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
Hamlet Homes Warrington LinkedIn Page
Hamlet Homes Estate Agents Warrington Facebook Page
Hamlet Homes Estate Agents Warrington Twitter Page

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
Hamlet Homes Estate Agents Warrington Facebook Page
Hamlet Homes Estate Agents Warrington Twitter Page


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
Hamlet Homes Estate Agents Warrington Facebook Page
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
Hamlet Homes Warrington LinkedIn Page
Hamlet Homes Estate Agents Warrington Facebook Page
Hamlet Homes Estate Agents Warrington Twitter Page



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
Hamlet Homes Estate Agents Warrington Facebook Page
Hamlet Homes Estate Agents Warrington Twitter Page

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
Hamlet Homes Warrington LinkedIn Page
Hamlet Homes Estate Agents Warrington Facebook Page
Hamlet Homes Estate Agents Warrington Twitter Page

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