Wednesday, 21 April 2021

Panic Buying in the Warrington Property Market?


Would it surprise you that there are 81% fewer properties for sale today in Warrington than a decade ago? Property values are much higher than a decade ago and the property market at the moment in Warrington is on fire. In all my years as an agent, I have never seen it like it is at the moment. Many people are saying it’s reminiscent of 1988 when dual-MIRAS relief was abolished by Nigel Lawson, as people are paying top dollar for property because they are buying property like there is no tomorrow.

77.6% of properties on the market in Warrington are sold stc

In a ‘normal property market’, that figure would be between 30% to 40%. There is no rhyme or reason behind it because it’s not as if we are going to run out of property to sell (unlike the panic buying of loo rolls last year in the supermarkets). With such a buoyant Warrington property market, being adept to state what your Warrington property is worth is exceptionally problematic.

This is further exacerbated by the lower-than-average properties on the market at the moment. To give you an idea of the issue …

There are 213 properties for sale in Warrington today, compared to 1,106 a decade ago.

When there aren’t many properties on the market, to gain your instruction some estate agents will value your Warrington property by giving you an over inflated suggestion for the asking price. Why do they do that when the considered wisdom is estate agents only get paid once they sell it?

Well would it surprise you that many (not all) estate agents pay their employees a bonus to put your property on to the market and then pay a further bonus when they get you to reduce the asking price? Some estate agents know the fastest way to get your property to market is to be optimistic on the asking price to secure your property for sale, then work on you to reduce your asking price after it has been sitting on the market for a few months.

Nothing wrong with that you might say, I want to get the most for my Warrington home (and it is indeed the job of the estate agent to get the best price for their client). If I believe it is worth testing the market at a slightly higher asking price, I will suggest that, yet will always explain my thinking and if we have over cooked the asking price, we can swiftly realign it after a couple of weeks.

Yet because many estate agents are disposed to suggest over inflated asking prices to the house seller just to secure their business (i.e. overvaluing) but not manage the property for months and months ... this in turn causes Warrington properties to sit on the market and not sell.

In the best property market for 20 years, 17% of properties for sale in Warrington have been on the market for 6 months or more. Overvaluing is widespread among Warrington estate agents.

Most Warrington homeowners will ask three or four estate agents to value their Warrington home and take the middle figure when they want to sell. Yet, if all (or most) of your Warrington estate agents are over optimistic and they all give you a ‘gilded lily’ price to secure your instruction to sell your home (i.e. overvalue), then that middle figure will be too much. Most Warrington estate agents know they don’t win the business (i.e. secure the listing) if they tell the homeowner what they don’t want to hear.

So, what is the risk of overvaluing?

There is a potential massive cost to putting your Warrington home on the market at too high an asking price. Your estate agent will tell you that your Warrington home is worth a certain figure and then lock you in to a 16-week sole agency agreement (sometimes longer) which you cannot get out of early. If you are getting around two or three viewings a week, and the pictures and marketing material are half decent, then your pricing is about right, meaning in this market you should be sold (subject to contract) within a month to six weeks.

Yet, if your Warrington home has an over optimistic asking price (i.e. it is overpriced), you might only have a handful of viewings in a month and no offers. As the weeks and months go by, your overpriced Warrington home makes similar homes to yours (i.e. your competition) look really good value for money. That’s when you will get the price reduction call from the agent.

How many times have you seen a property that has been on the market a while and you have wondered what’s wrong with that? Also, to add insult to injury, the portals tell you how long a property has been on the market, adding weight to that argument.

The longer your property stays on the market, the desirability of your Warrington home drops.

You will end up selling your Warrington home but only after a handful of price reductions, yet at what cost? Firstly, in those lost months, you would have missed out on many properties that you fell in love with, yet couldn’t buy because your home was languishing on the market with no interest (this is backed up by consumer champion Which, who said that if you have to reduce your asking price by 5% or more, it adds an extra 64 days to the sales process).

Secondly, you will end up selling your Warrington property for less than if you had placed the property on the market at a realistic asking price from day one (again backed up by Which). This is because buyers think there is something wrong with it, so as the homeowner gets fed up, they accept a lower offer to get their property sold.

Finally, because you take less for your property, your choice of the next property to buy will also be curtailed, meaning your dream home move might be more of a nightmare?

The best advice I can give you is to search the portals, make sure you look at properties that are also sold stc (which can normally be found by clicking on the filter section of the search on the portal). Then ask a couple of straight-talking trusted friends to do the same and compare your property to the competition that is both on the market and sold (stc).

Compare their locations, number and size of the rooms and size of plot and ask them where they see your property against those. Carry out the same exercise yourself (of course you will be slightly biased) and take a bellwether from all those figures. Then ask a number of Warrington agents to value your property and if you feel any are being overly optimistic challenge how they get to their figure and get them to qualify their belief in that figure – is their valuation realistically achievable in the market at the time? As we all know markets change and property prices go up and down and ultimately a property is only worth what a buyer will pay for it – this all requires careful consideration.

I can assure you most of the estate agents in Warrington are decent people, who want to do the best for you. All I ask is you do your homework and look at the sale of your Warrington property through the eyes of a cold-blooded buyer.

If you would like a chat about selling your Warrington home do give me a call.



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
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Friday, 16 April 2021

Small is Beautiful: Tiny Room Ideas

 

Just because a room is small, it doesn’t mean it can’t be stylish or practical. Many people have homes that are smaller than average, or rooms that are tiny or an awkward shape, yet these spaces can soon be transformed into a comfortable, Instagrammable space.

Here are some tips when decorating or furnishing a tiny room.

Draw Up A Floor plan

Once you’re standing in the room, it can be difficult to find a way to make everything fit. One way you can design a room is to draw up a floor plan, then measure your furniture and see where it might fit. This can also help you decide what’s essential in the room and which pieces you can do without.

Find Furniture with Hidden Storage

When you furnish a tiny room, smaller pieces are always going to work better, for example, cuddle couches rather than three-piece suites. Even better, look for furniture that has hidden storage, as this will make it much easier to organise your room. Stores such as IKEA are good for finding storage solutions, and they sell bed bases with fitted wardrobes or chests of drawers. While you may not have used one since you were a child, cabin beds are also very handy in small rooms, as lifting your bed off the floor gives you plenty of extra space. Some beds open up to reveal hidden storage, which can be useful for storing spare sheets, shoes, or even books. You can also find sofa beds that include ottomans, which allow you to store your duvet and pillows during the day.

Save Your Floor Space Where Possible

The problem with tiny rooms is that you often have to go through an obstacle course to get around them. Any floor space that you can save will make the room feel more spacious and make it more practical to use. Avoid things like bookcases and big wardrobes, opting for shelves and hanging rails instead. In very small spaces, you may even want to look for solutions such as a pull down bed, which will fold into the wall when you’re not using it.

Keep Things Simple

If a room is tiny, then nothing is going to make it huge and spacious, but you can make the most of the space by keeping things simple. Choose neutral colours with a few pops of pattern or colour to draw the eye in. If you think neutral looks too plain, then add some textures in similar tones, which will give the room a luxe look.

Use Light and Mirrors

Mirrors are convenient in small rooms, as they fool the eye into thinking the room is bigger. Light is also very important. Never block a window, even partially, as this will make a room feel gloomy and claustrophobic. You should also make sure the room is well-lit, but don’t use huge light fittings or floor lamps. Wall-mounted lights take up less space, and up-lighters can draw the eye upwards.

