How has the COVID-19 Pandemic affected house prices in the UK?

Since reopening after the lockdown, the UK property market has experienced a small boom as in-person viewings have returned for most and those who were planning to move home earlier in the year are now able to. The UK governments stamp duty cut, in place until April 2021, is also expected to result in more people moving home over the next three months with mid-range buyers in pricier areas of England likely to benefit the most. 

According to HMRC, 70,719 properties were sold in the UK during July 2020. This shows an increase of 14.75% from June 2020 but a decrease of 27% when compared to July 2019. However, the introduction of the stamp duty cut is now beginning to take effect on the UK property market. It should result in potentially more sales than the year before despite COVID-19, and the effects of the lockdown. In fact, property portal Rightmove have recently claimed that in August 2020 more property sales were being agreed now than at any other time over the last decade. 

The Land Registry’s UK House Price Index claims that by 21st October 2020, it should be able to release it’s scheduled reports as normal for a more accurate assessment on how the COVID-19 pandemic has affected house prices in the UK. 

At the moment the market’s activity level is high. However, the property market may slow down and experience a decrease in UK house prices in the longer term when the stamp duty cut and the government’s coronavirus related financial support schemes end. The Centre for Economics and Business Research (CEBR) predicts house prices could fall by 14% in 2021. 

House Prices in Wigan 2020

Located in Greater Manchester, Wigan is a historic borough dating back to the Roman era. It’s known for its strong industrial past, delicious pies, cool Northern Soul scene and much more. Wigan is also recognised as the greenest borough in Britain with over 70% of green space. With easy access to the North West motorway system and great train lines, the area is ideal for commuters who can reach both Manchester and Liverpool in under an hour. 

According to data provided by Zoopla Property Group, the average price for a home in Wigan in September 2020 is £165,929. When compared to the previous three months of the coronavirus pandemic (from June 2020) house prices in Wigan show a rise of 3.90% as house viewings and sales continue. When compared to September’s figures last year, the average house price in Wigan has seen an increase of 2.48% with a value change of + £4,016.  

Activity in the property market in Wigan, therefore, seems to be strong as people continue to move to the area. 

How SureStore Wigan Can Help With Your Move 

2020 has been a difficult and disruptive year for all, but moving home doesn’t need to be stressful as SureStore are here to help! Our fantastic self-storage facility in Wigan offers a secure range of home storage units and self-storage solutions in a convenient location, helping to make the move as smooth as possible. 

Customers moving to or from the area can benefit from our expert storage solutions at SureStore Wigan. Ranging from 10sqft to 200sqft, our choice of differently-sized storage units are ideal for your household items, furniture and other possessions. Whether you need to store a few boxes or the entire contents of a 5-bedroom property, we have the right storage solution for you. 

Our flexible and affordable managed storage plans also mean you can store with us on a temporary or long-term basis, perfect for if you’re experiencing delays in the buying chain, or if you want to de-clutter and save space in your new Wigan home. All of our storage units boast individual alarms, benefit from 24/7 CCTV and a unique key code for remote access. 

If you’re interested in our Wigan self-storage solutions, don’t hesitate to call our friendly and experienced team on 01942 835980. Or, use our innovative online booking tool today!