Wigan's FREE local lifestyle magazine.
30 Property Now it’s certain the Wigan housing market in 2017 was a little more subdued than 2016 and that will continue into 2018. Property ownership is a medium to long-term investment so looking at that long-term time frame; the average Wigan homeowner who bought their property 20 years ago has seen its value rise by a staggering 197%. In monetary value that means that the profit made by the average Wigan property owner over the last 20 years is £380.78 per month! This is important, as house prices are a national obsession and tied into the health of the UK economy as a whole. The majority of that historic gain in Wigan property values has come from property market growth, although some of that will have been added by homeowners modernising, extending or developing their Wigan home. Alan Batt 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. Long term bet by Alan Batt Taking a look at the different property types in Wigan and the profit made by each type, it makes interesting reading. If you’re looking at this as a potential first time buyer, you may be in wondering what your chances are of ever becoming a home owner. There is hope on the horizon though, with a number of factors making it easier for first time buyers to get onto the housing ladder. One important factor has to be the building of new homes both locally and in the country as a whole. This has picked up in 2017 with 217,350 homes coming on to the UK housing ladder in the last year (a 15% increase on the previous year’s figures of 189,690). However, Philip Hammond has set a target of 300,000 a year, so as housing supply goes up, demand should ease and house price increases will probably be tempered too.
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