Local Life - Wigan - December 2020

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WN6 Property Review 2020
It’s been a bumpy year for the country, but a
bumper year for local house values. Here’s a few
of the highlights and lowlights of the property
market in 2020.
The Boris Bounce
A flurry of activity between the December election
and Christmas 2019, was just a taster for the eruption
of activity that took off in the New Year and carried on
unabated until mid-March. In this period, Wigan agents
saw an amazing sales period, fuelled by the release of
pent up demand for people wanting to move on from the
Brexit uncertainty of 2018/9.
Panic Hits
When the pandemic hit in mid-March, the property
market was put on ice for nearly three months. Panicstricken
economists predicted house price drops in the
order of 10% in the best-case scenario and 25% in the
worst for 2020. Nothing could be further from the truth.
The New Normal
During the spring lockdown, homeowners re-evaluated
their homes and their lives. The ability to work comfortably
from home became more important. It was no longer as
vital to live as close to major cities. Village locations with
good motorway links, larger gardens and closer proximity
to green spaces became more desirable.
According to a survey run by the Institute of Directors,
three-quarters of British businesses say they will keep
increased homeworking in place after coronavirus has
been suppressed. it is gradually becoming clear that
priorities for homeowners have shifted – widespread
homeworking means that the need to locate in or around
city centres is decreasing and buyers are looking for more
spacious properties further afield.
The Recovery
The Stamp Duty Holiday, saving buyers thousands of
pounds of tax if they moved before the end of March
2021, all added fuel to a fiery-hot local property market.
The increased demand for a new home in the WN6 area
meant properties on the market in early summer were
snapped up in days for 100% asking price or more.
The Delays
On the downside though, house completions have
significantly been delayed for several reasons. Some
solicitors, banks and surveyors are struggling to cope with
the demand for their services following the end of the first
lockdown. Many have furloughed staff and others have staff
working from home, and this different way of working has
impacted on the time taken between offer and completion.
What’s Next?
Normally when the UK GDP drops like a stone, the
property market follows. But that has not been the case
this year. However, despite all the scary predictions
earlier in the year, property values in WN6 are set at an
astonishing 4.1% higher compared to a year ago. This
would appear to be a quite remarkable outcome given
the current economic framework – long may it continue!
What is a WN6 property worth today?
Average Overall Value Now
Average Price Paid in the last year
WN6 Detached £312,700 £305,970
WN6 Semi-Detached £169,420 £166,920
WN6 Town House / Terraced £115,240 £124,180
WN6 Apartments/ Flats £143,750 £120,230
Alan Batt is a member of The Royal Institution of Chartered Surveyors (RICS) and has
worked within the Wigan property market for over 30 years.
Alan Batt
For more of Alan’s tips, guidance and analysis on the Wigan property market, check out
www.wiganpropertynews.blogspot.co.uk