Monday, 10 May 2021

Warrington Buy-to-Let Property Market Going into Crisis?

 

Warrington landlords, sell your property portfolios, your tenants will soon be leaving in droves as they buy their first home with the new 5% deposit mortgages backed by the Government’s new mortgage-guarantee scheme revealed in March’s budget! These 95% mortgages are to be supported by the Treasury, lessening losses for mortgage lenders should the borrower be incapable of repaying and get repossessed, as the Government want Generation Rent to turn into Generation Buy.

This sounds like the death knell for buy-to-let investment in Warrington as many tenants will soon be buying their first home
– or is it?

It’s true that on first impressions it might look like many Warrington first-time buyers will now be leaving their rental properties in their droves with this new low deposit mortgage scheme. However, these potential Warrington first-time buyers are facing four big issues which will inhibit their ability to take advantage of the mortgage scheme, meaning many will continue to rent.

Firstly, the mortgage rate for 95% mortgages has increased. The lowest five-year fixed-rate mortgage with a 5% deposit today (with Barclays) is 3.45%, up from 2019’s best rate of 2.75%. That doesn’t sound a lot, yet it makes a massive difference to the monthly mortgage payments (as you will see below).

Secondly, due to pent-up demand post lockdown and the stamp duty holiday, this has increased demand for Warrington property, placing upward pressure on Warrington property prices which has made it problematic for first-time buyers to get on the Warrington property ladder. This has meant ...

the average price of a Warrington first-time buyer property has risen from £140,061 to £146,189 in the last 12 months …

in turn this means, Warrington first-time buyers have had to save an additional £306.40 for their deposit to keep up with the house price increase. That means …

the monthly payment on a 30-year mortgage for a Warrington first-time buyer has jumped from £543.20 per month in 2019 to £619.76 a month today, an increase of £76.56 per month.

The third issue is demand for Warrington first-time property from buy-to-let landlords is surpassing supply, adding further fuel to the fire of driving up prices. Finally, the fact that most Warrington first-time buyers are of the younger generation and it’s the younger workers that have been most at risk of unemployment or salary cuts during the economic crisis.
You might say things will change in 2022 but would it surprise you that 95% mortgages have been available to first time buyers since the summer of 2010 and were only withdrawn during the first lockdown in 2020?

Since 2010, even with ultra-low interest rates, the number of private rented properties in the UK has grown by 580,000 households from 3.8m households to 4.4m households and will continue to grow, let me explain why.

The notion that buy-to-let property is a strong long-term investment has not altered with the pandemic. Since 1930 with the all the crises we have had with WW2, the Oil Crisis, 3 day week and hyper-inflation in the 1970’s, Warrington property has been a hedge against inflation and in addition, delivers a decent income yield of 6% and upwards. Not bad when compared to the 0.5% with a savings account (if you are lucky).

It is a fact that those landlords that see buy-to-let investment in Warrington as a long-term strategy will win.

It is certainly the case that I am starting to see an exodus of the ‘amateur landlord’, leaving more professional landlords who see ‘landlord-ing’ as a business, not a game. Those long-term Warrington landlords can see through the present predicament as they have a long-term buy-to-let investment mindset.

Many Warrington landlords are intensely aware that demand for high quality private rental properties in Warrington is only going to flourish as a consequence of the pandemic; whilst not forgetting that demand presently exceeds supply. Also, those same Warrington landlords know that a responsible approach to their tenants with regard to condition and repairs is a key to ensuring the rent keeps flowing in with minimal void periods.

Finally, even though Warrington house prices are, on average, on the up, there are still some bargains even in this market. By doing their homework and working with an agent like myself, these savvy Warrington landlords are paying reasonable prices, thus giving them a sturdier rental yield and the ability for future capital growth.

If you are a Warrington landlord, as my clients all know, I am here to help and guide landlords on their long-term investment strategy. I therefore extend this offer to all Warrington landlords, irrespective of whether you manage your property yourself, or use one of my excellent competitor agents in Warrington, I am here to help.

Don't forget to visit the links below to view back dated deals and Warrington Property News.

