In this article, we’ll take a close look at the Wigan property market, including current pricing trends, recent changes, and other important information for prospective property buyers and sellers.
Let’s get started.
Are you thinking of buying a home in Wigan?
Wigan is a great place to purchase property; not only is it a nice place to live, but the property market has also experienced growth over recent years. (More on that below)
If you’re looking at buying property in Wigan, you’re either making an investment for personal use or for rental income.
Both of these scenarios are unique.
If you’re purchasing property for personal use, then you’ll be more interested in factors like the neighbourhood and the amenities on offer. Now, in Wigan, you won’t have a problem finding somewhere that works for you.
Whereas, if you’re looking to purchase a property to add to your rental portfolio, the only factor that really matters is the potential ROI you can expect. Again, Wigan doesn’t disappoint in that regard, either.
Whatever the case, Wigan is a good choice. Here’s why…
The current state of the Wigan housing market
Let’s take a look at what the property market currently looks like. We have used official Land Registry data, which has been sourced as of mid-2023.
- Average price of a detached property: £310,212
- Average price of a semi-detached property: £184,941
- Average price of a terraced property: £139,211
- Average price of a flat: £96,425
The data highlights that the average property price is currently £183,344. To really put this into perspective, exactly ten years ago, property prices were £80,000 cheaper at an average of £113,143. That’s a 47% increase in 10 years.
Pretty impressive, right?
But you may now be wondering whether it makes sense to purchase property at an inflated price. However, property prices have increased considerably in many cities across the country, and Wigan is no exception.
But to truly understand the property market, you need to look through historical data to understand how prices have changed over the years.
Data shows that the most significant decline in property prices in Wigan occurred around the Great Recession. In December 2007, the average property price stood at £131,479.
However, by March 2009, it had plummeted by approximately £25,000, reaching an average of £105,916. The only time in the past 15 years when property prices have dropped lower than £105,000 was in March 2012 when they reached £103,994.
Since 2015 and onwards, the average property price has increased year on year. This shows that unless another great economic event occurs, prices are unlikely to get any lower.
What is expected to happen in the next five years in the property market in Wigan?
The big question is, should you sell your property in Wigan right now? Nobody can say for certain exactly what the future holds, but we can make an educated guess.
Property prices are indicative of supply and demand. We know that Wigan’s population is projected to increase from 324,700 residents to 346,300 residents by 2030. a growing population typically leads to an increased demand for housing. Even though this increase is several years away, it is expected to contribute to a sustained demand for property in Wigan, especially as families choose to call the town home.
Another key factor is that Wigan is becoming an increasingly commuter town, especially with a shift in how businesses operate to offer remote work. Many people can now avoid the higher rent costs of large cities and instead live in Wigan. This convenience will be supported by the introduction of the HS2 line, which will provide rapid access to major cities like Birmingham and London. This is likely to attract even more commuters to Wigan. This increased convenience is expected to drive up demand for properties in the area, which could result in higher prices.
This demand for property will likely push property prices up. However, another recession may negatively impact the market. Over the recent months, the cost of living crisis and fears of an impending recession have continued to rise. So unless those scenarios are managed, property prices may crash in the short term before picking up steam in the future.
How this will impact buyers and sellers in Wigan during 2023
During uncertain economic times, buyers thrive while sellers lose out on property value. The opposite is true when times are good. Currently, the market is still favourable to sellers. Buyers face increased competition and higher prices when purchasing property. However, if the market continues to remain strong, they do stand to make a profit. On the other hand, sellers have the opportunity to make a profit while the selling conditions are great.
However, many sellers do have to wait for the right buyer to come along before they sell. Bear in mind that with higher property costs, many are priced out of the market. The average salary in Wigan is around £33,900, so the average mortgage value available is around £152,550, but property prices are £183,344. This results in many buyers looking for discounts, which sellers may not necessarily want.
Tips for those looking to buy in the near future
Get Your Priorities in Order
Knowing what you want will help you narrow down your options. Make sure you research your ideal neighbourhood, your budget, and other key essentials.
Consider Future Resale
Think about the long-term resale value of the property. Even if you plan to live there for many years, the resale value of your property should increase as much as possible. This ensures you make a worthy investment. So, research the neighbourhood to identify if there are future amenities planned that will increase your property value.
Don’t Rush
Take your time to find the right property that meets your needs and fits your budget. Many see that property prices are increasing and rush in to avoid paying more. Yet, purchasing a property that doesn’t fit their needs will result in further costs down the line.
Tips for those looking to sell in the near future
Set a Competitive Price
Work with your real estate agent to set a competitive and realistic asking price based on market trends and recent sales in your area. This will ensure you avoid having to wait too long on the market with unrealistic expectations.
Negotiate Wisely
Be prepared for negotiations. Your real estate agent can provide guidance throughout this process. However, it’s a good idea to have a value in mind that would be your last price.
Consider Options
If you need a quick sale due to personal circumstances, selling on the market isn’t your only option. There are faster, more convenient and overall more efficient options available that will help you get your property sold. This includes cash house buyers, like us at We Buy Any Home.
Overall, the property market in Wigan has experienced growth over the recent years. The demand for property is likely to continue as more people choose to live in the area. However, property prices are quite high and may be reduced in the short term if the current economic climate is not addressed. When that will occur is yet unclear.
However, if you have a property in Wigan that you’re looking to sell, we can help. 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 seven 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.
