Wednesday 5 June 2024

Warrington Rental Property Update, June 2024



Greetings, landlords, tenants, and those simply curious about the wild world of rental properties! Let’s take a light-hearted yet insightful dive into the rollercoaster ride that is the UK rental market, with a special spotlight on our lovely town of Warrington.

### The National Scene: UK Rental Prices
Let’s start with the big picture. Nationally, the rental market has been on a steady climb. Over the past year, the average UK rental price has risen from £1,140 to a cool £1,250. That’s a 9.6% increase, and while it might make some tenants sigh, it’s music to the ears of landlords.


Tuesday 4 June 2024

Warrington Property Update - June 2024

 




Hello there, property enthusiasts! Gather around as we delve into the fascinating world of property prices, both nationally and locally in our beloved Warrington. Buckle up, because while the figures might seem dry, we're here to make them sizzle with a dash of humour and a sprinkle of insight!

National Property Market:

Let's start with the big picture. Over the past 12 months, the UK property market has been a rollercoaster, and not the fun kind you find at Blackpool Pleasure Beach. 


Tuesday 9 May 2023

Warrington Property April Report March 2023

Spring has definitely arrived, and the property market around Warrington, just like the local bees, is buzzing. According to mortgage industry technology company Twenty7tec, March saw overall mortgage search records set, and this has been reflected in the amount of activity in the local property market.

The King's Coronation has led to the addition of another Bank Holiday to the calendar this month, giving house hunters even more time to look for their dream home. With this in mind, we expect this month to be even busier than the last so if you are considering putting your property on the market, don't miss out on this royal opportunity.

Let’s take a brief look at what’s been happening over the last month in the local Warrington property market.

There are currently 453 properties available for sale in Warrington. While this is 5 fewer properties than were available last month, it is a 5% increase in the number of properties available since December, when there were 430 available.

Of the 458 properties that are currently available, 61 came on the market in the last two weeks. In March, 82 properties came onto the market; in February, there were 65; in January, there were 73; and in December, there were 33. A steady stream of properties coming onto the market each month is great news for buyers, as it means that they have more choice.

The average price of properties in Warrington is £274,555. This is an increase of 5% since February, when the average house price was £261,154. Last month, the average price was £269,292.

Most of the properties available are in the £100,000 to £200,000 bracket, with 148 currently on the market. In March there were 161; in February 182; in January, there were 192; and in December, there were 191.

There are 36 properties available in the £500,000 to £1 million bracket, and they are spending on average 128 days on the market.

Properties in the £400,000–£500,000 bracket are currently the fastest movers, spending on average only 86 days on the market.

They are closely followed by properties in the £300,000 to £400,000 bracket, which are now taking on average 90 days to sell.

One-bedroom properties had a median price of £95,000 in January and December. In February and March, the median price of a one-bedroom property in Warrington was £90,000 with an average price of £96,476. In April the median price rose again to £95,000 and the average price settled at £96,304. They are currently sitting on the market for an average of 263 days, down from 281 days in March.

This is another example of how selling property can take longer than people often imagine. If you’re looking to upsize from your first home, or are an investor looking to change your portfolio, please bear this in mind when planning.

Two-bedroom properties were the fastest movers in Warrington in March, spending an average of only 90 days on the market. They currently have an average price of £174,448 and a median price of £160,000.

Let’s take a look at the annual figures now.

Properties around Warrington had an overall average price of £242,119 over the last year.

The majority of sales around Warrington during the last year were semi-detached properties, selling for an average price of £248,408. Terraced properties sold for an average of £173,012, with detached properties fetching £393,630.

Overall, sold prices around Warrington over the last year were 4% up on the previous year and 10% up on the 2020 peak of £220,043.

This shows the high levels of activity in the local Warrington property market, which are likely to increase or, at the very least, remain strong as we head towards summer. There is a lot of demand and plenty of people looking to move around Warrington.

If you’re thinking of selling your property, feel free to contact us. If you’re thinking of buying, letting or renting a Warrington property, please don’t hesitate to get in touch. You can call 01925 235 338 or email staff@hamletwarrington.co.uk.

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
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Tuesday 11 April 2023

The Best Thing Landlords Can Do


The rising cost of living is squeezing everyone’s budgets, which means it is more important than ever for landlords to do everything they can to try to ensure that they help their tenants manage their energy use and reduce their bills. Doing so will not only benefit their tenants but may also help them avoid rental voids, as their tenants will be less likely to be left unable to pay the rent.

Landlords of privately rented properties will also be required to make sure their rental properties have an EPC rating of at least C in order to continue taking on new tenants under the regulations, which are expected to become law in England and Wales in 2025.

