Time now for a quick round-up of what has been happening in the sales and lettings market in the Warrington area throughout January - March 2016. (Figures are obtained from Rightmove and do not include private lets.):
You can see from the rental figures above that it’s 1, 2, 3 and 4 beds that are most in demand – with 3 beds being the most popular by some margin. If we look back at this time last year, it was the 4 bedrooms that were the most popular. If you look at sales, it seems 2, 3 & 4 beds are what people want to buy. Again, it is 3 beds that win the race.
Well, demand is there to rent anything up to 4 bedrooms, but there are already a high number of potential private purchasers chasing those same properties (3 bedroom houses), so this will inevitably increase pressure on availability and start to drive prices up. 2 beds are in a lot less demand by buyers, yet these are often prized by renters. Our experience here tells us that 2 beds will always find a rental market and they will always rent out quickly, but there will be more churn (turnover of tenants). These will command a slightly higher yield than 3 beds.
However, for families wishing to rent, 3 beds are a must. In the catchment area of great schools (particularly secondary), they will always be in high demand and with less churn. It is these properties that tend to offer better scope for capital growth in the long term, whilst providing a steady yield of around 7-10% in the Warrington property market today.
If you are thinking of getting into the Warrington property market and don't know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01925 235 338 or pop along and speak to us in person at our office at 6 Bankside, Crosfield Street, you can always email me on manoj@hamletwarrington.co.uk
So, as an investment, what should you buy?
Well, demand is there to rent anything up to 4 bedrooms, but there are already a high number of potential private purchasers chasing those same properties (3 bedroom houses), so this will inevitably increase pressure on availability and start to drive prices up. 2 beds are in a lot less demand by buyers, yet these are often prized by renters. Our experience here tells us that 2 beds will always find a rental market and they will always rent out quickly, but there will be more churn (turnover of tenants). These will command a slightly higher yield than 3 beds.
If you are thinking of getting into the Warrington property market and don't know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01925 235 338 or pop along and speak to us in person at our office at 6 Bankside, Crosfield Street, you can always email me on manoj@hamletwarrington.co.uk
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