The doom-mongers forecast that the British property market would drop like a lead balloon on the scale of the 1989 housing crash when property values dropped by 31%
However, in the first 100 days of the property market after coming out of lockdown the Wigan Property Market is doing quite well.
Lockdown suspended most of the activity in the property market during April and May. When the Wigan property market re-opened in mid-May there was a significant release of pent-up demand.
This is particularly interesting when one considers GDP dropped by 20.4% in Q2 2020 the largest contraction in the UK economy ever in a single quarter.
What wasn’t expected was an increase of potential property buyers and property sellers wanting to move post lockdown.
There are a number of factors for this..
- The Stamp Duty Holiday
- 0.1% Bank of England base rates
- Cheap mortgages
- The furlough scheme has protected many jobs and finally,
- The pent-up demand from lockdown
Many Wigan buyers and sellers also mention how the lockdown has made them re-evaluate and reconsider how they want to live, their work-life balance and where they want to live.
So, with record numbers of Wigan properties coming on to the market - is it boom time for Wigan homeowners?
Of the 348 properties that have come onto the market in Wigan over the last month, only 112 of them have agreed a sale
(a percentage of 32.1%)
That means around 2 out of 3 Wigan people that have placed their property onto the market have not found a buyer yet.
The number of people who have placed their property on the market has gone up by approximately 30% more than usual for this time of year, and that means more competition to attract a buyer.
The Stamp Duty Holiday ends in March 2021, which means you need to have found a buyer by the end of November at the very least.
Agents who systematically overvalue might mean you end up missing the boat.
A realistically priced property will usually attract positive interest, viewings and offers in the first 30 days
In other words you need to make the most of the next couple of months and get a wiggle on to secure a buyer before Christmas
Happy House Hunting