CLICK HERE TO FIND OUT HOW MUCH YOUR WARRINGTON HOME IS WORTH FOR FREE
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Friday, 7 May 2021

7 Tips for a Smooth House Move With Children


 You’ve been looking at houses, dealing with potential buyers, managing the purchase of your new home in Warrington and selling your old place, and now it’s finally setting in that a big move is coming. Even if you’ve found your dream home in the perfect area, the whole experience can still be stressful, especially when you’re moving home with children.

Uprooting your life might make sense to you, whether it’s for a new career opportunity, to be closer to family, or for a necessary lifestyle change. Your kids, however, may not be as understanding, since everything they know and are comfortable with is about to change. But, the process of moving with children doesn’t need to be a nightmare for the whole family. There are a few tips you can use to help the move go as smoothly as possible.

Tell Your Children As Soon As Possible

Some parenting experts recommend telling your children as soon as you can. It may be difficult to hide for very long anyway, as you’ll most likely have potential buyers popping in and out of your house, and your children will pick up on the fact that something is going on. You don’t want to hide anything from them because that will only add to the stress for all of you, so tell them early to help them feel included. If they’re up for it, you could also involve them and make it more exciting by letting them help choose the new house and plan what they want to take with them. However, some experts recommend only telling them a month before the move, as it gives them enough time to prepare but not too much time so that they ponder on it for too long. Whatever you decide, make sure to keep them informed and feel as though they’re being involved, even if the decision to move was your own.

Allow Them to Get Upset

It may be heartbreaking to watch, but when your children cry or throw tantrums, you need to remember this kind of reaction is normal and to let them be upset. Their entire lives are changing, and the move may be separating them from friends, beloved family members like grandparents, or a childminder they have known their whole lives. Be understanding rather than angry that they aren’t accepting the changes right away. Each child is different and accepts change at their own pace, but it usually takes around six months for kids to get comfortable with their new life in a new place.

Talk About What Will Remain the Same

With so much change happening, the stress can be overwhelming for your kids. Instead of focusing on what’s going to be different, remind them of everything that will stay the same. Their rooms may be different, but all their belongings will be the same. Their school may be different, but all their after-school activities will stay the same. It may still be hard for them to focus on what’s the same, so do your best to remind them as much as you can.

Keep Your Old Routines


Just because you’re in a new place, it doesn’t mean your old routines should change. Remember, you need to keep some aspects of your old life constant for your children to help them adjust, and one great way of doing that is to keep at-home routines going. If you have a family game night, keep that consistent. If they have specific after-school routines, make sure to follow them as best you can, even if some aspects change slightly.

Get Everyone Ready


Don’t let moving day sneak up on you unprepared! Starting the moving process as early as possible will help avoid a last-minute rush to pack and clean and will make your whole family feel prepared. It’s also helpful to make a ‘moving week plan’ with your family, down to the last detail, including what meals you’ll eat and where, who will be travelling in which car, and which belongings they can bring for the car journey. It’s also useful to pack an overnight bag for everyone for both the last night in your old home and the first night in your new one, so you don’t have to worry about immediately unpacking after a long day when you get in.

Have ‘To Do’ Lists

If your kids are old enough to handle simple jobs, create to-do lists for them to help them feel included and get some of the easier tasks off your own list. They can help with packing up their own belongings into colour-coded boxes or help with cleaning. If you have a to-do list, and they have one as well, it will feel like you’re all in this together.

Let Your Children Voice Their Opinions

Giving your kids a say in the entire moving and packing process will help them feel like they have more stability and control over the changes in their environment. Ask them what their opinions are about things like what to pack and how to decorate their new rooms, but also make sure that they feel heard and considered.

But, it’s not enough to just ask – you must also follow through and listen in order to make them feel comfortable and to ensure your move with children is as smooth as possible.

For helpful advice on all aspects of moving home, contact our friendly team at Hamlet Homes Warrington and we will be delighted to help. You can call us on 01925 235 338 or drop into our office.

If you are looking for an agent that is well established, professional and communicative, whether you’re buying, selling or looking for an investment opportunity, then contact us to find out how we can get the best out of the Warrington property market.

Email me on manoj@hamletwarrington.co.uk or call on 01925 235 338 – we are based on the Warrington Business Park, Long Lane, WA2 8TX. There is plenty of free parking and the kettle is always on.