How can landlords both help their tenants to reduce their bills and improve the EPC ratings of their properties?

Smart meters

These allow tenants to have visibility of their energy usage in real time so that they know exactly how much they are spending each day.

Smart thermostats

These allow tenants to have more control over how they use their heating every day. Some smart thermostats will even turn the heating off when they identify that a property is empty and then turn it back on when the tenants return, thus saving tenants from paying to heat an empty home. Research has indicated they can help reduce heating bills by between 12 and 23%.

Eco features

Many boilers have an ‘eco mode’ which stops water from being preheated. This means that it takes a little longer for hot water to come out of the tap, but it does save money.

LED bulbs

Before renting out their property, landlords should make sure to replace all of the bulbs with LED ones. If they already have a tenant then they should make sure that they know that they could save an average of £40 every year just by using LED bulbs.

Radiator thermostats

These allow tenants to choose to boost the heat in the room that they are in rather than having to heat the whole property all the time, which will help to reduce their bills.

Insulate

Twenty-five per cent of heat loss is through the roof, so landlords should make sure that the loft is well insulated. Doing so will also have a positive effect on the property’s EPC rating.

Double-glazed windows

Properties with double-glazed windows lose, on average, just 10% of their heat through their windows. According to research, single-glazed windows are responsible for up to 70% of a property's heat loss! Investing in double-glazing can have a large effect both on a tenant’s bills and the EPC rating of the property.

Insulate the hot water cylinder

Check the thickness if you already have a jacket that fits over your tank. If it isn't at least 80mm thick, think about getting a new one. Increasing the insulation from 25mm to 80mm thick can save up to £70 per year.

We have seen a definite increase in the importance of EPC ratings to tenants who are wary of renting properties that cost a fortune to heat. If you are looking to rent out your property and would like some advice on how to make your property more energy efficient please give us a call on 01925 235 338 and we will be happy to advise you.

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

Wednesday 5 April 2023

Warrington Property Market Report March 2023


Encouraged by the slow but steady return of warmer weather, homebuyers and sellers are coming out of hibernation, and the local property market is getting increasingly busy. It is something that estate agents fondly refer to as The Spring Rush!

Homebuyers who wish to be settled in their new homes in time for Summer know that they are now in a race against the clock to find a property and give themselves enough time for the purchase to be completed.

Let’s have a brief look at what’s been happening over the last month in the local Warrington property market.

There are currently 458 properties available for sale in Warrington. This is a 6% increase in the number of available properties since December when there were 430 available. Last month, there were 447 and the month before there were 445.

Of the 458 properties that are currently available, 82 came to the market in the last two weeks. That is 17 more than were put on the market in February. In January, there were 73 properties that were new to the market; in December there were 33; in November, there were 48; and in October, there were 71. This is good news for buyers and shows that the market has changed from a sellers' market to a buyers' market. Buyers now have more choice and feel less rushed into making a decision.

The average price of properties in Warrington is £269,292. This is an increase of 3% since last month, when the average house price was £261,154. The median price is £235,000.

Most of the properties available are in the £100,000 to £200,000 bracket, with 161 currently on the market. This is down from 182 last month. In January there were 192, in December there were 191, and in November there were 170 available.

There are 37 properties available in the £500,000 to £1 million bracket and they are spending on average 124 days on the market.

Properties in the £300,000 - £400,000 bracket remain the fastest movers, reducing the amount of time they spend on the market from 87 days in February to 64 days in March. In January, they spent an average of 61 days on the market. In December, they spent on average 80 days on the market. In November, properties in the £100,000 to £200,000 bracket were the fastest movers; they were on the market for 92 days.

They are closely followed by properties in the £400,000 to £500,000 bracket, which are now taking on average 92 days to sell, down 5 days since last month. This is a decrease of 111% since November, when they were spending on average 194 days on the market.

One-bedroom properties had a median price of £95,000 in January and December, up from £90,500 in November. In February and March the median price of a one-bedroom property in Warrington was £90,000 with an average price of £96,476. They are currently sitting on the market for an average of 281 days, down from 290 days in February. In January they sat on the market for an average of 297 days; in December, 288 days; and in November, 289.

This is another example of how selling property can take longer than people often imagine. If you’re looking to upsize from your first home, or are an investor looking to change your portfolio, please bear this in mind when planning.

Three-bedroom properties were the fastest movers in Warrington in March, spending an average of only 89 days on the market. They currently have an average price of £246,071 and a median price of £240,000.

Let’s take a look at the annual figures now.

