton’s historic market, which includes the addition of a new food hall and an expansion of the outdoor area.
Adjacent to the market, the Moor Lane development will transform the 4.5-acre former bus station site into a thriving community. This development will introduce 208 new homes, along with green spaces and shops.
Bolton library is also in the midst of a significant refurbishment, aiming to provide an upgraded and modernised facility for visitors. Similarly, Ashburner Street is undergoing enhancements to improve the overall pedestrian experience for a more attractive streetscape.
Bolton Station Interchange
This development is set to combine Bolton rail station with the main bus station. The development will see the former bus station area feature two six-storey apartment blocks each made up of 52 one-and two-bedroom flats.
The development of Church Wharf will see a mixture of stylish architecture and stunning open spaces at an investment of £120 million. Church Wharf plans include a mix of 352 homes, an 80-bed hotel and 130,000 sq ft of offices and a leisure quarter with a cinema and retail units.
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Located in the city centre, Stone Cross House will be Bolton’s first high specification “City Living” apartment block with integrated smart technology.
This new property for sale in Bolton, completed to a modern, elegant specification will be comprised of 61 apartments broken down into 10 studios, 40 one-bedroom apartments and 11 two-bedroom apartments.
Bolton Boasts Economic Appeal
Bolton’s economic output is worth about £4.6 billion and forms a major part of the economic success of Greater Manchester. Its significance can’t be overstated, particularly because Greater Manchester’s economy is second only to London’s.
Bolton attracts young professionals, students and families looking for value for money housing and a town on the way up. By bringing urban residential property developments into the town centre, Bolton Council aims to improve the town for its residents and make it a more appealing place to live.
A Logistics Hub
Bolton is home to Logistics North, a major manufacturing development and one of the largest in the north of England. The town is also a distribution hub for a number of internationally renowned brands, including: MCDA and Amazon. Aldi, the UK’s fourth-largest supermarket chain, has a distribution centre in Bolton.
Other major landmarks in Bolton include the Middlebrook development, an 80-hectare site housing the biggest leisure and retail complex in Europe and home to Bolton Wanderers FC.
A growing Hospitality Sector
The number of businesses in the accommodation and food sector in Bolton has climbed significantly over the past five years. As the UK recovered from the pandemic, in the last year alone, 90 hospitality businesses were created in Bolton, a 38% increase which is set to further increase with ambitious £1 billion regeneration plans already underway in Bolton town centre.
University of Bolton: Major Changes Underway
The University of Bolton is in the centre of the town and one of the fastest-growing higher education institutions in the country. The university was named best in the North West for overall teaching quality and student satisfaction in The Sunday Times Good University Guide 2022.
The urban campus and surrounding halls of residence are well integrated into the city. And additionally just a 20-minute journey from Manchester city centre and around 30 minutes from Manchester Airport.
Funding Improving the Campus Offering
The University of Bolton is a major part of the town centre regeneration plans, thanks, in part to a £31 million investment in the health and sports centre, Bolton One. The funding is transforming the university by creating a health, leisure and research centre in partnership with NHS Bolton. There will also be a new business and law school as part of the development.
A recent development at the university is the National Centre for Motorsport Engineering, which opened its doors in 2017. There are more projects in the pipeline as investment continues to boost the university, such as a new hall of residence development as part of a £40 million project.
Strong Student Occupancy
Continuous demand, strong occupancy and higher yields make investing in the student property market appealing to investors. Bolton’s student population currently stands at around 11,000. Therefore it contributes to a growing demand for affordable new housing developments in Bolton.
Bolton is one of 3 cities in the Greater Manchester area that offers higher education. This is another plus for property investors interested in adding student accommodation properties to their portfolio.
An Affordable Property Market
Compared to other regions in the UK, property prices in Bolton tend to be relatively affordable. This presents an opportunity for investors to enter the market at a lower cost. And additionally and potentially achieve attractive returns on their investment.
Long-Term Growth Trends
According to figures from the Land Registry, in January 2023, Bolton properties saw prices drop by an average of over £3,000. In January 2023, average house prices in Bolton sat at £189,996. This aligns with the broader picture in the North West, where prices experienced a 0.6% decrease. While Bolton outperformed the UK’s overall drop of 1%.
However, this drop does not reverse the longer-term trend, which has seen property prices in the area achieve 10.6 per cent annual growth.
If you’re looking for a house to buy in Bolton, it’s good to know that over the last year, the average sale price of property in Bolton rose by £18,000. House prices in Bolton are still well below the UK average. Meanwhile the typical property values in the UK reached £289,818 in January 2023.
Robust Demand for Property
Compared to the rest of the UK, Bolton housing is seeing robust demand for housing. While in the short-term price drops are to be expected, in the medium term prices have notably risen.
Bolton offers excellent value for money in comparison to other areas of the UK. When considering the trends related to houses to buy in Bolton, buyers paid 12% less than the average price in the North West (£214,000) in February 2023 for a property in Bolton.
Student Rental Demand Opportunities
Thanks to educational institutions such as the University of Bolton, Bolton has a significant student population. This creates a strong demand for rental properties, particularly in areas close to the university campus.
In recent years, Bolton has experienced a surge in landlord interest towards investing in student properties. Property to let in Bolton includes a growing student sector. Additionally, the town has witnessed the emergence of numerous purpose-built student accommodation developments, fueling substantial demand for this type of housing.
Additionally, the popularity of student flatshares and HMOs has also witnessed remarkable growth. Which is further contributing to the flourishing student property market in Bolton.
Well Located and Connected
Bolton is well-connected and located, making it an attractive destination for residents, businesses and investors. Residents can enjoy the benefits of living in a town with its own unique character. As well as still having access to the amenities, employment opportunities and cultural offerings of a major city like Manchester.
The town enjoys convenient access to major road networks. Such as the M61 and M60 motorways. Which provides seamless connections to neighbouring cities and regions. This accessibility makes Bolton an appealing choice for commuters who work in Manchester but prefer to live in a more relaxed and affordable setting. This can additionally give a boost to buy to let property in Bolton.
The Bolton Interchange serves as a transportation hub, offering convenient connections for both local and regional travel. Namely with its regular train and bus services connecting the town to Manchester and other nearby areas. Another significant advantage is the proximity of Manchester Airport. Which is easily accessible from Bolton in just 15 minutes by car and around 40 minutes by train. This helps boost demand for housing in Bolton.
If you’re considering property investment in Bolton, with an affordable property market, a strong student and professional rental sector, as well as regeneration transforming the city, now is a good time for serious property investors to register their interest in this northern town that has so much to offer. Get in touch with our property experts to find out more.
Take a look at the property for sale in Bolton that Aspen Woolf has to offer you.