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