Roll the dice! – taking chances?
Please do not try this in property! The golden rule is: KNOW YOUR NUMBERS… ask local experts, collect information before making assumptions. You aren`t a gambler, are you?
Having checked the market activity (Zoopla) in a few postcode areas in Wigan, I have focused on the “bread and butter” terraced houses which are ideal for single buy-to-lets or, if spacious enough, they can be turned into flats/bedsits. The numbers below relate to the last 12 months, which indicate an average 4.3 – 4.6% growth.
WN1
▪ Number of sales: 69
▪ Average price paid: £122,631
▪ Growth: £5,084
WN2
▪ Number of sales: 207
▪ Average price paid: £88,357
▪ Growth: £4,115
WN3
▪ Number of sales: 68
▪ Average price paid: £100,173
▪ Growth: £4,454
WN5
▪ Number of sales: 161
▪ Average price paid: £169,295
▪ Growth: £4,927
WN6
▪ Number of sales: 156
▪ Average price paid: £112,756
▪ Growth: £5,163
We’ve got more good news for people who actively invest in Wigan or are planning to. Wigan Pier is set to undergo a massive makeover. Back in the day, it became famous through a music hall joke by George Formby and through its appearance in the title of George Orwell’s graphic description of the plight of the English working class in the early 20th century ‘The Road to Wigan Pier’.
The plan is to transform the 18th century industrial buildings into a mixed-use leisure destination. The developer revealed that the buildings will become a multi-functional venue promoting arts, culture and events. The redevelopment will be ready in a year’s time and potential buyers have already expressed interest.
What makes an area more attractive?
It’s not just about the numbers but the quality of life. If people are happy and enjoy the new facilities Wigan has to offer, they will stay there for longer, benefiting the property market. It was said at a local business event “Invest in Wigan” that this development alongside the HS2 will put Wigan on the map as the getaway for the rest of the UK. It says it all!
The growth of house prices will continue alongside the level of investments in the area. There is no doubt that it is worth being in the Wigan property “game”. As I mentioned above the numbers must stack up, that is why we “handpick” deals which provide healthy yield for our clients.
Author
Chris Kirkwood