Choose the Right Shape Furniture


Tiny rooms are often awkwardly shaped, so you need to find furniture that fits into the room nicely. For example, if you have an area with a sloped ceiling, find an L-shaped corner sofa that fits into that nook and create a living area. If your room is long and thin, place a sofa that fits snugly into the width of the room, which will make it feel wider. While it may sound expensive, bespoke furniture can be a good solution for tiny rooms, as it allows you to design something functional and just the right size. Look online for some furniture designers in your location, and you may be surprised that they’re not as pricey as you think.

Switch Rooms Round

When you move into a house, don’t feel like you have to keep the same layout as the previous tenants or owners. If a bedroom is far too small, for example, you may want to turn the dining room into a spare bedroom, then have a combined kitchen/diner. Tiny rooms often work better for nurseries, home offices, and spare bedrooms, rather than somewhere like a living room or adult bedroom, so think about switching around if possible.

A tiny room doesn’t have to compromise on style. Many people now live in smaller homes and have less space, so many new design solutions have been created to help. From adding storage space to removing bulky furniture, there are many ways to make a small space work efficiently for you.

For no-obligation advice on buying or selling a home in Warrington please contact our expert property team at Hamlet Homes Warrington on 01925 235 338 or call in and see us. We look forward to seeing you.

If you are looking for an agent that is well established, professional and communicative, whether you’re buying, selling or looking for an investment opportunity, then contact us to find out how we can get the best out of the Warrington property market.

Email me on manoj@hamletwarrington.co.uk or call on 01925 235 338 – we are based on the Warrington Business Park, Long Lane, WA2 8TX. 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.

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
Hamlet Homes Estate Agents Warrington Twitter Page

Monday, 12 April 2021

Over 1 in 5 Warrington Properties Being Sold with No Chain


Moving home is said to be the third most stressful thing you can do, so if you can do anything to reduce that stress, so much the better? When buying your next Warrington home, being chain-free can certainly reduce your stress and offers many advantages over other buyers (and some disadvantages).

So, what is a chain? A property chain is made when there is a line of home buyers and home sellers linked through their property transactions e.g. a Warrington first-time buyer purchases a property, the sellers of that property then buy another property, and those sellers then buy another property, so on and so forth. Each home sale and purchase are reliant upon the success of every property in the so called ‘chain’. This means if there is one hiccup on one of the properties, every sale and purchase along the whole chain would collapse. No wonder everyone is on tenterhooks when there is a long chain involved.

Yet Warrington buyers who sell their home before searching for a new Warrington home considerably reduce their stress levels because they are not needing all the ducks to ‘line up in a row’ on the sale of their home in order to buy their new Warrington home.

Being chain-free puts Warrington home buyers in an enhanced position to negotiate with home sellers and they in turn may be more enthusiastic to accepting a lower offer.

Sounds brilliant this chain-free life doesn’t it? Everyone is a chain-free buyer once … when they are a first-time buyer and if they are lucky enough to have an additional home to move into. The other option is selling your Warrington home and moving into rented accommodation, but that will end up costing quite a few thousand pounds (in what many perceive as wasted money) together with the added cost of employing the services of home removers twice (with all the hassle that entails doubled!). However, that is what many Warrington homeowners are doing.

20.7% of all the properties on the market today in Warrington are being sold without a chain.

I can’t disagree, moving home twice in a short period will be stressful and rent could be perceived as ‘wasted money’, but I have to recommend you look at the bigger picture. It is one of the sturdiest sellers’ markets in a generation, meaning you should get top dollar for your Warrington home, knowing that many buyers are keen to complete before the stamp duty holiday ends in the autumn.

Then by waiting for the return of stamp duty and for the full roll out on the immunisation programme to give more Warrington homeowners the peace of mind to place their Warrington home on to the property market, for Warrington house prices to cool and the number of properties for sale to increase. Then you could pounce in and buy, with more Warrington homes to choose from and at more realistic asking prices.

So, does the type of Warrington property that is being sold make any difference?
  • 6.2% of detached houses in Warrington are being sold chain-free
  • 19.6% of semi-detached houses in Warrington are being sold chain-free
  • 22.9% of town house/terraced Houses in Warrington are being sold chain-free
  • 27.8% of apartments/flats in Warrington are being sold chain-free
  • 31.8% of bungalows in Warrington are being sold chain-free
Of course, these aren’t all Warrington homeowners going into rented accommodation hoping to bag a bargain next year. Many of the bungalows are being sold because their homeowner has either moved into sheltered accommodation or sadly passed on and there are Warrington landlords selling their Warrington buy-to-let rental investments.

And don’t get me wrong, there are also risks involved with this type of home buying strategy. Moving into rented accommodation means you are out of the Warrington property market. Property values could dip in the next 12 months, yet they still could continue to rise - you are taking a gamble on a dip in the market and it could go wrong.

Like most things in life, it depends on your own personal circumstances, where you are in your life, your attitude to risk and your belief on what will (or won’t) happen to property values in Warrington in the next 12 to 18 months.

If you would like a chat about your potential choices for your home move, then drop me a line.

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
Hamlet Homes Estate Agents Warrington Twitter Page


Friday, 9 April 2021

5 Things That Could be Making Your House in Warrington Harder to Sell!

 

If you’re looking to sell your house in Warrington, the chances are you’ll want to do it pretty swiftly, especially if you’ve already got one eye on your next property.

Selling up can be a lengthy process at the best of times, so you don’t want to give buyers any extra reasons to delay the purchase.

Unfortunately, without realising it, you may be making your property harder to sell. So, with this in mind, here are five things that make your house harder to sell, along with the solutions so that you can sell your house faster!

The Problem: Too Much Clutter
There’s a fine line between a house that’s ‘lived in’ and loved and one that’s a complete mess! While potential buyers are unlikely to be put off by a few magazines on the coffee table, having a living room that’s sprawling with toys and games all over the floor or an understairs cupboard stuffed to the brim won’t give potential buyers a good first impression.

The Solution:
To avoid this issue, use your house move as an opportunity to declutter. You can list some items on an online auction site such as eBay to make some extra cash and use it to furnish your new home, or simply donate some of your old belongings to a local charity shop.

And if you decide that you can’t let any of your belongings go, then just make sure the house is tidy and well-presented before any viewings. Put away anything that’s making the house look untidy, either in storage or neatly in a garage, shed or cupboard.

Lastly, although it’s a good idea to declutter, don’t fall into the trap of removing all your personal items. Viewers will want to imagine themselves living in the property, so seeing a few family pictures and keepsakes around the house is more likely to leave a positive impression than a completely generic house with no personality.

The Problem: Poor Maintenance
It’s easy to put off odd jobs until they become absolute priorities, like replacing a missing lightbulb, fixing a broken fence, or getting the boiler serviced annually.

However, when it comes to selling your property, these are all things that potential buyers will notice and ask questions about. Therefore, it’s worth spending just a little bit of time and money to bring everything up to scratch.

The majority of buyers are looking for a home they can move into straight away, without having to make major changes immediately, such as getting a new boiler or having a new fence installed.

The Solution:

Before your estate agent books any viewings, make sure that everything is ship-shape and in good working order. Get your boiler serviced, check your taps, showers and central heating. Give your garden the once over and don’t forget to clear debris from gutters.

