Wigan Property Report: August 2015

Did The Property Market Sizzle Or Was It A Wash out ?

It has been reported that the number of new properties coming on to the market in the UK is approximately 15% down in 2015 compared to the same period as last year.

The Wigan market confirms the national trend - In August 2014, 453 new properties were put on the market but only 353 new properties were put on the market this August.

That represents a reduction of 22%

However there is some more encouraging news !

The number of Sold properties increased in August 2015 to 199 compared with August 2014 at 175 properties.

August has been our best month of the year so far for completions and the number of properties we have sold in August is significantly higher than last August

House prices in the North West continue to recover slowly.

They are up on average 4% on a yearly basis and 0.5% up last month.

So what is all this conflicting information telling us ??

The main concern has to be the fewer numbers of properties coming to the market.

It would appear this can be seen as a vicious circle -  less properties coming to the market means less choice and property prices are increasing making it more expensive to move.

A recent report by Rightmove confirms the 3 top reasons stopping potential vendors putting their property on the market are:

1. They cannot find a property they want to buy

2. The cost of moving

3. They cannot find a property they can afford

Thankfully, Wigan is still a very affordable place to live !

So if you need any advice in buying, selling or renting your property in Wigan and the surrounding area or have any related subject you would like me to write about email me at alan@alanbatt.co.uk

NB Intel provided by Rightmove, Zoopla and PrimeLocation for resale properties in WN1, WN2, WN3, WN4, WN5 and WN6