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 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.

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