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 established, professional and communicative, then contact
us to find out how we can get the best out of your investment property.
Email me on manoj@hamletwarrington.co.uk 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.
Don't forget to visit the
links below to view back dated deals and Warrington Property News.
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