Friday, 17 September 2021

5 Tips To Deal With Gazumping

There are few things more frustrating for home buyers than being gazumped. The chances are you’ll already have spent a great deal of time and money preparing to buy a property, only to have it snatched away from you before exchanging contracts.

If you’re planning to buy a property, here are five tips to help prevent you from being gazumped, and what to do if it does happen to you.

1. Ask The Seller To Take The House Off The Market

Once you’ve had an offer verbally accepted, it’s worth asking the seller to take the property off the market immediately.

This doesn’t guarantee that you won’t be gazumped, but if the property is no longer on the market it will significantly improve your chances of it not happening.

It’s usually standard practice for a property to be taken off the market once an offer is accepted, and most sellers will be happy to oblige. If they’re not, then it could be a warning sign that they’re still open to a higher offer.

2. Have a Mortgage In Principle

It’s always a good idea to have funds in place before making an offer on a property as it can help to speed the whole process up, and that’s usually a good thing for buyers and sellers.

If you have your mortgage in principle, it shows the seller that you’re a serious buyer and that you’re able to move relatively quickly, compared to a buyer who hasn’t got the funds in place.

3. Have a Conveyancer In Place

As with the mortgage in principle, it’s a good idea to have your conveyancing solicitor in place before starting the buying process.

Again, it can help to speed the whole process up, and it demonstrates to the seller that you’re a serious buyer who’s looking to get things moving as quickly as possible.

Finding a conveyancer that you want to use can be a time-consuming process, so before making an offer on a property, ask friends, family and your estate agent for recommendations, and check reviews so you can find someone you’re happy with.

4. Get To Know The Seller


Sometimes the personal touch can go a long way. Building a relationship with the seller and showing a genuine interest in their property, along with your future plans for it, may help persuade them not to accept a higher offer in the interests of fairness.

Of course, there are no guarantees, and a higher offer may be more attractive, but having a friendly relationship with the seller can make a big difference.

5. Ask The Seller To Sign a Lock-In Agreement

A lock-in agreement, or exclusivity agreement is a binding contract that prevents the seller from negotiating with another buyer during a fixed time period.

Both parties will usually pay a deposit, and if either side breaks the agreement then the deposit is forfeited.

This is definitely the best way to avoid being gazumped, but it’s also the least common, and a lot of sellers are likely to be reluctant to sign it. There are still no guarantees either, but as the seller stands to lose a large sum of money through their deposit, it’s arguably the most effective way to prevent gazumping.

How To Deal With Being Gazumped

Despite your best efforts, sometimes being gazumped is an unfortunate and unavoidable part of the home buying process. If this does happen to you, there are a couple of things you may be able to do to stop your purchase falling through.
  • Gazump Your Gazumper!
If you have the funds to go back in with a higher offer this is likely to be your best chance of getting your purchase back on track.

However, make sure you can actually afford to go higher. If your initial offer is at your maximum, or close to it then don’t overstretch yourself financially.

And also be aware that you may end up in a bidding war. The other buyer may have a lot more room to move financially, so you could find yourself paying well over the odds, or being ultimately outbid anyway. Just make sure you have your finances in order before entering into a bidding war.
  • Sell Yourself
This is where being prepared comes in handy. Even if another buyer can come up with a higher offer, you may still be in a stronger position than you think.

For example, if you’re a first-time buyer then you’re chain free and potentially able to move very quickly. Perhaps you’re able to be more flexible with completion dates than the gazumper, or you have your mortgage in place and they don’t. Whatever your USP is, be sure to highlight why you’re an attractive buyer.

Hamlet Homes Warrington are your local property experts for the Warrington area.

Call us on 01925 235 338 or email manoj@hamletwarrington.co.uk to find out how we can ensure your sale or purchase 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

Tuesday, 14 September 2021

Why Are More Warrington OAP Homeowners Deciding Not to Move Home?


A recent report by Legal & General stated that, since the pandemic, many older homeowners had put their plans to move home 'on ice'. It said that fewer OAP homeowners are planning to downsize from their large family homes after the pandemic made them realise the actual value of their local community and space.

Historically, many OAPs move home to another part of the country to live near their grown-up children. Yet the pandemic has shown that OAPs can live quite well locally without moving to a strange new town to live near their children. The support networks of their friends in their existing community has emphasised the significance and importance of having friends close by.

Yet this trend isn't just for OAPs moving away. Many Warrington OAPs who aren't moving away from Warrington (because their family is still local) are also deciding to stay put longer for the same reasons. Even though they are rattling around their large 3 and 4 bed detached family homes, they love the space their large Warrington homes offer.