Don't forget to visit the links below to view back dated deals and Warrington Property News.

CLICK HERE TO FIND OUT HOW MUCH YOUR WARRINGTON HOME IS WORTH FOR FREE
Hamlet Homes Warrington, your local Estate Agent
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Wednesday, 28 April 2021

Will Warrington House Prices Fall in 2022?


One of the most astounding things that has happened in the last 12 months was something that did not happen. Even after the country saw the deepest recession since the Great Freeze of 1709, with GDP dropping 28% in one quarter, one would have expected a large fall in Warrington house prices would follow. Yet…

Warrington house prices are 14.4% higher than 12 months ago.

Even though buying and selling Warrington property was put on ice for the first time in the history of the Warrington property market last spring due to the Covid 19 outbreak, as the Warrington property market wobbled on the edge of deep recession, it stepped back in early summer and it is now rocketing upwards as…

28% of Warrington homes are selling within a fortnight of coming to market.

Some commentators have suggested the end of the Stamp Duty holiday together with the ending of the furlough scheme on the 30th September 2021 could be the catalyst for a drop in house prices. Even the Government’s own regulator of finances expects UK house prices to fall around a couple of percentage points in 2022 whilst some others have predicted around a 5% drop as unemployment levels increase post furlough.

However, other property market forecasters believe that property values in 2022 won’t drop against the background of robust British economic recovery in Q3 and Q4 of 2021.

What do I think will happen to the Warrington property market in the next 12 months?

On the positive side, what I do know is the Stamp Duty holiday enabled Warrington homebuyers to spend those tax savings on the price paid for their Warrington home and that certainly accounts for some of the uplift in house prices mentioned above.



Also, the historically low interest rates that have supported Warrington homebuyers’ affordability for the last 13 years since the Credit Crunch has continued. Secondly, with people spending many months working from home, this has seemed to have polarised people’s inclination to make lifestyle changes. Finally, the Government has recently introduced 5% deposit mortgages for first-time buyers. All these factors will fuel demand and hence may cause house prices to rise.

On a more cautious note, I do not believe these very sturdy Warrington house value rises of the past year will persist at these levels for the next 12 months. With buyers having to use many thousands of pounds on the Stamp Duty payment, the price they pay for their Warrington home will be curtailed, meaning property values by definition will ease.

The simple fact is the British economy has yet to feel the full effect of its largest recession since 1709, and we must remain considerate about the long-term effects of the economy (and unemployment levels) on the property market.

These are interesting times for the Warrington property market. If the price you want to achieve for your Warrington home is the most important thing, now as opposed to 2022 might be a good time to consider placing your property on the market.

Don’t forget, you can still put your Warrington property on the market, find a buyer and then go and see what is available to buy. Many buyers will wait for you to find a property, yet if they can’t/won’t – you won’t be made homeless. English property law means you can still come away from the sale and you won’t be forced to sell. If you would like to know a bit more about that or any aspect of buying or selling property in Warrington, drop me a message or call me.


Don't forget to visit the links below to view back dated deals and Warrington Property News.
CLICK HERE TO FIND OUT HOW MUCH YOUR WARRINGTON HOME IS WORTH FOR FREE
Hamlet Homes Warrington, your local Estate Agent
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Friday, 23 April 2021

A Quick Guide to Purchasing a Buy To Let Property in Warrington

 

If you’re considering becoming a landlord, there are many elements to consider and understand before you purchase a property. The process of buying a buy-to-let property differs compared to buying a residential property that you will live in yourself, so it’s good to know what exactly to expect. Of course, it’s a long-term investment that shouldn’t be made in haste, so if you’re reading this, you are probably looking for the right kind of information.

Our team at Hamlet Homes Warrington are experts in buy-to-let advice, so here is our straight forward guide to purchasing a buy-to-let property in Warrington.

What is buy-to-let?

First things first, the basics: buy-to-let is a property that is specifically purchased with the intention to rent it out to tenants. It’s an investment property that can generate a monthly income, as long as the rent being charged is higher than the monthly buy-to-let mortgage payments.

