Whats happening to house prices in Wigan?
I’m Louise Breakey from Breakey & Co and in this video, I'm going to be speaking to you about what I think is happening to prices in the Wigan area. Last year we saw sale prices in Wigan rise by 8.8% this was almost 9% less than in 2021 when prices increased by 17.4% now in 2023 forecasters are predicting that average asking price
I’m Louise Breakey from Breakey & Co and in this video, I'm going to be speaking to you about what I think is happening to prices in the Wigan area. Last year we saw sale prices in Wigan rise by 8.8% this was almost 9% less than in 2021 when prices increased by 17.4% now, in 2023 forecasters are predicting that average asking prices will drop by between 7 and 10% which means that prices will still remain higher than they were after the incredibly busy home moving period of 2021.
Now one of the main drivers of the house price growth we've seen over the past two years has been the imbalance of supply and demand with far more people looking to move than there were available for sale and in a more settled housing market buyers will have the time and space to make sure that they find the right home for them. As a result of this, we anticipate that the time it will take to sell a home will be increasing up to around 60 days which I think is more of a normal housing market.
After 2 1/2 years of manic activity it's easy to forget that having multiple bidders immediately lining up to buy your home was the exception and not the rule so again I think we're going to go back to a more normal market where you will have to have a look for buyers so you get one more perhaps two bidders and at that point, your estate agent will be able to find which buyer is the right one for you.