Investing in property anywhere requires meticulous research and unwavering due diligence. Such a significant decision requires a keen understanding of the market, and investing in Wigan is no exception. Whether you seek a buy-to-let opportunity or a home to call home in which you can benefit from the increasing property values over time, Wigan holds potential worth exploring.
In this article, we delve into the essential factors you need to consider before making the leap into the Wigan property market. By gaining insight into the region’s unique attributes and untapped potential, you will be able to decide whether you should invest in property in Wigan.
Is property in Wigan a good investment?
While property prices can fluctuate over time, we have used data available at the time of writing to evaluate whether Wigan presents a favourable investment opportunity.
At present, the average asking price for properties in Wigan stands at £233,445, while the actual selling price hovers around £149,586. Comparing these figures to the average property price in the UK, which amounts to £296,000, it becomes evident that Wigan offers a significant price advantage, with a difference of nearly £150,000.
This stark contrast alone makes Wigan an enticing prospect for potential investors seeking affordability without compromising on value.
For those considering buy-to-let investments, it’s important to look at the rental market.
- In Wigan, the average property rental price is approximately £792 per month.
- However, houses have an average rental price of £733 per month, while flats enjoy a higher average rental price of £955 per month.
To gain further insight into the property market trends, let’s take a glimpse at the changes Wigan has witnessed over the past ten years.
- In 2013, average selling prices were approximately £126,212, while the current prices indicate a +19% change, amounting to £149,586.
This growth indicates a promising appreciation of property values over the past decade, reflecting the town’s potential for long-term investment gains.
However, it is worth noting that, at the time of writing, the overall property prices in Wigan have experienced a modest decline of 2.3%. This decline can be attributed to the overall economic conditions affecting the country at large.
While a reduction in prices may seem unfavourable at first glance, it can also present a lucrative opportunity for investors to capitalise. By taking advantage of the recent drop in property prices, investors may secure properties at more affordable rates, setting the stage for future value appreciation.
Is Wigan up and coming?
When considering an investment location, it’s essential to evaluate the town’s potential for growth and development. In the case of Wigan, several exciting projects and factors contribute to its status as an up-and-coming area, making it an appealing prospect for investors. Let’s explore some of these noteworthy developments and advantages.
Wigan Pier Redevelopment and Community Enhancements
At the heart of the town, the ongoing work at the Wigan Pier redevelopment showcases a commitment to revitalising the area. This project not only breathes new life into the iconic landmark but also introduces additional amenities that enrich the community’s warm and inviting atmosphere. These enhancements contribute to an overall improved quality of life for residents and create a more desirable environment for potential investors.
The Galleries Redevelopment
A significant investment of £135 million has been allocated to the redevelopment of The Galleries, further bolstering Wigan’s appeal. This ambitious project encompasses a diverse range of offerings designed to attract residents and visitors alike.
The redevelopment plans include a six-screen cinema, a music and e-sports venue, a 10-lane bowling alley, an indoor mini-golf facility, various food and drinks venues, an evening entertainment space, a new hotel, 464 residential units, a new market hall, and a landscaped public realm square for annual outdoor events.
Such extensive redevelopment not only improves the town’s overall infrastructure but also creates new opportunities for businesses, entertainment, and leisure, making Wigan an even more enticing place to live and invest.
Desirable Commuter Town
Wigan’s strategic location as a commuter town adds to its allure. With easy access to cities like Manchester, Liverpool, Warrington, and Bolton, Wigan appeals to young professionals seeking an affordable alternative to the higher rents typically associated with major cities. This advantage allows individuals to enjoy a more relaxed lifestyle while benefiting from the proximity to employment opportunities, cultural attractions, and city life.
By examining these developments and advantages, it becomes evident that Wigan is indeed an up-and-coming area. The commitment to revitalising iconic landmarks, such as Wigan Pier, and the substantial investment in The Galleries redevelopment demonstrate a proactive approach to enhancing the town’s amenities and attracting residents. Furthermore, its status as a commuter town opens doors for individuals seeking an affordable yet convenient location to live and work.
Is Wigan a good place to live?
Residents of Wigan often highlight the town’s strong community spirit as a defining characteristic. This tight-knit atmosphere fosters a sense of belonging and promotes positive interactions among neighbours. Additionally, Wigan offers a wide range of amenities typically associated with larger cities. The availability of these amenities allows residents to enjoy a city-like experience without the nuisances often associated with major city areas, such as rush hour traffic and high living costs.
Wigan has also been recognised as the happiest place in the UK, not once but on multiple occasions. This recognition is a testament to the positive experiences and contentment expressed by residents.
However, it is important to consider that Wigan does have a higher-than-average crime rate. Having said that, when residents themselves still regard Wigan as a great place to live, it brings to question whether having a community can outweigh concerns related to crime.
With its attractive property prices compared to the UK average, the potential for long-term appreciation, and the availability of affordable rental options, Wigan offers an enticing prospect for investors.
While property prices may have dropped in recent years, there are still developments occurring which will continue to enhance the desirability of Wigan as a place to invest in property.
If you do find yourself in the position of owning a buy-to-let property and are looking to sell. We can help. Here at We Buy Any Home, we offer a quick and efficient method of selling properties. Even if you still have tenants living in the property, we can take over any tenancy agreements. Regardless of the condition or location of the property, we can offer a free cash offer. So if you need to sell a tenanted property, get in touch to receive your free cash offer.