Why Invest in Wigan? (6 Reasons in 2022)
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When it comes to property investment, Wigan is quickly becoming one of the most ideal investment opportunities in the North West.
As one of the best places to buy in Manchester 2022 thanks to strong levels of capital growth, rental yields, extremely affordable house prices, and convenient access to Liverpool and Manchester, the town is rising in the estimation of UK landlords.
But why is this the case? Why should you invest in Wigan investment property?
Let’s find out in this guide to six reasons an investment in Wigan is a smart investment strategy in 2022 (and beyond).
To learn more about Wigan property investment and get a more in-depth look at the latest house prices and investment opportunities in the North West, read our full guide.
Nestled ideally near the A49 and A577, Wigan is gifted with some of the most convenient transport links in Greater Manchester.
Thanks to the nearby A roads, Wigan has direct access to the M6, M61, and M58, making commuting across the Greater Manchester region incredibly easy.
Yet despite these excellent transport links, it’s the train links that make a rental accommodation investment in Wigan so ideal.
With two train stations available in Wigan town centre, Wigan North Western and Wigan Wallgate, residents can get easy access to Manchester city centre and Liverpool in around half an hour.
Likewise, Manchester airport is just 50 minutes away, with direct links to Glasgow, Edinburgh, and even London all at the fingertips of Wigan’s dense population of 320,000.
Its location is even good news for businesses. As it’s conveniently located between Liverpool and Manchester, the town has access to both the Port of Liverpool and Manchester Ship Canal, which sees over 40 million tonnes of cargo each year.
With such a dense population, there is high demand for rental property in Wigan and its surrounding areas, offering a sizeable opportunity for lucrative Wigan buy to let investments.
If you’re considering a Manchester investment, this town may be an ideal choice at a far more affordable price point.
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.
Another vital regeneration scheme in the area is plans for High Speed 2.
HS2 will dramatically improve services in Wigan North Western train station, allowing travellers to get to the UK’s major cities in record-time.
Travel to London will take just 91 minutes, down from 115, while reaching Birmingham will take just 36 minutes – down from a whopping 82!
Other future development includes:
Thanks to its ideal location, Wigan is on the doorstep to some of the most exciting business opportunities in the North West.
With a 30-minute travel time to the likes of Liverpool and Manchester, Wigan residents are gifted with such a vast amount of world-class businesses in the region.
Both Liverpool and Manchester were voted in the top 10 locations for business start-ups in the world, with Liverpool boasting thriving digital and science-based companies in the Baltic Triangle and the Knowledge Quarter.
Meanwhile, Manchester is offering excellent financial and media companies centred around MediaCityUK and Spinningfields – the North’s answer to Canary Wharf.
But it’s not just employment opportunities in other areas around Wigan that make investing in property in the town so ideal, the town also boasts some fantastic businesses of its own.
Home to Heinz, AB World Foods, and Waterfields, amongst others, the North West town is an ideal place to live for tenants.
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.
For a large number of landlords and investors, it’s vital for property investments to be affordable with high rent in order to generate the highest possible rental yields.
Luckily for those considering properties in Wigan, the town is one of the most affordable places in the UK.
According to official Land Registry data, the average Wigan property has a value of only £187,119.
For context, this is over £108k below the UK average, and over £40k less than nearby Manchester.
Factoring in average gross rental yields of around 3.85%, 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.
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 15.78%, according to Land Registry data. This is higher than Liverpool, Manchester, Birmingham, Leeds, and London.
Looking back further still, the town saw prices rise by 51.67% since 2016. For context, the UK average increased by just 37.54%.
Better yet, predictions from Savills have estimated that the average North West property price will increase by 11.7% by 2027– the joint-highest prediction 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.
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Yes, if you’re asking, “why invest in Wigan?” the town is a top choice for real estate investment in the UK. This is because property price growth is higher in Wigan than Birmingham, Leeds, and London, with predictions of an 11.7% increase in North West house prices by 2027.
Manchester is currently seen as one of the best places to invest in property in 2022. The city offers the highest level of house price growth out of every major UK city over a 20-year period, with prices rising by over 315%. Likewise, rental yields average out at over 9%, higher than other major UK cities.
Currently, the best places to invest in Manchester are the city centre and Salford as they generate the highest capital growth and rental yields. In Greater Manchester, Wigan is another excellent choice due to the high rental yields and strong demand on offer.
Currently, the best up and coming areas in Greater Manchester 2022 are considered by many to be Greengate and Wigan.
This is because they are incredibly affordable, while also offering excellent returns.
Thinking of investing in this exciting North West town?
With growing rent and affordable properties, Wigan is quickly becoming one of the best areas for first time buyers in Manchester.
Ready to get started?
Check out an exclusive RWInvest opportunity and learn more about Vantage Point.
Located in the very heart of Central Wigan, this development introduces one of the highest quality residential accommodations that the town has ever seen.
Directly benefiting from the proposed HS2, which will serve Wigan North-western station, it is estimated to see strong returns, with a lucrative exit strategy.
Investors who purchase a unit in Vantage Point can benefit from 7% assured rental returns for one year, and excellent capital growth potential.
RWinvest is an award-winning property investment company voted the North West’s Best Property Business in 2020.
With over 75,000 investors, you can feel confident knowing we deliver some of the best investments in the property market.
Alternatively, if you want to learn more about property investment, check out some of these great guides.
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