The Problem: Bad Odours
Most homes have a certain smell to them and in most cases it’s very unlikely to put visitors off, however if you’re a heavy smoker, cook pungent foods or have pets that cause a strong smell in your house, then this can be off-putting.

The Solution:
The simplest solution to this problem is to make sure the house is clean and well aired before any viewings.

Make sure you’ve cleared up any pet droppings and leave windows open to allow fresh air in. A scented candle lit for half an hour before viewings will also help to remove any strong odours.

The Problem: It’s overpriced
It’s perfectly understandable that you want to achieve the highest possible price for your house, but it’s important to be realistic too.

A good estate agent will be able to give you the price range that you should be looking for, but bear in mind if your house isn’t selling, you may need to accept an offer closer to the lower end of that range than the top.

The Solution:
In order to get the full asking price or as close to it as possible, make sure your house is well maintained and everything is in good working order.

A faulty boiler or peeling paint on the walls can unwittingly encourage buyers to put in a much lower offer than you’re looking for, so getting a few small jobs done, such as an annual boiler service and giving the walls a fresh lick of paint could make a big difference when it comes to getting your asking price.

You should be prepared to be flexible on the asking price, particularly if you’re looking for a quick sale, and be realistic about how much you’re willing to accept.

The Problem: Poor ‘kerb appeal’
Kerb appeal is essentially the first thing a potential buyer sees when they look at your property from the outside, so as with everything in this list, first impressions count.

If you’ve got an overgrown front garden and dirty wheelie bins permanently on display, it could deter some buyers before they even set foot inside.

The Solution:
As a bare minimum, make sure your wheelie bins are clean and tucked away, any weeds have been dug up, and grass has been cut.

And you can even go a step further, by adding some hanging baskets or pot plants. Be creative.

For no obligation advice on buying or selling your home in Warrington please contact our expert property team at Hamlet Homes Warrington on 01925 235 338. We look forward to assisting you.

If you are looking for an agent that is well established, professional and communicative, whether you’re buying, selling or looking for an investment opportunity, then contact us to find out how we can get the best out of the Warrington property market.

Email me on manoj@hamletwarrington.co.uk or call on 01925 235 338 – we are based on the Warrington Business Park, Long Lane, WA2 8TX. 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.

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
Hamlet Homes Estate Agents Warrington Twitter Page

Tuesday, 6 April 2021

Warrington Property Market: 2011-2021


A look back at the Warrington housing market over the last decade

With all of us completing the Census, a couple of weeks ago, it made me realise profoundly that mine and my family’s life, which from our own point of view seems unique and delightful, makes us all into a series of statistics for the Census gatherers to pore over. To digest and regurgitate facts, figures and trends for those who are interested in the ever- changing social circumstances of these islands.

However, the information from the Census is vital to improving our lives - Governments can plan the future with the information it provides and we in turn can wonder about the lives of our past generations with the information provided therein historically if we so wish.

Whilst the information from this Census won’t be published until March 2023, let us have a look at what has been happening in the Warrington property market since the last time we completed the Census in 2011.

Just to remind you, 2011 saw the wedding of Prince William and Kate Middleton, Mr Cameron was the PM, there was the last flight of the Space Shuttle and Game of Thrones premiered.

Whilst in the Warrington property market …

· The average price paid for a Warrington detached home in the last 12 months has been £343,600. The average value of a Warrington detached home has risen by 27.5% in the last 10 years or £68,400

· The average price paid for a Warrington semi-detached home in the last 12 months has been £198,600. The average value of a Warrington semi-detached home has risen by 38.6% in the last 10 years or £55,700

· The average price paid for a Warrington town house/terraced home in the last 12 months has been £149,700. The average value of a Warrington town house/terraced home has risen by 27.5% in the last 10 years or £36,800

· The average price paid for a Warrington apartment/flat in the last 12 months has been £107,400. The average value of a Warrington apartment/flat has risen by 36.8% in the last 10 years or £34,900

New properties built in Warrington…

Irrespective of any dip in Warrington house prices or transactions when the Stamp Duty Holiday ends in the autumn, this is a trend that looks set to continue, with no sign that supply of new homes is anywhere near to keeping pace with demand for households.

There have only been 3,446 new properties built in Warrington in the last 10 years, that’s less than 29 a month. That means the population in Warrington has risen by 1.72 people for every new home built over that decade.

Nationally, the Country has only built just over 180k homes a year over the last decade, 120k less than the national target of 300k. In the meantime, the population has grown by more than 4 million.

When looking locally at the size of new build property in Warrington, the average property is around 850 sq. ft., which is 13% larger than a decade ago.

Rents in Warrington …

Whether you are a winner or loser in terms of rental values depends on whether you are a Warrington landlord or a Warrington tenant.

The average rent for a property in Warrington currently stands at £600 per month, whilst a decade ago, it was £545 per month

This means private rents have increased by 45p a month for the past ten years. Interesting, when compared to the national average of 98p a month whilst in London, rents have grown by £4.64 a month.

The next 10 years of the Warrington Property Market…

The next ten years will also be just as fascinating. To try and predict would be a fool’s game.

For example, who would have believed what the Warrington property market has done in the last 12 months since the start of Lockdown 1.0. The number of transactions (i.e. people moving) in turn with UK house prices having risen so much in the last year ... all during a worldwide pandemic and at a time of such mayhem and havoc in the UK and world economy, is nothing short of remarkable … the question is – is it sustainable?

Read these articles in the coming months and years and I will share with you what is happening to the value of your Warrington property, be you a Warrington homeowner or Warrington landlord.


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
Hamlet Homes Estate Agents Warrington Twitter Page


Thursday, 1 April 2021

7 Easy Ways to Save a Deposit For Your First Home in Warrington

   

Lots of people dream of no longer living with their parents or throwing money at their landlord every month and instead buying their own home in Warrington. However, one of the things that often stands in the way of first time buyers is raising a deposit. The average house price in the UK is just over £234k, and nearly all mortgages require a 5% deposit, so that’s a large amount to save.

With this in mind, here are some ways you can raise the cash to get on the property ladder.

1. Look carefully at your outgoings

While you may think you’re living quite frugally, most people have some areas where they can cut back a little. For example, if you buy a £2.75 takeaway coffee every working day, that works out at £55 a month or a whopping £3,300 over five years. Even chipping away at these small expenses can improve your finances, and when it comes to applying for a mortgage, you can show that you have a pattern of sensible spending.

One big outgoing that non-homeowners have to deal with is rent. While it’s not the most fun solution, if you can move back with your parents for a year, then you could put away a lot more cash. The loss of freedom may be worth it if it means you aren’t stuck in rented accommodation for years to come.

2. Get a side hustle

Many millennials now have a full-time job and a side hustle, which is basically something they do in their spare time for a little extra cash. Side hustles are often something that’s creative or a little more interesting than your day-to-day job, from selling handmade items on sales platforms like Etsy to creative writing, but if you don’t have a particular skill in these areas, then you could always consider selling things on eBay, evening bar work, or anything that fits in with your work schedule.

3. Ask for family help

Around 23% of first-time buyers admit that they got help from their parents for their deposit. If you parents have the savings and are willing to give you money towards your deposit, then you will no doubt be pleased to take it. However, you need to consider the impact on your mortgage application. Mortgage lenders will still want to know that you can afford the mortgage repayments and will need a signed declaration from your parents that the money is a gift, and you aren’t going to be paying them back.