A buy-to-let mortgage is different to a residential mortgage, and if you can’t afford to simply buy the property outright, you will need to apply for one. When applying for a standard mortgage, your income is taken into consideration, whereas with a buy-to-let loan, the lender considers the potential rental income as your primary income source, and considers your personal income as secondary. The interest rates tend to be lower, but they have larger upfront fees, so keep that in mind. Moreover, deposits on buy-to-let mortgages are also typically larger than the deposit needed for a standard mortgage, so expect to put down at least 25% more than you normally would.

What kind of buy-to-let property should you buy?

The right property is important and can include factors such as the location in proximity to amenities and transport, as well as the neighbourhood and the demand in the area. Much like when you’re searching for your own place to live, you should ensure you do adequate research into the area you want your buy-to-let property to be located in.

Consider what kind of tenant you want to target and include that in your research. If you’re trying to rent to families, your best bet is to find a property in the suburbs close to good schools. If you want to rent to students, a property near a university and good but cheap restaurants and nightlife is key. Keep in mind, the type of tenants you have renting from you can affect your mortgage, as many lenders have restrictions on student rentals, for example.

Do you need buy-to-let insurance?

The short answer is yes; you should have buy-to-let insurance (also known as landlord insurance). It gives you coverage for the building and the contents inside and any landlord liabilities.

Building insurance is often required by your mortgage lender in order to secure a loan and will compensate you if your property is destroyed or damaged. This will cover the repairs or rebuilding costs so you don’t have to pay huge expenses out of pocket.

Contents insurance will cover any furniture inside the property. It’s a smart idea to get contents insurance even if your buy-to-let property is unfurnished because you can choose what level of cover you require, and it can protect any curtains, carpets, and other furnishings that essentially come with your property between tenants. If you choose to rent your property unfurnished, your tenants will be responsible for their own contents insurance when they move in.

Landlord liability is mostly your choice, but if you’re renting to students, for example, there may be a minimum level required. This covers you for any injuries or deaths of any tenants or visitors in your property.

Do you need to use a letting agent?

This answer is dependent on the budget you’re working with and the level of involvement you wish to have with your buy-to-let property. If you want to be a very hands-on landlord, you may not want to go through a letting agent or agency, but if you would rather take a more hands-off approach, it is a good idea to enlist the help of a professional, experienced lettings agency.

Letting agents like us will help you carry out credit checks on your potential tenants, help you come up with a letting contract, chase late rental payments for you, help with any maintenance on site that needs to be done, and assist with mandatory safety and efficiency checks for gas and energy.

The fees to work with a letting agent typically include paying an ongoing fee to manage the property which varies, so it’s always best to speak with your chosen letting agent to get a complete idea of costs .

Generally, utilising the services of a letting agent can take a big burden off your shoulders if you are a budding landlord!

For professional advice on purchasing a buy-to-let property in Warrington, contact our expert team at Hamlet Homes Warrington on 01925 235 338 or email manoj@hamletwarrington.co.uk.

If you are looking for an agent that is well established, professional and communicative, whether you’re buying, selling or looking for an investment opportunity, then contact us to find out how we can get the best out of the Warrington property market.

Email me on manoj@hamletwarrington.co.uk or call on 01925 235 338 – we are based on the Warrington Business Park, Long Lane, WA2 8TX. There is plenty of free parking and the kettle is always on.

Don't forget to visit the links below to view back dated deals and Warrington Property News.

CLICK HERE TO FIND OUT HOW MUCH YOUR WARRINGTON HOME IS WORTH FOR FREE
Hamlet Homes Warrington, your local Estate Agent
Follow my Warrington Property Market Blog
Hamlet Homes Warrington LinkedIn Page
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Wednesday, 21 April 2021

Panic Buying in the Warrington Property Market?


Would it surprise you that there are 81% fewer properties for sale today in Warrington than a decade ago? Property values are much higher than a decade ago and the property market at the moment in Warrington is on fire. In all my years as an agent, I have never seen it like it is at the moment. Many people are saying it’s reminiscent of 1988 when dual-MIRAS relief was abolished by Nigel Lawson, as people are paying top dollar for property because they are buying property like there is no tomorrow.

77.6% of properties on the market in Warrington are sold stc

In a ‘normal property market’, that figure would be between 30% to 40%. There is no rhyme or reason behind it because it’s not as if we are going to run out of property to sell (unlike the panic buying of loo rolls last year in the supermarkets). With such a buoyant Warrington property market, being adept to state what your Warrington property is worth is exceptionally problematic.

