Why Are Wigan Properties Selling So Quickly? 

Why Are Wigan Properties Selling So Quickly? Why Are Wigan Properties Selling So Quickly?

If you like to keep an eye on the UK housing market and stay up to date with the latest property investment news, you may be aware that Wigan has become a UK buy to let hotspot. 

Wigan property investment is now increasingly popular with investors from around the globe, and in 2021, it was recorded that Wigan properties are spending an average of just 26 days on the market before being sold.  

This 26-day average time on the market for Wigan properties means that Wigan has the fastest-moving property market in England and Wales. 

But what has led to such high demand for Wigan properties? Why are properties in Wigan considered so desirable by both investors and homeowners?  

Let’s explore some of the key reasons behind Wigan’s high demand and fast-selling property market. 

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Wigan Properties Are Affordable Wigan Properties Are Affordable

Wigan Properties Are Affordable 

Part of the reason behind such high demand for Wigan properties can be explained by the affordability of house prices in the area. 

Zoopla data lists Wigan property prices at an average of £161,258 as of December 2021 based on current property listings.  

That’s significantly lower than the price in nearby cities Liverpool and Manchester, which both have a current average asking price of over £200,000. 

If you’re seeking a UK buy to let property to meet a lower investment budget, Wigan is a great town to consider.

The Rental Market Is Thriving 

Rental prices in Wigan have increased by 10.5% in the year to September 2021, giving the town the title of a UK rental market hotspot. 

Despite these rising rental costs, however, Wigan is still hailed as one of the most affordable places in the UK to rent a property. 

Rental yields in the town are some of the best in the country, with Wigan being voted the 4th best town for rental yields by This Is Money. This is due to impressive rental yields of up to 7.9%. 

The popularity of Wigan as a commuter town likely plays a big part in the area’s rental market demand. 

Thousands of people commute daily to nearby towns and cities, including Liverpool and Manchester which are just a short train ride away.  

Many people who work in cities like Manchester, but don’t wish to pay the higher costs that come with renting in a big city, can secure a similar rental property for a lower monthly cost in Wigan. 

There are also a high number of large businesses based in Wigan itself, including huge food industry names like Heinz, increasing the number of professionals looking for rental accommodation in the town. 

More recently, the Department For Works and Pensions has secured a new office in the town, further boosting jobs in the area. 

High Capital Appreciation Is Coming High Capital Appreciation Is Coming

High Capital Appreciation Is Coming 

The North West is set to see some of the UK’s most impressive house price growth by 2026, with a predicted average increase of 18.8% according to Savills. 

Regeneration is happening throughout Wigan, which will no doubt boost future growth even further.  

Regeneration schemes include the HS2 rail line, which will quickly and easily link Wigan residents to UK cities and towns, and a new project that will see the M58 and M6 motorways connected.  

Keeping in mind the short length of time it takes for Wigan properties to be sold, it’s evident that a sharp rise in Wigan property prices is on the horizon.  

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Now is the perfect time to invest in the UK, and Wigan is a top location to consider. 

If you’re interested in Wigan property investment and wish to find out more, contact us today, and we can talk you through our current Wigan properties for sale!