If your parents don’t have the savings to help you with cash, they may still be able to give you a helping hand onto the property ladder. For example, some banks do offer 100% mortgages that are secured against your parent’s home. However, it’s important that you all do your research before you take out this sort of product as it is a huge commitment.

4. Take money out of your account at payday

Many people wait until the end of the month, see what’s left over in their account (if anything), then transfer that into their savings account. However, a better way to save is to work out what you need to live on for the month, with a little cushion for emergencies, then set up a payment for anything left over on payday. This means you’re more likely to live frugally throughout the month.

5. Move to a cheaper area

If rent, travel and other outgoings are wiping out your income each month, a solution may be to move to a cheaper area whilst you save for your deposit. You certainly wouldn’t be alone, last year over 300,000 people moved out of London, many of them families with young children, while cities such as Bristol and Manchester saw influxes of ex-Londoners.

It can be difficult to leave a location you love, so think about the things you like most about it, then try and find similar aspects in a cheaper location.

6. Lock away your savings

When interest rates are low, it’s worth considering taking out an ISA (Individual Savings Account). These products allow you to save tax-free, and if you choose an ISA where your money is locked away, with penalties for early withdrawals, you’ll usually get a far better interest rate. This can also stop you dipping into your savings.

7. Buy with a friend

Getting on the property ladder can be tough if you’re single. It’s slightly easier if you’re a couple with two incomes, as you can both save and the mortgage will take both incomes into account, but you don’t have to be romantically involved to share a mortgage! Ideally, it should be someone you’ve lived with before, perhaps a long-term roommate, and someone who is financially responsible and you’re happy to live with potentially for years.

If you want to get on the property ladder, there are many ways that you can do so. Whether you make small or large lifestyle changes to get there, it will be worth it in the end.

For impartial first time buyer advice contact our expert team at Hamlet Homes Warrington on 01925 235 338 and we will be delighted to assist.

If you are looking for an agent that is well established, professional and communicative, whether you’re buying, selling or looking for an investment opportunity, then contact us to find out how we can get the best out of the Warrington property market.

Email me on manoj@hamletwarrington.co.uk or call on 01925 235 338 – we are based on the Warrington Business Park, Long Lane, WA2 8TX. 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.

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
Hamlet Homes Estate Agents Warrington Twitter Page











Friday, 26 March 2021

Sell Your Home: 6 Signs of a Great Estate Agent!


Whether you’re selling your home in Warrington or looking to rent or buy, choosing a great estate agent is a hugely important part of the process. Pick the right agent and your transaction is much more likely to go off without a hitch. You’ll be able to find the house of your dreams or get your property off the market much more quickly.

The question is, how do you distinguish between a great estate agent and a mediocre one? It can be hard to tell at the initial stage when the agent will be on their best behaviour trying to pitch their services to you. Luckily, there are some signs to look out for. Read on to find out how to spot a great estate agent:

1. They’ll have excellent online reviews

Thanks to Google, it is no longer possible for any service provider to get away with lousy service. Customers and clients can easily leave bad online reviews which will affect their future business. Look online before you decide on an estate agent. If they don’t have their own reviews section, Google Business usually has honest reviews from customers.

Search for reputable estate agents that have verified reviews. If they’ve delivered exceptional service in the past, it’s likely, they will again. The same applies to those who have delivered bad service and have poor reviews – avoid them!

2. They’ll often come recommended

One of the best ways to start your hunt for a great local estate agent in Warrington is to ask around for recommendations. If anyone within your friends and family circle is personally vouching for an estate agent, they’re likely to provide excellent service. It also adds an element of credibility, as the recommendation is coming from someone that you know and trust.

3. They’ve been doing this for a while!

Find someone equipped with the experience you need to navigate the property market. Gain an understanding of how much experience your estate agent has before choosing them for your home move.

The more experience an agent has navigating the housing market, the more easily they’ll be able to spot any issues and help you circumvent them. They may also have partners that they can recommend to help you with your move, such as independent surveyors and removal companies. If you’re buying or renting, we’d recommend opting for someone just like us as we have great local knowledge of the Warrington area.

4. Their average selling time speaks for itself

One of the signs of an effective estate agent is how quickly they can work to move your property off the market. While you want to ensure that they don’t rush the process and achieve a good price for your property, you also don’t want to wait too long when you’re ready to sell your house. A great estate agent will be skilled on how to market your property and will be able to find interested buyers and line up viewings until they get your house sold.

So, how do you find out whether your estate agent will be effective at selling your property? Ask them what their average selling time is. Beware of those with very short selling times, as this could have been done at the expense of price.

5. They offer a fair property valuation

To value a house accurately is a lot more work than you may think. All estate agents know that the property valuation you offer them could lead to you choosing to hire them or not, and they may adjust their valuation accordingly. Some agents may decide to overvalue the property to tempt you into working with them, only to reduce this to a more realistic valuation once you’ve chosen them. Opt for an estate agent that gives you a realistic valuation from the start that is aligned with the market value.

It’s perfectly okay to ask an agent to explain their valuation if you think it’s too high or too low. A great estate agent will happily explain their reasoning for their valuation and break down why they’ve given those numbers.

6. They have good communication skills

This is less easy to ‘measure’, but it’s one of the most important things that make up a great estate agent. They should be friendly and communicative so you can be sure that you will be kept informed throughout the process.

Suss out their communication style with a simple phone call or video call, although keep in mind that all agents will be putting their best foot forward at this stage!

If you are planning on moving to the Warrington area soon, why not get in touch. We’ll be happy to advise you on all our available properties in the area. Contact us on 01925 235 338 for more information and an expert, friendly service.

If you are looking for an agent that is well established, professional and communicative, whether you’re buying, selling or looking for an investment opportunity, then contact us to find out how we can get the best out of the Warrington property market.

Email me on manoj@hamletwarrington.co.uk or call on 01925 235 338 – we are based on the Warrington Business Park, Long Lane, WA2 8TX. 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.

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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Thursday, 25 March 2021

Warrington Property Market Improved by 54.2% Over Pre-pandemic Levels


The Warrington property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Warrington property ladder with abandon.

Warrington house prices are anticipated to rise throughout 2021 after the Stamp Duty cut (and subsequent extension until the autumn) and the newly revealed 95% mortgages for Warrington first-time buyers (and Warrington homeowners with minimal equity).

In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Warrington property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Warrington estate agents, making the biggest disparity between supply and demand for Warrington property for many years.

Fears of a cliff edge for the Warrington housing market at the end of March have dispersed, somewhat due to the Stamp Duty tax deadline extensions, but also because the elevated level of buyer demand caused by the three lockdowns has continued to swell since the start of 2021, meaning that today …

68% of Warrington properties on the market are Sold (STC)

Interesting, when utilising data from theadvisory.co.uk website, the Warrington average for the last five years has only been 44%, meaning there has been an uplift of 54.2% in the proportion of Warrington properties sold (stc) compared to that five-year average.




Yet what can’t be forgotten is that 9 out of 20 Warrington house sellers are also Warrington house buyers as well, so whilst they do indeed achieve a higher price for their Warrington property, they also have to pay more for the Warrington property they want to buy.

So, how much will Warrington house prices rise by?

Like all things in life, it’s all about demand and supply. I have discussed the demand, yet what about the supply of properties for sale?

