Thursday, 16 February 2017

Warrington First Time Buyers Borrowed £133.8m in the Last 12 Months

It might surprise you that first time buyers in 2017 will benefit from a slight decline in Warrington buy-to-let investors.

Starting with the bigger picture, over the last 12 months in the UK, 1,061,557 properties were sold with a total value of £223.74 billion. To give that some context, ten years ago 1,581,727 properties sold with a total value of £405.56 billion, so it can be seen the number of people moving house has dropped by over a third in the last decade.

Whether you are a landlord, homeowner or tenant, it’s always important to keep an eye on the Warrington property market. Over the last 12 months, 2,784 properties have sold (and completed) in Warrington, worth £522.9 million. Interestingly, the number of properties changing hands in Warrington has also dropped when compared to a decade ago.

How will the general Property Market be different in the coming months?

Those looking to buy a home in the spring and summer of 2017 will face a far less competitive Warrington property market than the same time of year in 2016, when the urgency to beat the buy-to-let stamp duty hike was in full swing. 

Many landlords brought forward their purchases to beat the tax changes. Since the change, the number of buy-to-let purchases has dropped slightly. First time buyers have taken advantage of that and have increased their buying. In fact, looking at the Bank of England figures, this is what UK lenders have lent on buy-to-let properties versus first time buyers over the last 12 months:

Q4 2015 - £1bn buy-to-let mortgages vs £1.31bn for first time       buyers
Q1 2016 - £1.35bn buy-to-let mortgages vs £1.08bn for first time buyers
Q2 2016 - £760m buy-to-let mortgages vs £1.28bn for first time buyers
Q3 2016 - £827m buy-to-let mortgages vs £1.42bn for first time buyers

What about the Warrington Property Market?

When looking at the figures for Warrington itself, first time buyers have borrowed more than £133.8 million in the last 12 months to buy their first home. This is a ringing endorsement of their confidence in their jobs and the local Warrington economy. Those 20 and 30 something’s who are considering being first time buyers in 2017 will find that the number of properties on the market has never been as good as it has for quite a while, meaning you have more choice and less competition than a year ago.

Rightmove announced nationally that new seller enquiries are 26% up on the same time last year, giving an indication that we may see a slight ease in the lack of properties on the market. When I look at the Warrington market, at this moment in time there are an impressive 530 properties for sale, so plenty of choice.

All this will be welcome news amongst Warrington first-time buyers with a combination of a proportional reduction in new investors and landlords.

2017 will be an interesting year for all homeowners, be that buy-to-let landlords, existing homeowners or future homeowners.  If you are looking for an agent that is well establishedprofessional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on or call on 01925 235338. If you are in the area, feel free to pop into the office – we are based on 6 Bankside, Crosfield St, WA1 1UP. There is plenty of free parking and the kettle is always on.
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