This is further exacerbated by the lower-than-average properties on the market at the moment. To give you an idea of the issue …

There are 213 properties for sale in Warrington today, compared to 1,106 a decade ago.

When there aren’t many properties on the market, to gain your instruction some estate agents will value your Warrington property by giving you an over inflated suggestion for the asking price. Why do they do that when the considered wisdom is estate agents only get paid once they sell it?

Well would it surprise you that many (not all) estate agents pay their employees a bonus to put your property on to the market and then pay a further bonus when they get you to reduce the asking price? Some estate agents know the fastest way to get your property to market is to be optimistic on the asking price to secure your property for sale, then work on you to reduce your asking price after it has been sitting on the market for a few months.

Nothing wrong with that you might say, I want to get the most for my Warrington home (and it is indeed the job of the estate agent to get the best price for their client). If I believe it is worth testing the market at a slightly higher asking price, I will suggest that, yet will always explain my thinking and if we have over cooked the asking price, we can swiftly realign it after a couple of weeks.

Yet because many estate agents are disposed to suggest over inflated asking prices to the house seller just to secure their business (i.e. overvaluing) but not manage the property for months and months ... this in turn causes Warrington properties to sit on the market and not sell.

In the best property market for 20 years, 17% of properties for sale in Warrington have been on the market for 6 months or more. Overvaluing is widespread among Warrington estate agents.

Most Warrington homeowners will ask three or four estate agents to value their Warrington home and take the middle figure when they want to sell. Yet, if all (or most) of your Warrington estate agents are over optimistic and they all give you a ‘gilded lily’ price to secure your instruction to sell your home (i.e. overvalue), then that middle figure will be too much. Most Warrington estate agents know they don’t win the business (i.e. secure the listing) if they tell the homeowner what they don’t want to hear.

So, what is the risk of overvaluing?

There is a potential massive cost to putting your Warrington home on the market at too high an asking price. Your estate agent will tell you that your Warrington home is worth a certain figure and then lock you in to a 16-week sole agency agreement (sometimes longer) which you cannot get out of early. If you are getting around two or three viewings a week, and the pictures and marketing material are half decent, then your pricing is about right, meaning in this market you should be sold (subject to contract) within a month to six weeks.

Yet, if your Warrington home has an over optimistic asking price (i.e. it is overpriced), you might only have a handful of viewings in a month and no offers. As the weeks and months go by, your overpriced Warrington home makes similar homes to yours (i.e. your competition) look really good value for money. That’s when you will get the price reduction call from the agent.

How many times have you seen a property that has been on the market a while and you have wondered what’s wrong with that? Also, to add insult to injury, the portals tell you how long a property has been on the market, adding weight to that argument.

The longer your property stays on the market, the desirability of your Warrington home drops.

You will end up selling your Warrington home but only after a handful of price reductions, yet at what cost? Firstly, in those lost months, you would have missed out on many properties that you fell in love with, yet couldn’t buy because your home was languishing on the market with no interest (this is backed up by consumer champion Which, who said that if you have to reduce your asking price by 5% or more, it adds an extra 64 days to the sales process).

Secondly, you will end up selling your Warrington property for less than if you had placed the property on the market at a realistic asking price from day one (again backed up by Which). This is because buyers think there is something wrong with it, so as the homeowner gets fed up, they accept a lower offer to get their property sold.

Finally, because you take less for your property, your choice of the next property to buy will also be curtailed, meaning your dream home move might be more of a nightmare?

The best advice I can give you is to search the portals, make sure you look at properties that are also sold stc (which can normally be found by clicking on the filter section of the search on the portal). Then ask a couple of straight-talking trusted friends to do the same and compare your property to the competition that is both on the market and sold (stc).

Compare their locations, number and size of the rooms and size of plot and ask them where they see your property against those. Carry out the same exercise yourself (of course you will be slightly biased) and take a bellwether from all those figures. Then ask a number of Warrington agents to value your property and if you feel any are being overly optimistic challenge how they get to their figure and get them to qualify their belief in that figure – is their valuation realistically achievable in the market at the time? As we all know markets change and property prices go up and down and ultimately a property is only worth what a buyer will pay for it – this all requires careful consideration.

