Local Life - Wigan - December 2020

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32 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
Merry Christmas and a Happy New Year Wigan Office • 78 Market Street, Wigan WN1 1HX • 01942 233 999 www.alanbatt.co.uk
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Local Life - Wigan - December 2020

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