Wigan Property Investment is Increasingly Popular
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
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 £167,448 as of June 2023 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 £190k.
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
Factoring in average gross rental yields of around 4.52%, the third-highest Greater Manchester borough excluding Salford and Manchester, and it’s clear that those investing in the area are on track for a lucrative property investment.
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.
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High Capital Appreciation Is Coming
The North West is set to see some of the UK’s most impressive house price growth by 2028, with a predicted average increase of 20.2% according to Savills.
Regeneration is happening throughout Wigan, which will no doubt boost future growth even further.
Regeneration schemes include 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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How to Invest in Wigan
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!