House prices on the rise

House prices on the rise
House prices on the rise

HOUSE prices in Wigan rose one per cent in the last month according to new figures.

The Rightmove House Price Index showed that between August and September, the average house price in Wigan rose from £125,686 to £126,925.

Across the North West as a whole, the average price also rose by one per cent from £162,301 to £163,988.

Andrew Regan, senior partner of Regan & Hallworth estate agents, said: “The news is obviously positive but we are not out of the woods yet.

“Wigan has always been quite consistent and we are seeing sales mirroring that of last year. That said Wigan is lucky in that it has the right mix of housing with properties to suit every buyer. Hopefully the index will report rises in the future and we will see a move in the housing market away from the problems we saw in 2008/09.”

Since 2008 house prices have risen just 2.5 per cent, nationally compared to a 16.4 per cent increase in the previous three year period between 2005 and 2008.

The number of properties coming onto the market per week remains equally subdued as in 2008, and is down 10.3 per cent on last year.

Agents meanwhile report that buyers do not feel any urgency to make an offer and conclude a purchase.

The average property asking price is now £233,139, up from £231,543 in August.

Miles Shipside, director of Rightmove said: “With less than 100 days left before Christmas there’s an opportunity for some deadline focused movers to do their bit to get some action into a market that is still pretty moribund three years after the financial fiascos that precipitated the downturn.”

However, finance experts say that first time buyers still need a large deposit to secure a mortgage.

David Newnes, director of LSL Property Services, said: “While some regions have seen prices fall, the rate of fall has shrunk. The housing market across the country is moving in the right direction and mortgage finance is very cheap at the moment.”