There are 69% fewer Warrington properties for sale today compared to 6 years ago

Whilst February saw a lower-than-normal level of new properties coming onto the Warrington property market, the easing of lockdown roadmap and faster rollout of the vaccine is also persuading more Warrington homeowners (especially those older Warrington homeowners who have had their jabs) to start making the first steps towards moving home in 2021.

This will mean there will be more Warrington properties available for sale in the conventionally busier post Easter market in the coming weeks and months which should cause more equilibrium and help keep Warrington property prices in check.

These are interesting times for the Warrington property market. If you are a Warrington homeowner or Warrington landlord looking to buy or let your Warrington property in the coming weeks or months, don’t hesitate to drop me a line to discuss what all the points raised in article mean to 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
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Friday, 19 March 2021

How to Keep a House Chain Progressing Smoothly

 Buying and selling a property in Warrington can be a super stressful time, and our responsibility is of course to ensure things go as smoothly as possible.

Perhaps you’re ready to move, but the people buying your house need their buyers to get up to speed. And those buyers also need their buyers to press the pedal down on the transaction!

Before you know it, suddenly you’re getting into a long old property chain, and we know that sometimes chains can break, taking with them your hopes of a move into a dream property.

This can be absolutely heartbreaking. Consumer body Which? surveyed 2,000 homemovers, and discovered “around three in 10 (28%) people have experienced a property purchase falling through”.

There are several reasons why a property chain breaks. But, the good news is, you can do something about it and play your part in making sure the chain keeps moving.

So, here are our top seven tips on how to keep your house chain moving.

1. Choose a Chain-Free Buyer


This sounds so simple, doesn’t it? You may get a few offers on your house, but only one may not be part of a chain. This means they don’t need to rely on something else happening in order to move. So, if you are lucky enough to get two or three people offering on your property (and the price is right), choose the one who you think will cause the least trouble!

Top Tip: This is where you can rely on us, your trusted estate agent in Warrington to do our job and find out more about your potential buyers.

2. Set Goals

When you are right at the beginning of the process with a potential buyer, make sure you stipulate, through your estate agent, your preferred timescales. Things may not always stick to plan, but if you are all aware of a date you are working towards, it will focus minds.

Top Tip: Be realistic. You may want your move to progress at lightning speed, but selling your home can be a complex process and take so much longer than you anticipate.

3. Be Prepared

When you’re thinking about property chains, it’s easy to think about what all the other parties are doing, and focus on how they can stop your chain from breaking. But don’t forget, you’re part of the chain too, so don’t be the one who holds things up! Make sure your paperwork is in order, finances organised and mortgage offers are on the table.

Top Tip: Make sure your paperwork is to hand to refer to, whether you’re at home or in the office. If a query arises there won’t be a delay in you responding.

4. Respond Well

Keeping the chain moving takes good communication from all parties, and that includes you. Your conveyancer may need information quickly or an email response before close of business on a particular day. Be accessible, and make sure everyone has the correct contact details for you.

Top Tip: Respond to any queries promptly to avoid delays in clarification. If you need to seek out information that you don’t have to hand, don’t put it off!

5. Use Experienced Professionals

You’re selling your house – probably your biggest asset – so you should ensure that you have professionals doing the job for you. Choose your estate agent, not necessarily on their fees, but on their experience and ability to keep things moving. You want them to be progressing and chasing where necessary, and making the calls and sending the emails.

Top Tip: Draw up your shortlist of reputable, local estate agents and speak with each of them. You need a good relationship with your agent so making sure you are on the same wave-length and you get a good vibe is important. Remember, how they act with you is also how they will act with potential buyers!

6. Think Outside the Chain

If there’s a problem with the house chain further up, consider selling your property and renting somewhere to live until the right property comes up for you rather than risk losing your own buyer. This might not work, of course, if you’ve got your heart set on somewhere in particular, but it could be an option.

Top Tip: Renting doesn’t have to be forever. You can usually enter into a short-term tenancy agreement which will give you time to look around and find somewhere new to call your own home.

7. Be Agile


Should a property chain break, and you lose the property you were going to buy, make sure you can move quickly when it comes to other alternative properties. Is it possible for the chain to discuss the issues and come to an agreement, perhaps to negotiate on prices?

Top Tip: If you’re ready for all eventualities, then a broken chain may not lead to your heart breaking too. It really doesn’t have to be a dead-end.

If you want expert help on buying and selling or any advice regarding being in a property chain, then simply get in touch with us, Hamlet Homes Warrington. Call us on 01925 235 338 or email manoj@hamletwarrington.co.uk to chat with a member of our friendly and experienced team.

If you are looking for an agent that is well established, professional and communicative, whether you’re buying, selling or looking for an investment opportunity, then contact us to find out how we can get the best out of the Warrington property market.

Email me on manoj@hamletwarrington.co.uk or call on 01925 235 338 – we are based on the Warrington Business Park, Long Lane, WA2 8TX. 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.

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
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Hamlet Homes Estate Agents Warrington Twitter Page

Wednesday, 17 March 2021

Warrington First-time Buyers Can Now Buy Using the Government's 5% Deposit Mortgages


Being a Warrington first-time buyer in the last 12 months has not been an easy thing. Just before lockdown there were 400 ‘5% deposit mortgage’ deals and first-time buyers were able shop around to get the best deal. When the first lockdown hit, 5% deposit mortgages disappeared meaning that as many Warrington would-be first-time buyers were about to buy their first Warrington home in 2020, the rug was pulled from under their feet.

Today, you can count on two hands the number of mortgage deals which allow a 5% deposit. Even worse, the number of hoops one has to jump through to get a 5% deposit mortgage is very high (plus you have to pay handsomely for the privilege, with mortgage rates of at least 4.15%).

In putting down a 5% deposit, you borrow the remaining 95% as a mortgage. These 95% mortgages (or Loan to Value) were very popular with Warrington first-time buyers before the Credit Crunch. Nearly 1 in 6 mortgages were 90% to 95%+ Loan to Value mortgages in 2007 (15.5%), yet as the Global Financial Crisis hit in 2008/9 that dropped to only 1 in 63 mortgages being in 90% to 95%+ range in 2010 – meaning many Warrington first-time buyers were unable to buy their first Warrington home between 2010 and 2015.



Yet in the recent Budget, Rishi Sunak has vowed to back the building societies and banks so that they can offer more of these higher 95% Loan to Value mortgage deals.

Many people have said this will mean there will be a Warrington house price boom – especially as Stamp Duty is extended until September

This scheme is nothing new as a practically identical scheme was launched by George Osborne in the 2013 Budget with his Help to Buy Scheme. Nearly one in five houses sold in the year after that budget used this scheme, yet Osborne’s was only for first-time buyers and it was only for brand new homes (not second-hand homes). Whilst there is no doubt this caused an increase in house purchases, many commentators said it was a backdoor method to keep the country’s new homes builders afloat.

The big difference with this new 2021 scheme is that it is available for Warrington second-hand homes as well and is open to all Warrington owner occupiers moving home

Yet, what will the banks’ mortgage interest rate charge be?

Although no building societies or banks have yet publicised what mortgage rates they will charge, all the High Street lenders including NatWest, Santander, HSBC, Virgin Money, Barclays and Lloyds have stated they intend to offer these 95% LTV mortgages.

Under the Government’s mortgage guarantee to the Banks, Westminster will guarantee 20% of any mortgage offered at 95% Loan to Value. In principle, that means that building societies/banks should be able to offer the low mortgage rates as those available to people wanting to borrow 75% Loan to Value.