I can assure you most of the estate agents in Warrington are decent people, who want to do the best for you. All I ask is you do your homework and look at the sale of your Warrington property through the eyes of a cold-blooded buyer.

If you would like a chat about selling your Warrington home do give me a call.



Don't forget to visit the links below to view back dated deals and Warrington Property News.
CLICK HERE TO FIND OUT HOW MUCH YOUR WARRINGTON HOME IS WORTH FOR FREE
Hamlet Homes Warrington, your local Estate Agent
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Friday, 16 April 2021

Small is Beautiful: Tiny Room Ideas

 

Just because a room is small, it doesn’t mean it can’t be stylish or practical. Many people have homes that are smaller than average, or rooms that are tiny or an awkward shape, yet these spaces can soon be transformed into a comfortable, Instagrammable space.

Here are some tips when decorating or furnishing a tiny room.

Draw Up A Floor plan

Once you’re standing in the room, it can be difficult to find a way to make everything fit. One way you can design a room is to draw up a floor plan, then measure your furniture and see where it might fit. This can also help you decide what’s essential in the room and which pieces you can do without.

Find Furniture with Hidden Storage

When you furnish a tiny room, smaller pieces are always going to work better, for example, cuddle couches rather than three-piece suites. Even better, look for furniture that has hidden storage, as this will make it much easier to organise your room. Stores such as IKEA are good for finding storage solutions, and they sell bed bases with fitted wardrobes or chests of drawers. While you may not have used one since you were a child, cabin beds are also very handy in small rooms, as lifting your bed off the floor gives you plenty of extra space. Some beds open up to reveal hidden storage, which can be useful for storing spare sheets, shoes, or even books. You can also find sofa beds that include ottomans, which allow you to store your duvet and pillows during the day.

Save Your Floor Space Where Possible

The problem with tiny rooms is that you often have to go through an obstacle course to get around them. Any floor space that you can save will make the room feel more spacious and make it more practical to use. Avoid things like bookcases and big wardrobes, opting for shelves and hanging rails instead. In very small spaces, you may even want to look for solutions such as a pull down bed, which will fold into the wall when you’re not using it.

Keep Things Simple

If a room is tiny, then nothing is going to make it huge and spacious, but you can make the most of the space by keeping things simple. Choose neutral colours with a few pops of pattern or colour to draw the eye in. If you think neutral looks too plain, then add some textures in similar tones, which will give the room a luxe look.

Use Light and Mirrors

Mirrors are convenient in small rooms, as they fool the eye into thinking the room is bigger. Light is also very important. Never block a window, even partially, as this will make a room feel gloomy and claustrophobic. You should also make sure the room is well-lit, but don’t use huge light fittings or floor lamps. Wall-mounted lights take up less space, and up-lighters can draw the eye upwards.

Choose the Right Shape Furniture


Tiny rooms are often awkwardly shaped, so you need to find furniture that fits into the room nicely. For example, if you have an area with a sloped ceiling, find an L-shaped corner sofa that fits into that nook and create a living area. If your room is long and thin, place a sofa that fits snugly into the width of the room, which will make it feel wider. While it may sound expensive, bespoke furniture can be a good solution for tiny rooms, as it allows you to design something functional and just the right size. Look online for some furniture designers in your location, and you may be surprised that they’re not as pricey as you think.

Switch Rooms Round

When you move into a house, don’t feel like you have to keep the same layout as the previous tenants or owners. If a bedroom is far too small, for example, you may want to turn the dining room into a spare bedroom, then have a combined kitchen/diner. Tiny rooms often work better for nurseries, home offices, and spare bedrooms, rather than somewhere like a living room or adult bedroom, so think about switching around if possible.

A tiny room doesn’t have to compromise on style. Many people now live in smaller homes and have less space, so many new design solutions have been created to help. From adding storage space to removing bulky furniture, there are many ways to make a small space work efficiently for you.

For no-obligation advice on buying or selling a home in Warrington please contact our expert property team at Hamlet Homes Warrington on 01925 235 338 or call in and see us. We look forward to seeing you.