And for those Warrington OAPs who are wanting to move, the issue is that the choice of properties they could buy to downsize is limited. This scarcity of properties for sale, called the 'housing crunch’, can be seen by that lack of choice of properties for OAPs to move to.

Only 36 bungalows are for sale in Warrington

In a ‘normal' Warrington property market, I would expect this to be double or even triple this number.

All these factors combined means these OAP "eternal homeowners" threaten to make the scarcity of properties coming on to the market even worse!

So, why is this an issue for everyone else?

Well, because Warrington OAPs aren’t moving from their large 3 and 4 bed detached homes to smaller bungalows or ground floor apartments, this is creating a blockage on the housing ladder. Warrington families, in their 30’s and 40’s, are desperate for larger 3 and 4 bed detached homes for their ever-expanding families. But if the OAP sellers of those family houses aren’t moving, they will remain overcrowded in their existing homes.

Let’s look at the numbers first.
  • There are 4.42m UK over-65 property owners, and their properties are worth a combined £1.53 trillion (which covers just under three-quarters of the national debt).
  • 71.3% of those aged 65 and over own their home (although 1 in 10 still has a mortgage).
  • There are 16,854 Warrington homes occupied by OAPs, representing 23.9% of all the households in Warrington (notable compared to the UK average of 31%).
  • 87% of those Warrington OAPs are retired, meaning the rest are still working! (The national average is 83.4%).
  • The total value of the property in Warrington owned by OAPs is £3.01bn.
  • 69.7% of Warrington OAPs own their home outright (compared to the national average of 65.8%), and 6.4% of Warrington OAPs own their home, albeit with a mortgage (compared to the national average of 5.5%).
Many Warrington OAP homeowners simply love the house and neighbourhood they live in, often living in their homes for over 25+ years. I talk to many mature Warrington homeowners who say they are afraid to put their home on the market, because they believe (incorrectly) if they find a buyer for their home and can’t find another property to go to … they would be made homeless.

I can only share my opinions on the matter. The one thing I have seen in my years in the property market is that so many Warrington people leave it too late to move home. So, when they do move, they aren’t fit enough to do all the jobs in their new home. Indeed, is it better to move home in your late 60's/early 70's, meaning you can still do the little things to make your new house a home, rather than in your late 70's/early 80’s and find the jobs are much harder to do?

Also, if you are worried about finding your next home, get yourself on the mailing lists of all the Warrington estate agents. A recent study showed only 1 in 6 buyers were on an agent’s mailing list for the property they bought. Therefore, by being on the mailing list, you will get to know of any suitable properties coming on the market before most others. This is important in this housing market; a property is often sold STC before it hits Rightmove (to a buyer that put themselves on the agent’s mailing list).

By downsizing, you could use the additional funds to top up your pension, take the family on a holiday of a lifetime (once it’s safe to do so of course), or help your children get on the housing ladder themselves with a deposit for their own home.

I fully appreciate many of the 12,829 OAP homeowners in Warrington have many reasons to stay, be that sentimental, friendship, support networks etc. My advice to all of you is to do your homework, put yourselves on the mailing lists of agents (in case the property of your dreams comes up) and do what is best for you. By downsizing, you are giving yourself better options for your quality of life and massive opportunities to spend more time on the things you enjoy like your family, holidays, or even helping others.

The choice, as they say, is yours.

If you are a Warrington homeowner and want to ask me anything about what I have said, please drop me a line to discuss the matter further at no cost or obligation.

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

Friday, 10 September 2021

9 Quick Home Staging Tips for Autumn


Home staging is the process of preparing your property for sale. It involves making your home look its absolute best, encouraging viewers to place an offer on your property.

It generally starts with a thorough declutter, which makes the property seem more inviting and helps hugely with the moving process. Where necessary, you might also decide to redecorate. Depersonalising your home and repainting in a neutral palette can also help viewers envisage themselves in your home.

Many seasonal factors will also affect how you display your home, so here are our top tips for staging your home in autumn.

Focus on Kerb Appeal

First impressions count. From the second prospective buyers see your home, they should be wowed.

You should start by tidying up the garden, including mowing the lawn, de-weeding the path and repainting the fence. Next, clean the windows and repaint the front door where necessary.

To add an autumnal touch, consider a wreath made from deep oranges and brown tones, a classy way to incorporate the season into your décor.

Clear The Entranceway

The attention you have paid to the front of your home should continue into the porch or hallway. In autumn, these spaces are often cluttered with raincoats, muddy boots, and rouge leaves.

