Wigan house prices are slowly on the rise
House prices in Wigan increased by 1.0% in April, contributing to a 4.5% rise over the last 12 months.
The latest data from the Office of National Statistics shows that the average property in the area sold for £133,745 – significantly lower than the UK average of £228,903.
Across the North West, property prices have risen by 2.6% in the last year, to £161,891. The region outperformed the UK as a whole, which saw the average property value increase by 1.4%. The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry.
The average homeowner in Wigan will have seen their property jump in value by around £26,000 in the last five years.
The figures also showed that buyers who made their first step onto the property ladder in Wigan in April spent an average of £118,483 – around £22,000 more than it would have cost them five years ago.
Residential research analyst at estate agent Savills, Lawrence Bowles, said: “UK house prices grew 1.4% in the 12 months to April – less than half the rate of price growth this time last year.
“The regional split in house price growth has become even more pronounced in the last few months, with the London market and associated commuter locations most impacted by political and economic uncertainty. Prices fell 0.8% in the South East, having grown 2.5% in the previous 12 months. Wales was the standout region for house price growth in the last year, with growth of 6.7%.
Price growth in the next-fastest growing region, the East Midlands, was just 2.6%, down from 5.2% in the previous year.
“Mortgage rates are still at historic lows, making housing more affordable in many parts of the country, which we’ve seen reflected in more first-time buyers.
“More generally, buyers remain cautious amongst the uncertainty of Brexit and the selection of the next prime minister, and will only commit to a new property purchase when they feel the price is absolutely right.”
Between March last year and February this year, the most recent 12 months for which sales volume data is available, 5,440 homes were sold in Wigan , 4.7% more than in the previous year.