The Wigan property market has been a topic of hot discussion amongst buyers and sellers alike. With its proximity to major cities like Liverpool and Manchester, Wigan has become an increasingly popular destination for those looking to settle down in the North West of England due to the attractive features of the town in comparison to larger cities. However, with property prices increasing, many are left wondering what the future holds for the property market in Wigan. In this article, we’ll take a look at the current property market trends, factors which affect prices, and finally we’ll review what may happen to the property market going forwards.
What is the property market like in Wigan?
To get started, we’ll review what the property market currently looks like. Here are some facts and figures:
- Average price of property in Wigan: £183,809
- 17% increase change from the previous year.
- Average time on market: 116 days.
- Average property price by type:
- Detached: £328,000
- Semi-Detached: £185,000
- Flat: £103,000
- Terraced: £128,000
Review of the property market in Wigan
As the above facts and figures demonstrate, property prices in Wigan have increased considerably. In fact over the last 5 years, current property prices are up by 30%. However, in comparison to the rest of the UK, Wigan is still a lucrative place to purchase property. The average property price for the rest of the UK is £287,506 which has registered an increase of 6.1%. In comparison, Wigan has experienced a 17% increase which may leave some people wondering whether the property market can sustain this increase.
Factors which affect property prices
There are various factors which have caused the increase in property in Wigan, consider the following:
Location and amenities
Wigan’s location is one of its biggest attractions, as it offers excellent accessibility to nearby cities such as Manchester and Liverpool. As a result, many choose to settle in Wigan as a commuter town, enabling them to avoid the higher rent and property prices associated with major cities. This is particularly advantageous for those who work or study in major cities but prefer to reside in a more affordable area like Wigan.
Covid-19 effects
The aftermath of Covid-19 has also contributed to the growing trend of remote work, allowing individuals to work from anywhere. As a result, many are opting to relocate to more affordable areas, such as Wigan, rather than the pricier cities they once commuted to. This trend has further fueled the demand for property in Wigan, leading to increased property prices.
Cost of living/recession / interest rates and mortgages
Despite the upward trend in property prices in Wigan, the cost of living has also seen a notable increase in the past year, due in part to inflation and other economic factors. As a result, property prices may be impacted. Additionally, rising interest rates could make it less feasible for some individuals to obtain a mortgage, which could lead to a reduction in demand for properties. This, in turn, could drive down prices and leave potential sellers facing lower-than-expected sale prices.
Will house prices drop in 2023 in Wigan?
Taking into account all the information we have discussed so far, it is possible to make an educated prediction about the future of property prices in Wigan in 2023. Unless the cost of living crisis and recession fears are resolved, it is unlikely that property prices will continue increasing on the same trajectory as they have done over the last few years. However, it is unlikely to cause a drastic decrease either. So, while there may be a slight dip in the near-future, prices will continue to rise.
What is expected to happen with house prices in Wigan?
Now looking to the future, Wigan is likely to continue to see an increase in property value over the next few years.
Investments = Increased prices?
Wigan stands to benefit from the introduction of the HS2 line. This will mean that locations such as Birmingham will be accessible in 35 minutes, and London only 80 minutes away. As a result, you can expect even more demand for properties as commuters look for convenience. In that sense, Wigan is likely to experience increased property prices.
Supply and Demand
Wigan currently has a population size of 324,700 residents, and that is expected to grow to 346,300 residents by 2030. The larger the population, the greater the demand for property. Although that is still 7 years away it will still result in an increased demand for property. Additionally, the years after that demand is unlikely to go away with many families choosing to call Wigan home.
Bottom Line
To conclude, the property market in Wigan has definitely increased in value over the last few years. Therefore, house prices are definitely going up. During times of economic downturns, such as the current situation of rising inflation and increased cost of living, property prices are likely to remain stable or take a slight dip. However, looking at the long term future of Wigan,it’s likely that the town will remain an attractive destination for buyers and investors looking for affordable properties
If you’re looking to sell a house fast in Wigan, consider using our services here at WeBuyAnyHome. We can provide a cash offer which takes into account the current property market prices. Once you’re happy with the offer, we can complete a sale in as little as 7 days. . This means you can avoid the risk of market fluctuations affecting the value of your property while you wait for buyers on the open market.
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