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Bolton’s renters are continuing to bear the brunt of soaring price rises – with rents hitting nearly £800 a month, the highest on record. Boltonians paid an average £791 a month in rent in the year to February – up by 9.6 per ce or nearly £70 from the year before – according to figures from the Office for National Statistics (ONS).
But the borough was still among the cheapest to rent in Greater Manchester. Only Wigan and Rochdale were more affordable, with an average £680 and £750 in monthly private rents. Andrew Cardwell , managing director of Cardwells Estate Agents, said this was down to a lack of rentals.
He said: “Rents are increasing in Bolton, Bury and all around Greater Manchester and is because rental properties on the private market are reducing. “There’s a limited supply because a significant number of private landlords have decided to step away from the rental market. “For them, it’s become increasingly unprofitable, because of changes in the tax rules – such as increased stamp duty if they want to buy more properties or limited mortgage [interest tax relief].
“They’re concerned about new laws like the Renters’ Rights Bill [banning no-fault evictions] moving through the House of Lords.” No fault evictions – also called Section 21 orders – allow landlords to evict tenants without a reason with two months' notice. He said: “ Some landlords that only own one or two properties as long-term investments, perhaps for their pension income, have decided to sell rather than risk losing money [because of] this law .
“This leads to fewer rental properties being available for tenants to choose from. “But there’s still a strong demand in Bolton with many people seeking private rental properties. Because of a limited supply, prices inevitably rise.
“We have to bear in mind that the cost of living crisis led to everything going up significantly from utilities to food and it could be argued that these rental prices increases are just following the same pattern. “We’ve also seen interest rates increase over the last few years. “Most of our landlord clients have mortgages to pay.
If the cost of their mortgage goes up, unfortunately the rent goes up too. “This is so the landlords can meet their obligations, otherwise they will need to sell – leading to less rental properties being available.” Bolton saw meteoric rent hikes in the pandemic years.
Its rents grew a total of 38.7 per cent between 2020 and 2023, in figures Zoopla compiled for the BBC. This was faster than Manchester, London and Edinburgh.
This year to February, it was in sixth of Greater Manchester in terms of rent spikes, with Trafford seeing rent jump the most to £1,317. Andrew said: “When private rental prices rise, there is a risk of increased demand for council and housing association properties. “These aren’t in large supply either because many have been sold over the years.
” In fact, there are currently around 9,000 people on waiting list for social housing in Bolton. And there are 7,000 empty homes across the borough. But the Labour Government has pledged to build 18,000 social and affordable housing properties.
And Bolton stands to benefit from the £2bn investment. Yasmin Qureshi MP, who represents Bolton South and Walkden, said: “I am disappointed that rents have increased in Bolton. It’s a symptom of the housing crisis we inherited from the last government.
“14 years of a Tory government that didn’t build any social or genuinely affordable housing. “Alongside our reforms in the Renters (Reform) Bill and the £2bn investment in homebuilding, I hope that tenants will see that this is a government dedicated to protecting their tenancies and reducing the cost of renting.”.