At the moment the average five-year fixed rate mortgage is 3.6%
with a 10% deposit but if you have a 25% deposit, you can fix for
five years at 1.63%

However, don’t forget though that the banks will be charged a ‘still to be decided’ amount to use the Government guarantee. On the last Help to Buy Scheme, it was rumoured they were charged 0.9% of the mortgage borrowed, so this cost would have to be passed on to the first-time buyer. I would suspect the eventual rates Warrington first-time buyers will have to pay will be somewhere in the region of 3%.

This new 95% mortgage/5% deposit scheme is only going to work if the banks and building societies have sensible mortgage rates as it needs to help those Warrington first-time buyers it was intended to benefit, who are finding it hard work to get on the first rung of the Warrington housing ladder.

It all comes down to how anxious the banks and building societies feel about the true long-term effect of the pandemic once the furlough scheme ends in the autumn. Only time will tell.

Yet, to give you an idea of the difference the mortgage rates scheme will make on a typical Warrington terraced/town house …

the average price paid for a Warrington terraced/town house in
the last 12 months was £149,700

Assuming a 35-year repayment mortgage and borrowing that amount on each scenario:

  • At the current best 95% LTV mortgage rate (i.e. 5% deposit) of 4.15% mentioned at the start of the article, that would cost £676 per month in mortgage payments
  • At the current average 90% LTV mortgage rate (i.e. 10% deposit) of 3.6% mentioned in the middle of the article, that would cost £627 per month in mortgage payments
  • At the best 75% LTV mortgage rate (i.e. 25% deposit) of 1.63% mentioned at the start of the article, that would cost £468 per month in mortgage payments
As you can see, quite a difference.

I have to applaud Rishi Sunak for this initiative, yet will it be ‘fields of clover forever’ for the Warrington property market with the new scheme? No, it won’t.

It will be a good boost to the Warrington (and UK as a whole) property market. Whilst the mortgage guarantee offers a small portion of security for the lenders, it does focus on the riskiest part of the housing market. Many lenders still have cold shivers of the Northern Rock 125% mortgage debacle from a decade ago and those memories still ring true today.

The fact is these types of mortgages will be a higher risk, even if the Government are underwriting them with their smaller deposits, which will come through in bank’s and building societies higher pricing for these mortgages. Also, the lenders are already at near full capacity trying to get hundreds of thousands of existing property sales and purchase deals through because of the Stamp Duty rush over the last 9 months. I await the rates in early April and will make comment again.

If you are a Warrington homeowner, potential Warrington first-time buyer or anyone involved in the Warrington property market and you would like to chat about anything I’ve covered in this article or any of my other articles on the Warrington property market, please don’t hesitate to drop me a line.


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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Friday, 12 March 2021

7 Must Ask Questions When Viewing a Property for Sale in Warrington

 

Buying a house in Warrington is likely to be the most expensive purchase you will ever make. Yet the decision to make an offer on something worth hundreds of thousands of pounds is made, on average, in just 25 minutes. Some people can spend longer than that deciding whether to purchase a £49 pair of shoes!

So, as the buying decision is usually made with such speed, it’s vital that when viewing a property you ask your estate agent as many questions as possible in order to make an informed decision and avoid the dreaded “I wish I’d asked…..” scenario.

Whilst a property may indeed have the ‘wow factor’, sweeping you off your feet as you cross the threshold, don’t be blinkered by the aesthetics of a property. Instead delve deeper and consider asking the following questions:

How long has the property been on the market?
If the property has been for sale for more than three or four months, it’s worth investigating why. The average time it takes to sell a property in the UK is usually around 12 weeks, however there is no ‘one size fits all’ timescale as there are so many factors involved. This includes price, location, economy and so on. That said, it could be an issue relating to the property itself that other potential buyers have spotted, and you have not, so it is always worth asking.

How much interest has there been in the property?
If you’re already getting feel good vibes about a property as you pull up on the driveway, its likely other viewers have felt the same! Ask how many viewings have taken place and if any offers have already been made – your estate agent can advise you but cannot disclose the actual offer amounts. This will give you an indication of its popularity.

How long have the current owners lived in the property?
If the owners have only lived in the property for a short period of time, it’s vital to discover why. There could be a perfectly legitimate reason such as an unexpected job move or family reasons, but asking the question gives you a chance to suss out any other potential issues such as neighbour disputes (which sellers are legally obliged to divulge) or problems with the house or land itself.

What is Warrington like?
You may already be familiar with the area or have carried out some independent research, but if not, aim to ask pertinent questions about local schools, accessibility to facilities such as doctors, hospitals, vets and supermarkets. You can even ask your estate agent if they would be happy to live in the area. What’s important is you bear in mind that whilst you can easily renovate a property – you cannot pick it up and move it to a new location!

What is the water pressure like?
Is it rude to turn on the taps and the shower when you’re viewing a property? Opinions vary but imagine waking up after the first night in your new home and discovering that your beautiful shiny shower looks great but barely produces even a trickle of the wet stuff! As you view a property, check the water pressure and plumbing. It may appear to be a trivial thing and may even not be a deal breaker for you, but it’s good to know exactly what you’re getting before you make an offer.

What are the running costs of the property?

Think about council tax, gas and electricity bills, water rates and other utilities as these can all add up. Ideally, it’s best to get an exact cost from the vendor so you can ensure your monthly budget fits. And, on the topic of utilities, you may also like to ask about broadband speeds in the area, particularly if you work from home and rely on a strong internet connection.

When are the vendors planning to move?
In other words, have the sellers found their next property? If so, how far through the buying process are they? No-one wants to be in a long chain as this can create complications and delays, and of course the ideal situation is that the property is chain-free although this is not always possible. Knowing that the sellers are organised and keen to move quickly can reassure you that the sale will be efficient!

The Final Checks
Love the sun? Check which way the property faces! If there is a beautiful terrace but it faces due North, then there won’t be too many opportunities to soak up any golden rays!

Want to make improvements or renovate? If it’s an old property check whether it’s listed or in a conservation area as restrictions may apply.

Keep your nose trained! Fresh paint could mean the sellers are covering cracks or damp – or they may genuinely want the property to look it’s best!

Remember, most properties are purchased through a mixture of head and heart, so stay objective!

For more advice when buying a property in Warrington speak with a member of the Hamlet Homes Warrington team on 01925 235 338 today!

If you are looking for an agent that is well established, professional and communicative, whether you’re buying, selling or looking for an investment opportunity, then contact us to find out how we can get the best out of the Warrington property market.

Email me on manoj@hamletwarrington.co.uk or call on 01925 235 338 – we are based on the Warrington Business Park, Long Lane, WA2 8TX. 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.

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
Hamlet Homes Estate Agents Warrington Twitter Page

Tuesday, 9 March 2021

Warrington Home Buyers £3,251,282 Windfall as Stamp Duty Holiday Stretched to September


The Chancellor Rishi Sunak announced two initiatives to keep the Warrington property market firing on all cylinders into 2021.

Firstly, the £500,000 zero-rate Stamp Duty band has been extended to the 30th June 2021. After then it will phase down to £250,000 for an additional three months, returning to the pre-pandemic levels on the 1st October 2021. Secondly, Mr Sunak announced a scheme that will allow Warrington first-time buyers to buy their Warrington home with a 5% deposit from this April. Let me look at what each initiative means to the Warrington property market.

