House prices increased more than average in borough
05-24-2020
By Simon Mulligan Senior reporter
House prices increased
HOUSE prices increased more than average for the North West in the borough in March, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 6% annual growth.
The average house price in March was £139,771, Land Registry figures show a 1.9% increase on February.
Over the month, the picture was better than that across the North West, where prices increased 0.2%, and Wigan outperformed the 0.2% drop for the UK as a whole.
Over the last year, the average sale price of property in Wigan rose by £7,900 putting the area ninth among the North Wests 39 local authorities for annual growth.
The best annual growth in the region was in Rossendale, where properties increased on average by 18.3%, to £158,000. At the other end of the scale, properties in Fylde dropped 8.7% in value, giving an average price of £172,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Wigan in March they increased 2.3%, to £230,743 on average. Over the last year, prices rose by 6.1%.
Among other types of property:
Semi-detached: up 2% monthly; up 6.4% annually; £141,197 average
Terraced: up 1.6% monthly; up 5.7% annually; £106,660 average
Flats: up 1.6% monthly; up 3.7% annually; £78,961 average
First steps on the property ladder
First-time buyers in Wigan spent an average of £123,800 on their property £7,000 more than a year ago, and £23,900 more than in March 2015.
By comparison, former owner-occupiers paid £155,800 on average in March 25.8% more than first-time buyers.
How do property prices in Wigan compare?
Buyers paid 15.9% less than the average price in the North West (£166,000) in March for a property in Wigan. Across the North West, property prices are low compared to those across the UK, where the average cost £232,000.
The most expensive properties in the North West were in Trafford £293,000 on average, and 2.1 times as much as in Wigan. Trafford properties cost 3.4 times as much as homes in Burnley (£86,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.4 million could buy 16 properties in Burnley (average £86,000).
Factfile
Average property price in March
Wigan: £139,771
The North West: £166,202
UK: £231,855
Annual growth to March
Wigan: +6.0%
The North West: +3.4%
UK: +2.1%
Best and worst annual growth in the North West
Rossendale: +18.3%
Fylde: -8.7%