If you are looking for an agent that is well established, professional and communicative, whether you’re buying, selling or looking for an investment opportunity, then contact us to find out how we can get the best out of the Warrington property market.

Email me on manoj@hamletwarrington.co.uk or call on 01925 235 338 – we are based on the Warrington Business Park, Long Lane, WA2 8TX. There is plenty of free parking and the kettle is always on.

Don't forget to visit the links below to view back dated deals and Warrington Property News.

CLICK HERE TO FIND OUT HOW MUCH YOUR WARRINGTON HOME IS WORTH FOR FREE
Hamlet Homes Warrington, your local Estate Agent
Follow my Warrington Property Market Blog
Hamlet Homes Warrington LinkedIn Page
Hamlet Homes Estate Agents Warrington Facebook Page
Hamlet Homes Estate Agents Warrington Twitter Page

Monday, 12 April 2021

Over 1 in 5 Warrington Properties Being Sold with No Chain


Moving home is said to be the third most stressful thing you can do, so if you can do anything to reduce that stress, so much the better? When buying your next Warrington home, being chain-free can certainly reduce your stress and offers many advantages over other buyers (and some disadvantages).

So, what is a chain? A property chain is made when there is a line of home buyers and home sellers linked through their property transactions e.g. a Warrington first-time buyer purchases a property, the sellers of that property then buy another property, and those sellers then buy another property, so on and so forth. Each home sale and purchase are reliant upon the success of every property in the so called ‘chain’. This means if there is one hiccup on one of the properties, every sale and purchase along the whole chain would collapse. No wonder everyone is on tenterhooks when there is a long chain involved.

Yet Warrington buyers who sell their home before searching for a new Warrington home considerably reduce their stress levels because they are not needing all the ducks to ‘line up in a row’ on the sale of their home in order to buy their new Warrington home.

Being chain-free puts Warrington home buyers in an enhanced position to negotiate with home sellers and they in turn may be more enthusiastic to accepting a lower offer.

Sounds brilliant this chain-free life doesn’t it? Everyone is a chain-free buyer once … when they are a first-time buyer and if they are lucky enough to have an additional home to move into. The other option is selling your Warrington home and moving into rented accommodation, but that will end up costing quite a few thousand pounds (in what many perceive as wasted money) together with the added cost of employing the services of home removers twice (with all the hassle that entails doubled!). However, that is what many Warrington homeowners are doing.

20.7% of all the properties on the market today in Warrington are being sold without a chain.

I can’t disagree, moving home twice in a short period will be stressful and rent could be perceived as ‘wasted money’, but I have to recommend you look at the bigger picture. It is one of the sturdiest sellers’ markets in a generation, meaning you should get top dollar for your Warrington home, knowing that many buyers are keen to complete before the stamp duty holiday ends in the autumn.

Then by waiting for the return of stamp duty and for the full roll out on the immunisation programme to give more Warrington homeowners the peace of mind to place their Warrington home on to the property market, for Warrington house prices to cool and the number of properties for sale to increase. Then you could pounce in and buy, with more Warrington homes to choose from and at more realistic asking prices.

So, does the type of Warrington property that is being sold make any difference?
  • 6.2% of detached houses in Warrington are being sold chain-free
  • 19.6% of semi-detached houses in Warrington are being sold chain-free
  • 22.9% of town house/terraced Houses in Warrington are being sold chain-free
  • 27.8% of apartments/flats in Warrington are being sold chain-free
  • 31.8% of bungalows in Warrington are being sold chain-free
Of course, these aren’t all Warrington homeowners going into rented accommodation hoping to bag a bargain next year. Many of the bungalows are being sold because their homeowner has either moved into sheltered accommodation or sadly passed on and there are Warrington landlords selling their Warrington buy-to-let rental investments.

And don’t get me wrong, there are also risks involved with this type of home buying strategy. Moving into rented accommodation means you are out of the Warrington property market. Property values could dip in the next 12 months, yet they still could continue to rise - you are taking a gamble on a dip in the market and it could go wrong.

Like most things in life, it depends on your own personal circumstances, where you are in your life, your attitude to risk and your belief on what will (or won’t) happen to property values in Warrington in the next 12 to 18 months.

If you would like a chat about your potential choices for your home move, then drop me a line.

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