1. Stamp Duty Holiday extension for Warrington home buyers

Coming out of the first lockdown in the early summer of 2020, there was a lot of apprehension that the British property market would flounder. Therefore, when the Stamp Duty Holiday was announced back in July 2020 to boost the property market, the deadline was set at the 31st March 2021. Little did anyone know of the snowball effect of people wanting to move because of the initial lockdown in the spring of 2020, the pent-up demand following the conclusion of the EU negotiations with the subsequent ‘Boris Bounce’ and then the Stamp Duty Holiday which made the perfect storm for what has been the busiest property market in Warrington since 2001/2.

The average stamp duty paid by a
Warrington homebuyer is £1,891

The reason the Stamp Duty extension is important is that many estate agents and solicitors have been warning for the last couple of months that home buyers would pull out of property deals or renegotiate if they could not complete their sale in time before the Stamp Duty Holiday ended.

So, by phasing down the Stamp Duty Holiday, this will allow some breathing space for burdened solicitors and mortgage lenders, thus decreasing the number of buyers pulling out of their property purchase because they unexpectedly have to find up to an extra £15,000 in Stamp Duty when property sales do not complete on time.

There are currently 1,719 properties that are sold STC in Warrington alone and the vast majority of those will save money on their stamp duty because of this extension

So, what does the Stamp Duty extension mean for Warrington house prices?

The extension has heightened confidence in the Warrington property market. The Government watchdog ‘The Office for Budget Responsibility’, has predicted that house prices in 4 years’ time will be just over 13% higher, compared to the pre-Christmas predicted figure of 11% growth (over the same time frame).

2. 5% deposit mortgages for Warrington first-time buyers

From next month, Warrington first-time buyers will be able to buy Warrington homes worth up to £600,000 with a 5% deposit and a Government-backed mortgage with a fixed rate of up to 5 years.

Rishi Sunak wants to turn the millennial ‘Generation Renters’ into ‘Generation Buyers’ and believes this initiative should be able to help two million people get on the property ladder. When we look at what that would mean for Warrington, I estimate …

5,327 Warrington people could be helped onto the
Warrington property ladder with these 5% deposit mortgages

The Government backed scheme will be open to Warrington first-time buyers for 21 months (until the end of 2022) and available from lenders including NatWest, Lloyds and HSBC (plus others to be announced soon). It will be available on all Warrington homes new or second hand (previous schemes applied to new homes only).

5% deposit mortgages were all but withdrawn from the market at the start of the pandemic in spring 2020 with an almost default minimum deposit of 10% (even as high as 15% in the autumn just gone) putting homeownership out of reach for all but the wealthiest Warrington first-time buyers.

I must admit I found it a scandal that homeownership among the 25 to 34 year olds plummeted from 69% in 1981 to 36% by 2014, although with certain Government incentives and low interest rates since then, that had risen to 41% by last year, but it’s not enough

With so many young families paying huge sums in rent, who could effortlessly afford to make mortgage repayments on the same property, they haven’t been able to save enough for a 10% initial mortgage deposit, let alone 15%.

Yet now with these new 5% deposit mortgages, many Warrington first-time buyers will be able to afford to buy their first home in Warrington. Banks will typically lend between four and a half and five times the gross annual income – this means with a modest 5% deposit; many Warrington 20 and 30 somethings will now be able to buy their first home. Just before I finish this topic, the 5% deposit mortgages will also be available to current Warrington homeowners who don’t have the equity built up in their existing home – thus helping second or third (or more) time Warrington buyers as well.

How do both these changes effect Warrington buy-to-let landlords?

I know many of you Warrington landlords are adding to your Warrington rental portfolio because of the Stamp Duty Holiday and with the extension, you too will save some money from it. The issue of first-time buyer mortgages does mean the demand for private rented accommodation in Warrington might not be as strong in the coming decade.

Don’t get me wrong, tenant demand will continue to outstrip supply of Warrington rental properties for the foreseeable future, yet the tenant/landlord balance could alter slightly in the medium term. Warrington landlords need to take a long hard look at their properties and ascertain if they are fit for purpose both now and into the 2030’s. Tenants are becoming a lot more demanding of what their rental property offers. Wood chip wallpaper, avocado green bathroom suites and kitchens fitted in the 1990’s (or before) simply won’t cut the mustard in the next decade.

The demand from Warrington tenants for properties with larger gardens, or the ability to keep pets or an extra reception room garden/office to allow them to enjoy their rented home more and also being able to work from home will ensure greater demand for your rental property … and the best bit, they will pay handsomely for that in higher rent.

If you are a Warrington homeowner, buyer, tenant or landlord and you want to discuss your options on selling, buying or renting a property in Warrington and the surrounding area, do not hesitate to contact me personally.

If you would like a chat about the Warrington property market - don’t hesitate to give me a call.



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
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Friday, 5 March 2021

Plan and Prepare: Your Moving Home Checklist Courtesy of Hamlet Homes Warrington

 

Moving home! The very thought of it is probably enough to send shivers down your spine and cause you to break out in a cold sweat, and this is unsurprising as moving home is right up there with divorce and death when it comes to heightened stress levels!

The fact is though, that any kind of ‘change’ creates stress and whether you are moving home within Warrington or relocating from further afield, plenty of planning and preparation will be required.

Moving home, and especially relocating to a new town or city, represents one of the biggest changes you may make in your life and so naturally brings a great deal of stress along with it. This in turn can lead to a double whammy, as stress can often lead to a lack of energy and motivation. So how are you expected to plan and prepare for your home move during one of the most stressful periods in your life?

Stay focused!
When preparing to move home there will be an element of multi-tasking required as there are such a lot of elements vying for your attention which need to be done. At Hamlet Homes Warrington we understand this and genuinely want your move to run super smoothly, so with this in mind, we have compiled a handy moving home checklist to help you remain stress free.

At first glance, some of our suggestions may appear to be common sense, but you will be surprised at just how often the simplest of tasks is overlooked or forgotten when the dreaded stress strikes!

Moving home calls not only for exceptional organisational skills, but also proactivity. Grabbing the bull by the horns and completing certain chores well in advance of their deadlines will go a long way to helping you stay ahead of schedule, so the aim of this home moving checklist is to help you accomplish that by concentrating on the basics of planning and preparation.

Get rid of everything you don’t need

One thing you can accomplish efficiently is to sort through all of your ‘stuff’ and get rid of the things you don’t need. Moving unwanted items from your current property to your new property is a great waste of time and effort, so don’t do it! It’s surprising how much more in control you will feel once you start narrowing down your inventory. Getting rid of unwanted items can be done through a car boot sale, selling on eBay or donating to charity.

File important papers and documents together
Since moving home is hectic to say the least, you need to be aware of the exact location of all your important items. These are the things that you absolutely must not misplace and should be hand carried on moving day, not placed in a box for the removal company to transport.

