Wigan is rapidly becoming an ideal investment destination in the North West when it comes to real estate. With Manchester identified as one of the leading cities in the United Kingdom in terms of growth and resilience as well as with its economic growth from last year rating as the second highest of 30 major European cities, Wigan is a top investment choice.
It may be surprising to know that the property price growth is greater in Wigan in comparison to Leeds, London and Birmingham! This top location forecasts a 28% hike in house prices by 2025 – how good! Wigan also boasts a dense population of 324,000, implying that it is home to roughly 12% of the total population of Greater Manchester. As such, this town offers access to a varied and skilled workforce and a huge proportion of business enterprises.
Wigan boasts an attractive environment with open space measuring around 70% of its 77 square miles. This green landscape is scattered with stunning architecture, historic towns, first-class shopping, affordable, high-quality housing and stately homes. Indeed, it’s hard to beat Wigan when it comes to quality of life! Furthermore, this city is witnessing significant investment into its economy from several businesses. Kraft Heinz, for example, is looking forward to investing £140 million in the regeneration of its manufacturing facility in the area!
Heard of ‘The Fire Within Cultural Manifesto’? This is a five-year plan of the Wigan Council to transform the town into an arts and culture hub. Till now, the work completed has made a substantial contribution to the council’s long-term goals. The programs in Wigan Borough displayed real benefits to communities and residents and contributed to a shift in perception. Now, this borough is recognized for its re-energised creative talent and cultural offer!
Let’s find out more as to why Wigan is a top investment choice!
Convenient Transport and Location – Win, Win!
Wigan features some of Greater Manchester’s most convenient transport links - it is situated ideally close to the A49 and A577. The presence of these roads makes the M6, M61, and M58 directly accessible for Wigan, thereby making commuting easy across the Greater Manchester area. Moreover, with Manchester airport located only about 50 minutes away and a city containing important train links, Wigan is an ideal location for rental accommodation investment!
Additionally, Wigan’s dense population points toward a significant demand for rental property in the city itself and surrounding regions. Potential HMO investors should covet this town as it boasts several attractive investment opportunities. HMOs are fast becoming a favored kind of rental property among investors in the UK. In comparison to other properties, HMOs are more lucrative as rental yields could go up to 3 times higher.
Boost in Employment Opportunities
What was that!? The world’s Top 10 business start-up location?! Yes, that’s right! Manchester and Liverpool both featured among the Top 10 business start-up locations, and Wigan is less that 30 minutes from both of these areas. Liverpool boasts thriving digital and science-based organisations in the Knowledge Quarter and Baltic Triangle, whilst Manchester houses outstanding media and financial organisations centered around Spinningfields and MediaCityUK. Besides employment opportunities which make property investing ideal, Wigan has several fantastic businesses of its own, such as AB World Foods, Waterfields and Heinz. These are great incentives for prospective tenants to consider when choosing a location to live.
One of the key projects of the Wigan town centre’s long-term plan is the development of small business hubs as start-up spaces. Additionally, the Symmetry Park proposal to create a strategic logistics scheme will help bring in international and national occupiers generating more employment and investment opportunities.
Monstrous Rental Returns!
For several investors and landlords, affordability with substantial rent is a vital parameter for property investments in order to generate the highest possible rental yields. Potential investors seeking properties in this area would undoubtedly be enticed by the fact that Wigan is one of the most affordable areas in the United Kingdom.
As per the official Land Registry data, the value of an average Wigan property is only £162,502. As a reference, it is more than £100k lower than the UK average and over £40k below average Manchester property prices. The average gross rental yield is roughly 4.5%, which makes it clear that property investors are on track for monstrous rental returns!
All the evidence above undoubtedly identifies Wigan as a top investment choice. As a property investor you simply cannot ignore the fact that Wigan saw one of the highest capital growth rates in recent years. This area in the last year alone saw a 14.94% jump in the average property price. Notably, this was much higher than that of London, Leeds and Manchester city centre!
