The Wigan Lettings Property Blog

Are flats in WN1 and WN6 a good investment ? 

I was asked to value an apartment in Standish recently by one of our landlords.

In my preparation for the valuation my comparable evidence reminded me what potentially good investments these properties are.

The apartment was in Gardiner Close on the site known locally as the former Bleachworks which comprises mainly flats and terraced mews properties built circa 2009/2010.

Flats in WN1 are selling below expected trends and certainly lower than the original purchase price in 2009. This is good news for investors and 1st time buyers who can enter this market before a full recovery returns. 

The reasons for this under performance are well documented. There was a surge in sales and prices of up to 61% between mid 2004 and the end of 2009 encouraging developers to build a glut of new apartments. Former detached properties with substantial gardens were demolished and converted into apartment blocks. This can be seen in the Wigan Ln and Wigan Road area. 

When the market crashed after 2009 this saturation of flats further exacerbated a fall in prices.

This has created exciting market conditions for our investors and landlords were they can expect gross yields of around 6% and a capital growth trend over the next few years of 10%-15% 

I would welcome the opportunity of personally discussing these, and many other, enticing investment opportunities in our local Lettings market. We want to share our expertise with you and help you to manage and grow your investment portfolio 

Come and have a cup of coffee with me anytime!!

I hope you have enjoyed this blog as much as I have writing it 

If you want to discuss any Sales or Lettings issues in our local property market just email on the Ask Alan section of our new website.

http://www.alanbatt.co.uk/about-alan-standish-estate-agents-wigan/ask-alan.html

Alan Batt MRICS

Chartered Valuation Surveyor 

Best Price Specialist Estate Agent