Market right for first-time buyers

House prices still on the rise in Wigan
House prices still on the rise in Wigan

HOUSE prices in Wigan are still rising despite other nearby areas experiencing a dip.

Prices have risen by 2.6 per cent in the last year compared to the same period before meaning that the average house goes for £93,916 in the borough according to the Land Registry’s House Price Index.

Comparatively, prices in Wigan are rising faster than many of its neighbouring boroughs such as St Helens where prices have risen by 0.9 per cent in the last year and Bolton where they have fallen by 1.6 per cent.

But Wigan estate agent Alan Batt advised caution in relying too much on the figures as it didn’t account for variation between different areas in the borough.

Alan, who owns Alan Batt Estate Agents Ltd, said: “Prices in the borough have been rising for a while but I don’t know why they are doing better than Bolton or St Helens.

“The market is recovering but it is not yet back to the prices it was in 2007. I don’t think this market is unusual though, it is the 2007 market that was unusual because it was a boom.

“What this means for people varies. If you bought your house in 2006/2007 you will probably still have negative equity so it may not be a good idea to sell.

“But if you are a first-time buyer wanting to get in the property ladder and you have got the deposit it is a great time to buy while the prices are on the rise.

“One of the problems we have seen is that there is plenty of affordable housing but first-time buyers struggle to access it because they need help with the deposit and that is why the renting market is do buoyant.”

Nationally, house prices in Wigan are rising much slower than the average of 5.4 per cent for England and Wales but this is largely due to the huge increases in prices in London and the South East.

But according to the RICS (Royal Institution of Chartered Surveyors) now is the ideal time to sell your home in the North West to be in with a chance of gaining a strong offer or even an increased price.

Findings from the RICS’ recent residential market survey revealed that house price growth increased again in June, with 53 per cent more of the North West’s surveyors reporting an increase in asking prices due to a lack of stock houses.