The majority of sales in Warrington during the last year were semi-detached properties, selling for an average price of £249,947. Terraced properties sold for an average of £181,028, with detached properties fetching £420,874.

Overall, sold prices in Warrington over the last year were 4% up on the previous year and 11% up on the 2020 peak of £230,796.

This shows the high levels of activity in the local Warrington property market, which are likely to increase or, at the very least, remain strong as we head towards summer. There is a lot of demand and plenty of people looking to move around Warrington.

If you’re thinking of selling your property, feel free to contact us. If you’re thinking of buying, letting or renting a Warrington property, please don’t hesitate to get in touch. You can call 01925 235 338 or email staff@hamletwarrington.co.uk.

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

Monday 3 April 2023

7 Things You Shouldn't Do When Buying Your First Property


The process of purchasing your first home can be both thrilling and intimidating. But many would-be homeowners are unaware of the things that could derail their home purchase.

Here are the top seven things that you shouldn't do if you are buying your first property.

1. Under-estimating expenses

You must factor in moving expenses, survey fees, and conveyancing costs, in addition to the purchase price of your property. Remember that you will also need to pay council tax and insurance for the building and its contents when you move in.

2. Ignoring your credit score

Lenders use your credit score, which serves as your financial resume, to determine whether you can make your repayment commitments. Check your credit score before you apply for a mortgage and fix any mistakes to make it less likely that your application will be turned down.

3. Choosing an unsuitable solicitor

Verify that your solicitor is on the mortgage lender's list of approved solicitors to prevent having to switch later. Take advice from the estate agent about which solicitor to choose if you’re giving the option. They deal with one another all day, every day, so are able to guide you.

4. Not being on the electoral roll

The electoral roll is one of the simplest ways for lenders to confirm your identity. Your application may take longer to process, and your credit score may be impacted if you are not registered.

5. Not getting an Agreement in Principle (AIP)

The housing market is competitive. Instead of waiting for you, sellers may choose to accept an offer from someone who already has an Agreement in Principle.

6. Accumulating a lot of debt

Taking on new debt could affect your credit and make it more difficult for you to have your mortgage approved.

7. Changing careers

Avoid switching jobs in the middle of the property-buying process. It may give the impression that your employment is unstable, which weakens your application to lenders.

If you are looking to buy your first home, please give us a call on 01925 235 338 or send us an email to staff@hamletwarrington.co.uk so you will be one of the first to hear about our newest properties.

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

Monday 27 March 2023

Do I Need An Epc?


Everyone who is advertising their residential property for rent in the UK is required by law to commission an EPC. In Scotland, it is required that the EPC be displayed in the property, usually in the meter cupboard or next to the boiler.

You can be fined for not having an EPC when you need one. There are a few possible exceptions, but the majority of them concern businesses or places of worship. For example, your property might be exempt if it is mixed-use, such as a home that is also a shop, less than 50 square metres, or used for less than four months of the year, like a holiday home.

What is an EPC?

EPC stands for Energy Performance Certificate. An EPC grades how energy efficient a property is from A to G and 1-100.

It includes advice on how to use less energy and money, as well as the rating the property may get if all of those recommendations were implemented. It also includes the environmental CO2 impact rating for the property. That is how much CO2 is produced during the production of hot water and heating for the property.

How is an EPC produced?

You need to employ a certified assessor to do the report. The EPC assessor will visit your property and gather information about your boiler, hot water tank, radiators, insulation, and windows. Then, they put this information into software that figures out how energy-efficient your home is and how it affects the environment.

How can you improve your EPC?

Contained in the report will be a list of ways in which you can improve your property’s EPC rating. These are not generic suggestions but will actually be specifically tailored to your property. You may decide not to use any of them. However, it is worth noting that a low EPC rating can put off potential tenants, as they may worry about the cost of heating the property.

If you want to raise your property’s rating, the single most effective thing you can do is install a new boiler. Other things that can improve the energy efficiency of your property are:

increasing the amount of loft insulation

adding solar panels to your roof

sealing unused chimneys to reduce draughts

and adding wall insulation.

It is always a good idea to keep any documentation when having insulation installed because EPC assessors only conduct a visual inspection of your property and will not be able to see any in tucked away or inaccessible areas.

It may feel like a hassle to have to arrange for an EPC to be carried out, but it can actually help you attract tenants to your property. A property with a high EPC rating will be attractive to a wide range of tenants. Many people are now concerned about their own carbon footprint and the rising cost of energy, so if your property is energy-efficient, it is definitely a plus.

If you have any questions about EPCs or would like to learn more about how we can help you through the entire property letting process, please contact us at 01925 235 338 or send us an email to staff@hamletwarrington.co.uk

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