How to sell property effectively in Bury
With so many residences for sale in Bury at any given moment, you must set a competitive asking price and adopt a comprehensive marketing approach. This guide to the local property market is full of information and advice that should quickly help you find a buyer.
The Bury real estate market has been struggling with stagnation and decline when other housing markets in the UK have been recording double-digit growth. And while some modest growth recorded in recent months, it has been a great deal weaker than in other areas of the North West.
Why do you need to set a sensible asking price when house selling in Bury
Few areas in England are struggling with house price stagnation to the extent Bury is at the moment. Indeed, Halifax reported as recently as January 2015 that Bury was experiencing the UK’s largest decline in property values. And while there have been some positive signs lately, unemployment in the area is still relatively high, and wage levels are still relatively small. Bury is a very tight housing market in which to sell a house quickly, so the asking price you set is crucial. Hard-up house buyers are more prepared than ever to shop around for value, and they’ll show patience in the market like never before. Set your asking price too high, and you’ll only scare most buyers off before they’ve had the chance to view your property.
To maximise the initial interest shown in your home, you will need to find the maximum asking price for houses like yours in your area of the town; do some detailed research for sold house prices in Bury. Most homeowners will put this important work in the hands of an estate agent, one with predominantly houses for sale in Bury. But you don’t need to be left out of the process, as there are some handy tools and resources on the internet that will make researching sold house prices relatively easy. First, try our handy free valuation tool; it’s not completely failsafe but will give you an idea of home valuations. Next, get on the Rightmove website to find property transaction data for your area. The Land Registry web portal provides access to house sales data from government sources. And you can enter your postcode on the Zoopla website to view sold house prices in your street in Bury.
The marketing strategy you adopt is crucial when selling houses in Bury.
The housing market in Bury is still struggling by UK standards, and this is not expected to change anytime soon. Home prices are showing only the weakest signs of growth, and demand is relatively flat. Moreover, according to data on the Home website, the time houses for sale in Bury are spending on the market before being sold fell between 2015 and 2016 – but only just. Across all types of homes, property in Bury spent an average of 202 days on the market in February 2015. Still, only 197 days in February 2016 – a fall of two per cent, illustrating that price-conscious buyers in the area are either biding their time or simply struggling to raise the finance required to buy property. And there are some warning signs for the future of house price growth and demand for property in Bury. The prospect of rising interest rates, a flatlining economy and tightened rules on borrowing could all slow down demand during the next five years, which is why you will need to adopt a comprehensive approach to marketing if you need a quick house sale in Bury.
A growing number of people in the UK are choosing to sell a property without an estate agent as a way to save money. However, in such a tricky market, going it alone is probably not such a good idea. Yes, you’ll be able to save money in the short term, but you could lose out on value due to your lack of experience and knowledge. An estate agent in Bury will be able to provide you with local knowledge, negotiating skills, experience and a network of marketing contacts. And all of these attributes will be worth paying for if they lead to a premium for the sale of your property.
If your priority is to sell a house quickly in Bury, the traditional method for selling a home in the UK might not be the best. The open market is fraught with potential for delays and complications, and that might leave your plans for the future in tatters, so consider all selling options.
Is there a productive time of year to sell a house in Bury?
The short answer to this question is no. There is no clear evidence to prove that a link exists between the year and average selling prices. Homes sold in winter don’t attract higher prices than those sold during the summer – and vice versa. And while demand does ebb and flows throughout the course of the average year, no evidence of increased demand always results in higher prices. Even if there was, predicting when demand for homes will be at its highest is an almost impossible task. According to data on the Home website, the busiest month of the year to November 2015 for house sales in Bury was June, but you can’t rely on this statistic repeating in the future.
If you want to use the time of year to your advantage, you can appeal to the seasonal priorities of house buyers by making changes to your home. Some subtle changes to decor, layout and features in line with the current season might make your home appeal to a much wider audience. In the summer, this might mean making the most of your gardens. In the winter, making the most of the energy-efficiency measures might be the best option.
What issues have the potential to increase house prices in Bury?
The town of Bury is part of a wider borough – and home to around 56,000 people. It, therefore, stands to reason that there will be areas of Bury outperforming others regarding house price growth. However, before you make major decisions and set your price expectations, you should research home prices in your particular neighbourhood. Who knows, growth in your area may have been higher than in Bury as a whole recently.
There are usually several issues that have the potential to drive house prices up in a particular neighbourhood or district; issues beyond your sphere of influence, however, but you can use some of them to extract a premium from specific groups of buyers. For instance, if your home lies within the catchment area of a top school, buyers with children may be prepared to pay a little more than market value for it. Similarly, houses within low-crime areas will often attract older buyers – prompting them to part with a little extra cash. The local council’s initiative to improve several areas of Bury could also positively impact house prices over the coming years.
About the town of Bury
The town of Bury, located in Greater Manchester, nestles on the banks of the River Irwell. The town is just five miles from Bolton, six miles from Rochdale and 8 miles from central Manchester. Bury is the most populous area of the Metropolitan Borough of Bury, with around 56,000.
Before the redrawing of boundaries during the 20th century, Bury was an established urban centre of Lancashire. However, the town rose to prominence during the Industrial Revolution as a mill town – making textiles exported worldwide. As a result, bury has a thriving street market which draws large crowds to the city centre. Local businesses also benefit from having the Manchester Metrolink in town.
As was the case in all the other cities in the North West of England, heavy industry in Bury declined rapidly during the 20th century. The cotton and textiles sectors have now disappeared, and most of the old mills and factories from the Victorian era stand empty. As a result, unemployment in the town has been high for decades, but a recent drive to breathe life into the local retail sector has created many jobs. £350m was spent on a shopping centre around the Rock in 2010. Marks & Spencer, Debenhams, Boots and Clark’s have large stores in Bury. Among the most prominent employers is the traditional market in the centre of town and The Bury Black Pudding Company (which makes the region’ famous delicacy for Waitrose and Harrods).
Things to do in Bury
Bury is a proud town with a proud industrial heritage – a great place to visit if you’re a fan of British history and culture. There are some fabulous exhibitions to see at the town’s new Sculpture Centre. Or if you prefer live music, the Ramsbottom Music Festival is the place to be. And what better way to see the local area and learn about its industrial past than by taking a trip on the East Lancashire Railway? The Met Arts are one of the region’s premier destinations for comedy and live entertainment. But if you want to partake in some exciting outdoor activities, make sure you take a trip to Philips Park or enjoy a hike over Holcombe Hill. More fun for all the family enjoyed at the Burrs Country Park and Activity Centre, home to a range of walking and cycling routes. You can get your retail therapy at some locations in and around Bury, including the Rock, the Mill Gate Shopping Centre and Bury Market.
If you’re buying a property in Bury, then try our useful property data page for Bury.