Make sure all of the following paper items are kept together in one secure place such as a document wallet:
  • Address Books
  • Birth Certificates
  • Passports
  • Bank Statements
  • Insurance Policies
  • Marriage Certificates
  • Credit Cards and Statements
  • Medical and Dental Records
  • Irreplaceable Memorabilia
  • Photos and Photo Albums
  • Vehicle Documents
  • Pet and Vet Documentation
  • Wills
  • Any other important or legal documents

Prepare well in advance for the move to your new location

There are many things you can organise before you reach your new home that will help smooth out the bumps of the moving process. In particular, make sure you contact utility companies and arrange for your new services to be connected. These can include:
  • Cable TV
  • Gas
  • Electricity
  • Water
  • Oil
  • Telephone
  • Internet access
Contact your insurance companies too as you will need to have your policies amended ready for moving day:
  • Car insurance
  • Home & Building Insurance

Prepare change of address forms for all of your correspondents:
  • Credit card companies
  • Banks
  • Vets
  • Kennels/Cattery
  • Insurance companies
  • DVLA
  • Magazines and other subscriptions
  • Family and friends
Register for new medical providers such as a new doctor and dentist if necessary.

Keep a ‘little black book’
Keep all your important phone numbers written clearly and legibly in a diary or notebook, for both your old and new contacts. This should include banks, doctors, emergency contacts, family members, friends, estate agents, removal companies, pharmacies, schools, storage facilities and utilities.

With proper planning and preparation, the whole moving process will be smooth, and you won’t frantically be searching for a new doctor, pharmacy or important information at the eleventh hour.

With proper planning and preparation, you will have your important documents at the tips of your fingers at all times and you will endure minimum chaos and clutter.

Keep this handy moving checklist safe and get organised or for more home moving planning and preparation advice, drop in and talk to the expert team at Hamlet Homes Warrington or telephone us on 01925 235 338 and we will be happy to ensure your home move runs smoothly.

If you are looking for an agent that is well established, professional and communicative, whether you’re buying, selling or looking for an investment opportunity, then contact us to find out how we can get the best out of the Warrington property market.

Email me on manoj@hamletwarrington.co.uk or call on 01925 235 338 – we are based on the Warrington Business Park, Long Lane, WA2 8TX. 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.

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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Wednesday, 3 March 2021

Lifeline for Warrington House Buyers & Warrington First-time Buyers


In the last few hours, the Chancellor of the Exchequer, Rishi Sunak, has stated the Stamp Duty Holiday for Warrington properties up to £500,000 will be extended from 31st March 2021 to the 30th June 2021; and to ensure we don’t have a cliff edge, from 1st July 2021, the Stamp Duty Holiday will apply only on properties up to £250,000 until the end of 30th September 2021.

From the 1st October 2021 Stamp Duty thresholds and levels will return to pre-pandemic levels.

To help Warrington first-time buyers, the Chancellor confirmed that there will be Government guaranteed 95% mortgages available from April, on the purchase of properties up to the value of £600,000. This means Warrington first times buyers will be able to buy their first home with just a 5% deposit.

Warrington Landlords will also be pleased there was no statement on Capital Gains Tax, although this will have to be addressed in the years to come.

Warrington tenants, those hardest hit with unemployment and job uncertainty, will also be pleased to hear that the Furlough Scheme will be extended to the 30th September 2021.

It is my intention to publish a greater in-depth article early/mid next week to discuss these topics and what it actually means at a more granular level for Warrington homeowners, property buyers, tenants and Warrington landlords.


If you would like a chat about the Warrington property market - don’t hesitate to give me a call.


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
Hamlet Homes Estate Agents Warrington Twitter Page


Tuesday, 2 March 2021

Warrington Pensioner Homeowners are Now Worth £840.4M



How wealth is distributed will always be a contentious issue, especially as the Baby Boomers (those aged between their late 50’s and late 70’s) wealth has grown exponentially over the last 20 years, compared to the wealth of the younger generation.

With most UK property in the hands of the older generation, with its total value about to smash through the £8 trillion barrier (up from £3 trillion at the start of the Millennium), is it right that so much wealth is concentrated in the hands of the older generations?

As national house prices have continued to grow unabated (for example in the last eight years by 49.9%, whilst real take home pay has only increased by 11.8%), this has meant younger people are finding it even harder to get onto the property ladder and those already on it to move up it.

Looking at the older end of the age range for home ownership…

of the 70,510 homes in Warrington, 16,854 households are 65 years or older, and 76.9% of those households (12,967) are owned (mostly without a mortgage)

A full split as follows …
  • Owned 76.9%
  • Council House 17.7%
  • Privately Rented 2.7%
  • Living Rent Free 1.7%
  • Shared Ownership 0.9%

I talk with many Warrington pensioners who want to move yet are unable to. There appears to be a shortage of suitable properties in Warrington for members of the older generation to downsize into. Due to their high demand and low supply, Warrington bungalows and suitable ground floor apartments achieve on average a 15% to 25% premium per square foot over two/three storey properties. Yet would it surprise you only 1% of new builds in the UK are single storey bungalows (compared to 7% 25 years ago)?

Warrington pensioner homeowners are now worth £4.46bn

YouGov did a survey a couple of years ago and they found that just over one third of homeowning pensioners in the UK were looking to downsize into a smaller property. As I have stated before, as a nation, we need to rethink how we can encourage older homeowners to sell their larger homes to release them to the younger families that desperately need them.

The Government over the last 11 years have appeared to target all their attention on first-time buyers with a strategy such as the Help to Buy Scheme. However, this doesn’t address the long-established under-supply of appropriate retirement housing vital to the needs of Warrington’s quickly ageing population. Unfortunately, Warrington’s housing stock is sadly ill-equipped for this demographic shift to the ageing homeowners.

Also, to add insult to injury, those more mature Warrington pensioners in their 80’s and 90’s who do live in the restricted number of Warrington bungalows and suitable ground floor apartments are finding it difficult to live on their own, as they are unable to leave their bungalow/apartment because of a shortage of sheltered housing and ‘inexpensive’ care home places.

This in turn means the younger 60 to 70 year old Warrington retirees (in their bigger two/three storey family houses) can't buy those Warrington bungalows (occupied by the older retirees), which means those Warrington families in their 30’s and 40’s can't buy those larger family houses (occupied by the younger 60 to 70 year old retirees) they need for their growing families ... it’s like everyone is waiting for everyone because of the logjam at the top of the property ladder.

So, what is the solution? Quite simple – build more homes! 

In the last 30 years, the UK population has grown by around 12 million people, yet the number of properties has only grown by around 4.2 million

With obstructive planning regulations, immigration, people living longer and increased divorce rates (meaning one family becomes two) we have needed 275,000 properties to be built a year since the Millennium to just stand still and meet demand. Twenty years ago, the UK was building on average 185,000 households a year, that figure dropped in the five years after the Global Financial Crisis in 2008 to 140,000 households a year. Thankfully that has increased steadily over the last five years and last year we created 245,000 households in the UK, however, we still have all those years since the Millennium to make up for.

The answer is to build on more land for starter homes, bungalows and sheltered accommodation, because land prices are holding back the property market as the larger national building firms are more inclined to focus on traditional two and three storey houses and apartments than bungalows (because they make more money from them). You might say there is no land to build the property on, yet…

only 1.2% of the UK is built on with residential properties

So how could Warrington people make money on this news? Shrewd Warrington property investors should consider purchasing bungalows, especially ones that need some titivating (possibly after somebody has passed away). Bungalows purchased at the right price and location are a great gamble for flipping. They should also be considered for renting out as demand will only outstrip supply. This would be a start to the solution of rebalancing the Warrington property market so everyone is happier with their lot.


If you would like a chat about the Warrington property market - don’t hesitate to give me a call.


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
Hamlet Homes Estate Agents Warrington Twitter Page