Be sure to deep clean the space making it warm and inviting for your viewers.

Sprinkle Autumnal Décor Carefully

It can be easy to go overboard when staging your home in autumn. With so many fun seasonal accessories available, many homeowners struggle to know where to draw the line.

Each room should have a nod to the season rather than revolving around it. For example, consider a singular piece of artwork, floral arrangement or pumpkin display in each room, which will avoid your home being taken over by the season!

Stage The Outdoors

Just because the weather is cooling doesn’t mean that your buyers don’t want to see the outside space. Leave out your garden furniture to show your viewers exactly how they can utilise the garden with their family and guests.

Even for those with tiny outside spaces, showing prospective buyers how they can enjoy this area will encourage them to make an offer.

Incorporate Autumnal Scents

Making your home smell fantastic doesn’t have to be as cliché as warm cinnamon rolls in the oven, but incorporating autumnal scents into your home will entice buyers to stay and see what the property has to offer.

Use candles and reed diffusers to allow subtle scents to float around the home. Pumpkin and burnt orange align with the seasons but be careful not to use too many contrasting scents, which can often counteract each other.
 
Style The Dining Table

As the nights begin to draw in, our homes truly become our sanctuaries. So when buyers are viewing in autumn, they are already thinking of the festive period they will enjoy in their new home.

Therefore, showcasing how great the property is for hosting is of paramount importance. Lay the table, complete with an autumnal runner, crockery and glassware. This will make the room warm and inviting, encouraging visitors to imagine their friends and family enjoying the entertainment space.
 
Focus on Lighting

Lighting is crucial when staging your home in any season.

Without enough lighting, your home will look dark and uninviting. On the other hand, if the lighting is too intense, the space will look uncomfortable and clinical.

Soft, freestanding lights tend to work better than brighter overhead bulbs. Use a collection of table and floor lamps to create a subtle glow around the home, complimenting any natural light rather than overpowering it.

Highlight The Fireplaces

As mentioned, viewers want to see a house they can imagine spending the winters tucked up inside. And nothing screams cosy evenings like a fireplace.

The warm embers and soft glow of an original fireplace will be enough to entice any buyer.

Use Dried Floral Arrangements

Flowers are an excellent final touch for styling any home. They allow you to add just the right amount of personality along with a pop of colour to every room. However, autumn is not the optimum time for fresh flowers.

Consider instead investing in a few dried bouquets to dot around the property. These look incredible, stand the test of time, and can be easily transported to your new home.

Earthy tones are perfect for autumn, and be sure to add in some bright yellows to liven up the room.

We’re here to help


At Hamlet Homes Warrington, we understand that selling your home can be stressful and we’re here to help you every step of the way.

Contact us today on 01925 235 338 or via email at manoj@hamletwarrington.co.uk for a friendly chat about our services.

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, 7 September 2021

Warrington Homes Asking Prices Down 4%


With Rightmove announcing a national drop of 0.3% in average asking prices in August, some are asking if the steam has been let out of the property market. Yet with the gains we have seen in the last 12 months, is this just a minor bump in the road? Alarm bells normally ring when new homeowners coming to the market for the first time are having to lower their initial asking price when compared to the market as a whole.

So, what is actually happening in the national and local property market to asking prices and the number of properties for sale, and where does that leave Warrington homeowners and Warrington landlords?

1 in 7.4 homes already on the market today have reduced
their asking price in the last two weeks

That means new sellers bringing their property to the market for the first time, are having to curtail their initial asking price to remain competitive. Normally, this should ring alarm bells, particularly when this is the first time this has happened in 2021. Therefore, it’s vital to ‘look under the bonnet’ of the figures and see what, exactly, is happening locally.

Average asking prices for Warrington homes
are 4% down compared to July

However, that figure hides some interesting anomalies - the average asking price of Warrington detached houses are 3% lower than in July (that doesn’t mean they have dropped in value by that much – just the headline asking prices) whilst apartments/flats have seen the average asking price rise by 1% in the last month.

So, if this is what is happening to Warrington asking prices, what about the number of properties for sale. Looking nationally first …

there are currently just 285,970 properties for sale in the UK, which means 1 in 67 British homeowners are presently on the market – interesting when compared to 2005, it was 1 in 13.5 homeowners on the market.

With such little supply of properties for sale nationally, demand remains robust. Yet the property buyers in the market are being a little more reserved with the offers they are making compared to the Stamp Duty holiday frenzy times seen earlier in the year. They will pay handsomely, and yet top dollar won’t offer the ‘crazy price’ levels some Warrington buyers were offering in the spring – hence the recent reduction in asking prices to a more realistic level.

