BOLTON IS PROPERTY HOTSPOT FOR 2006
(1 March 2006)

Big value Bolton is set to outpace even South Manchester's leafy suburbs in the house price stakes, according to new predictions released today. Buyers in Bolton can get a brand new home identical to one in 'Cheshire set' territory, like Bramhall - but for up to £100,000 less. And, with prices south of Manchester levelling out, buyers in Bolton look set to make more money on their purchase, providing market conditions remain the same.

The latest figures from property experts Knight Frank show that prices in the town have risen by up to 30% per cent in just three years, with more growth predicted. Knight Frank has played a key role in major regeneration schemes and emerging markets across the North of England and is now tipping Bolton as a housing hotspot for 2006. John Broadbent, Head of Office at Knight Frank Residential in Manchester and a leading figure in the region's property industry, is in no doubt that Bolton is on the brink of a new era.

"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."

Knight Frank has a wealth of experience in the Bolton and Greater Manchester markets, working with national developers on a range of major commercial and residential development schemes. The company recently brokered two big land deals to give the area next to Bolton's Valley Leisure Park a completely new lease of life as a hub of urban living. In the first deal, leading developer David McLean is creating 156 stylish 'city living-style' apartments in up to four phases, depending on demand from buyers, in a series of four and five-storey buildings.

David McLean bought the 11-acre freehold site in a deal in excess of the £4 million guide price, with tough competition from rival developers keen to capitalise on the location next to the highly successful Valley Leisure Park, which has attracted UGC Cinema, Frankie and Benny's restaurant and the Esporta Health and Leisure Club.

John Broadbent, who handled the deal, said: "The redevelopment spells good news for Bolton, as similar 21st Century apartment schemes have transformed other towns and cities across the North of England. City living has given a totally new lease of life to Manchester, Liverpool, Leeds and Newcastle and now Bolton. The areas has a strong opportunity to capture the benefits and stimulate the wider local economy, as buyer demand increases for similar developments in towns with good facilities and easy commuting access, but without city centre prices. Many people are keen to escape the city and get back to their roots - Bolton is the ideal destination because you never have to travel far to get things you may need."

Following the success of the first Valley Leisure Park deal, a neighbouring plot of almost six acres at the former Atlantis nightclub, off Waters Meeting Road, attracted equally strong interest, selling for in excess of the guide price of £6 million. Developers were keen to snap up the freehold site in view of the planning moratorium on new housing developments in the North West, meaning suitable sites with planning consent are becoming increasingly rare. Outline consent has been granted on the former nightclub site for 184 two-bedroom apartments, together with 188 car parking spaces.

Knight Frank is predicting that the new Bolton schemes will prove very popular with buyers due to the comfortable commuting distances, with Manchester, Bury, Rochdale, Blackburn, Burnley, Preston and Wigan all within 30 minutes' travel time.

"Bolton is a growing town and there is increasing demand for high quality, modern and lifestyle-driven accommodation," added John Broadbent. "The property market in Manchester has had a ripple effect to the north and Bolton is set to see good growth over the next few years, both for city style apartments and family homes. If people aspire to a particular house type, rather than a particular location, then they will find what they want in Bolton and be able to buy it for a good price. Developers recognised the potential in the area next to Valley Leisure Park and there will be more development to come.

"It is an up and coming residential district, which will look significantly different over the next few years due to the level of investment currently being made there. Similar suburban schemes are proving highly popular in other parts of the region, especially along the M62 corridor, bringing wider regeneration and economic growth. We are beginning to see a clear trend emerging, with an increasing number of sites attracting strong interest from developers in these markets."

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