A landlord came in to our office earlier this week to discuss the affordability of property in Warrington, with the current national market property market being in recovery with increasing house prices. The best advice I can give to those looking to invest in property is our secret trick of the trade. You can judge the affordability of a town by simply finding the ratio of the average property price to the average salary. The lower the ratio, the more affordable property is.
When we put this to the test, we found that Warrington currently has an average property value of around £187,100 with the average salary being £21,458. This is a respectable ratio of 1 to 8.7. Meanwhile in Widnes the ratio of property values to salary is 1 to 8.5, which suggests the property in the Warrington is less affordable than in Widnes.
We also had a look at St Helens and found the average salary is £20,734 and the average property value is £138,455. This means that property in St Helens is more affordable than Warrington, with a ratio of 1 to 6.6.
This could mean that now is not a brilliant time to invest in Warrington property market, while the average value of property is high compared to the average salary. If you would like to talk to us about your potential investment, please come into our offices.
For advice, call me, Tesh Patel on 01925 235 338 or email me on tpatel@hamlethomesproperty.co.uk also for more information on the Warrington property market please visit warringtonproperty.blogspot.co.uk
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