Looking at the movement in the available properties for sale and to rent in Warrington over the last few months, an interesting picture arises.

Number of Warrington Properties on the Market


Apr-21

May-21

Jun-21

Jul-21

Aug-21

Warrington Properties for Sale

142

138

139

155

156

Warrington Rental Properties Available

14

13

9

9

17




The number of Warrington properties for sale (and rent) is still at record lows when compared to the 30-year long term average.

The choice for Warrington tenants is limited as well, as many tenants aren’t moving home. With the additional increase in demand from 1 in 10 Warrington homeowners choosing to go into rented accommodation (albeit temporarily) Warrington landlords with exceptional properties are getting decent rents, as discussed in a recent article I wrote about the level of rents in Warrington.

With the current level of Warrington properties for sale being around 40% to 50% below the long-term average (depending on the type of Warrington property you own), it means when a Warrington property is properly priced, given the intense competition, often it comes down to the position of the buyer and not the price they are prepared to pay.

When I say, “position of the buyer”, I mean, do they have a chain, do they have to sell their own property to buy another property?

Many Warrington house sellers are selling their home before they buy. Selling before you buy can be a fruitful approach in a fast-moving property market. That does mean your own purchaser will have to demonstrate a certain amount of patience whilst you wait for the right home to come on to the housing market.

However, because it is currently on average taking 19 weeks between sale agreed and exchange of contracts with mortgage providers and solicitors taking their time due to the backlog, this often allows you to potentially play catch-up if it takes a couple weeks to find the right property for you.

Many home sellers are going even further by selling their Warrington home first and then going into transitional rented accommodation. This subsequently puts them in pole position when their forever home comes up for sale as they have no chain. Although this takes a lot of determination and resilience, it does mean you will be in the very best position when the property of your dreams comes up.

The choice they say, as always, is yours!

If you would like a chat about the Warrington property market and the best thing for you and your personal circumstances, do drop me a line. In the meantime, what are your thoughts on the current Warrington property market? Do share in the comments.

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

Friday, 3 September 2021

7 Things Sellers Need to Declare to Estate Agents About Their Home

There’s no denying that selling a home involves paperwork. When preparing to sell, you’ll need to declare various things to your estate agent. While you may be worried about having to share potential issues from the past, it’s important to remember that what you disclose won’t necessarily put buyers off. An old building can be seen as an ‘opportunity for modernisation’. Planning permission from neighbours can be recognised as ‘potential to extend’. Plus, a good estate agent can find the right buyer no matter the circumstances.

To prepare you for the sale, here are seven of the most important things you’ll need to declare to estate agents about your home.
 
1. What you plan to take and leave

When you sell up, you’ll need to complete a ‘fixtures and fittings’ form. This will tell buyers what you plan to take with you when you leave, and what will be left behind for them. It’s important to establish these things as early as you can, as it can be a top question asked at viewings.

2. Renovation work

While this is a legal requirement, it’s also a great selling point. If you’ve recently renovated the kitchen, had an extension put in, or remodelled the bathroom, then you’ll need to declare the renovation work to estate agents.

3. Planning permissions in the area

Usually, you’ll get a letter from your local council informing you about the planning permissions requested by your neighbours. If you’ve had one of these letters recently, or if you get one during the sale of your home, then it’s important you declare it to your estate agent.

4. Denied planning permissions

If you applied for planning permission yourself and it was denied, it’s important that you disclose what you applied for and why it was declined to your estate agent.

5. Disputes with neighbours

If you’ve had a long-standing dispute with any of your local neighbours, you need to tell your estate agent about it. They are obligated to inform prospective buyers about the issues you’ve had with the people living around you. While it may seem trivial, if a buyer finds out later that you lied, it can be a very serious issue.

6. Pests or Japanese knotweed

Even if it was a problem long ago, your estate agent will need to know whether there was a pest invasion in your home, or if you’ve ever experienced Japanese knotweed in your garden.

7. Green deal loans


If you have one of these loans, you’ll definitely know about it. It’s a government loan that allows you to make improvements to your property and repay the costs using your energy bill savings. If you move, these debts get passed on to the new owners, so it’s absolutely essential to declare them to your estate agent.
We’re here to help

Even though it may sound daunting, with our help, we can make the selling process as easy as possible for you. At Hamlet Homes Warrington, we provide expert help, guidance and support every step of the way.

To start the conversation, get in touch with us today by calling 01925 235 338 or via email at manoj@hamletwarrington.co.uk.

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