Why Invest in Wigan? (6 Reasons in 2023/24)

Key Plans:

• 10-Year Masterplan for Wigan Town Centre
• High Speed 2 Improving Infrastructure

Urban regeneration is vital in the UK and a key part of property market success. This is especially true in Wigan, with a host of ongoing regeneration projects seeing a massive increase in the local economy and buy to let property market demand.

The main Wigan regeneration effort landlords should be keeping an eye on is plans to transform Wigan town centre.

Wigan town centre is already a bustling region for shopping and employment, with 120k sqm of retail space and over 10k jobs supporting 300,000 weekly visitors.

But current plans will see an even brighter future for this vital economic area.

Outlined in a 10-year masterplan aimed at improving the sustainability of the area, with investment into highways, education, culture, public, and commercial sectors, work is already well underway.

Major steps are set to be taken in the coming weeks and months too, with a £135m development involving plans to demolish The Galleries Shopping Centre and replace it with four blocks of flats, a multimedia centre, a market hall, and a 150-room hotel.

This development is likely to see property prices soar in the area, making it an exciting time for investing money and building a portfolio in the Wigan market.

Other future development includes:

• Investment into the Innovation and Learning Quarter through improvements in Wigan and Leigh College, Wigan Youth Zone, and the University Technology Centre.
• Former Wigan pier buildings set to be regenerated to give a cultural boost.

Alongside the plethora of jobs on offer to Wigan tenants, there’s also plenty to see and do around the town.

Home to Wigan Athletic Football Club and the rugby league team Wigan Warriors, residents can visit some of the most exciting sports venues in the North West in Wigan.

Not only this, but with theatres, shopping centres, art galleries, golf courses, and more to choose from, as well as a day trip to Liverpool and Manchester, the town has a lot to offer.

However, what likely sets apart Wigan from other locations is its stunning environment, as around 70% of Wigan is open space.

Home to seven nature reserves, its green space is filled with stunning architecture and historic towns, making it increasingly popular amongst retirees looking for a more affordable retirement.

While the value of the average property price in Wigan is low, it would be pointless for investors if the growth potential wasn’t there.

Excitingly, though, Wigan has one of the highest capital growth rates in recent years.

In fact, in the last year alone, the average property price in the area increased by 8.21%, according to Land Registry data.

Looking back further still, the town saw prices rise by 51.67% from 2016 to 2022. For context, the UK average increased by just 37.54% in the same period.

Better yet, predictions from Savills have estimated that the average North West property price will increase by 20.2% by 2028– one of the highest predictions in the UK.

It’s clear that landlords investing in properties in Wigan will benefit from some seriously high price growth in the coming years, providing a large profit when they decide to sell.