Friday 25 February 2022

10 Things to Consider When Buying a House in Warrington


If you’re looking to buy a house in Warrington there are a few things you’ll need to think about before committing. Here we list 10 things to consider before taking the plunge and making a purchase.

1. Find Out Your Budget

It’s amazing how many buyers start viewing properties before they’ve even found out what their budget is. Many buyers have a vague idea and start looking well before getting the finance in place, only to find out they can’t borrow as much as they thought.

So, before you start viewing properties in Warrington and putting in offers, get in touch with a mortgage advisor to find out exactly how much you can borrow.

They’ll also be able to tell you how much your monthly repayments will be, which will allow you to work out how much disposable income you’ll have left each month.

2. Have Your Finances in Place… And Factor in Additional Costs

If your money is tied up in long-term funds or accounts then it may not be easy to access immediately, so make sure you give yourself plenty of time to get your funds released, and ideally transfer it into an instant access account when you’re ready to make a purchase.

It will save a lot of potential aggravation further down the line and will help to speed up the process if you have your funds readily available.

Another thing to consider is the additional costs that come with buying a property. Things like conveyancing fees and removal costs are unavoidable, but you’ll also want to think about items you’ll want in the property, such as furniture, electrical appliances, carpets and so on. After all, there’s no point in blowing your budget on a property if you can’t afford to furnish it!

3. Find the Right Location

Think about your current circumstances as well as your future ones. Do you need to be close to a train station? Is there a primary school close by?

Different buyers want different things when it comes to location, so think about what’s important to you and what’s not so essential.

4. Consider Outside Space

The recent Coronavirus pandemic has changed a lot of people’s attitudes towards what they’re looking for in a property, with gardens being a huge positive for buyers.

You might not consider a garden to be essential, but having an outside space, even if it’s a small courtyard or a communal area can be very beneficial to your mental wellbeing.

5. Think About Office Space

It’s not just gardens that have become more important to buyers during the pandemic. With millions of people now having the option to work from home, properties with home offices have seen an increase in demand too.

So, if you’re one of the many people who’ll be spending more time working at home in the future, then a property with a study or the space for at least a desk may be perfect.

6. Does the Property Have Potential?

It’s worth considering what value you may be able to add to the property in future, or what a future buyer may see in it.

For example, is there space to add an extra bedroom or a conservatory? And if you’re only planning to own the property for a couple of years before moving on, is it likely to increase in value? Does it have good transport links or new facilities being built nearby for example?

7. What Condition Should the Property be in?

Are you looking for a house in Warrington that’s ready to move into tomorrow, or are you happy to spend time and money bringing it up to scratch?

You’ll need to consider these options when you’re looking around and potentially adjust your budget accordingly.

8. Find a Good Conveyancer

You don’t need to have a conveyancer in place before you start viewing properties, but the earlier you find one the smoother the process will be.

Get several quotes and ask family and friends and your estate agent if they can recommend anyone. A good, recommended conveyancer will help to keep the whole buying process as stress-free as possible.

9. Understand What’s Included

Try and find out which fixtures and fittings are included as soon as possible in the buying process, as it will allow you to work out if you need to budget for anything extra.

For example, appliances such as fridges, freezers and washing machines will probably not be included as part of the purchase, which could lead to several hundred pounds of additional costs to consider.

10. Keep Your Spending in Check Before You Buy

Remember, if you’re taking out a mortgage, your lender will be taking a deep look into your finances. Therefore, it’s a good idea to get them in check before starting the whole process.

Don’t go loading up your credit card with purchases, and if you’re able to pay off debts or make them more manageable, it will go a long way to helping you get approved for a mortgage.

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 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

Tuesday 22 February 2022

Why Are There So Few Warrington Homes For Sale?


  •  38% drop in the number of properties for sale in Warrington in the last 12 months.
  • 415 Warrington homes have sold (stc) in the last three months alone, taking the time from the ‘for sale board’ going up to sale agreed to a median of 19 days.
  • The £200k to £300k price range in Warrington is the most active, where it only takes 15 days to sale agreed, but the £500k to £1m is taking 36 days.
  • Yet what issues cause the people of Warrington to want to move home and what can Warrington people, who want to move in 2022, do to ensure they sell and find the home of their dreams?
There are 182 properties for sale today in Warrington; roll the clock back exactly a year, and the figure was 295 - so there’s been a drop of 38%. This drop is being dubbed ‘for sale board crunch'.

The ‘for sale board crunch’ has left many prospective Warrington home buyers stressed trying to find the right Warrington property as the number of properties available to buy has dropped significantly.

I am sure you know people looking for their next Warrington home, but when they see it on the portals (Rightmove, Zoopla, Boomin, OnTheMarket etc.) the properties are gone within days.

With demand at an all-time high, many Warrington home buyers are in a state of misery as Warrington house prices have grown in the last few years, forcing many of them to review their plans.

They are victims of the ‘for sale board crunch’ in the Warrington property 
market, the likes of which have not been seen since 2007.

Normally when there has been excess demand in the residential sales market, that frothiness has been taken care of by people moving into rented accommodation. However, the number of Warrington properties available to rent is at a 15-year low.

So why is the Warrington property market this way?

Demand for Warrington homes has exceeded the number of properties for sale since the general election in December 2019. After years of long drawn out Brexit negotiations, homeowners and buyers were more confident about their move. Many Warrington people who put their home move on hold in 2018/19 had more confidence to return to the market.

The first lockdown in the spring of 2020 did nothing to quell this pent-up urge, and since the late spring of 2020, the Warrington property market has been on fire! The lockdown changed what homeowners were looking for in their Warrington home. Proximity to public transport dropped down the wish list for buyers, and demand for apartments dropped. Whilst properties with larger gardens and rooms that could double up as home offices tended to be at the top of most Warrington buyers' wish lists.

Around 36% more Warrington properties have sold in the last 18 months 
than the long-term 20-year average.

Looking at the supply side of the equation, in the last five years, an average of 204,410 new homes per year have been added to the number of properties available in the UK. Also, 239,600 properties came back into the market when they became available after their owners had sadly passed away. Yet still, that isn't enough. The country needs at least 300,000 new dwellings to keep pace with demand.

There is also another problem that has come to light with the cladding issue of apartments. Just over three-quarters of a million apartments have issues with cladding. Whilst these are being sorted out (which will take many years), they are essentially unsaleable unless a fire safety expert on these buildings signs them as safe.

These cladding issues prevent these apartments from coming onto the market (thus reducing the supply of properties to buy). It also precludes their owners from moving up the property ladder from their apartment to a house. Also, many first-time buyers who can save a bigger deposit or be gifted cash from the Bank of Mum and Dad are skipping the apartment as their first home and going straight for a house, thus intensifying the lack of larger properties for sale.

So, how long does it take to sell a Warrington property now?

Warrington Apartments – 33 days
Warrington Terraced / Town House – 14 days
Warrington Semi-Detached – 18 days
Warrington Detached – 18 days

This means it is a seller’s market in Warrington, empowering them to push up their asking prices in high demand areas. However, most sellers are also buyers, which means the advantage they have on selling their property is turned on its head when they come to buy.

Many Warrington sellers prefer to find their future Warrington home before putting their current home on the market. That is making the lack of properties on the market seem even harsher than it may otherwise be.

The ‘for sale board crunch’ would be somewhat eased if Warrington 
sellers put their property onto the market whilst they were hunting for 
their next ‘forever home’.

However, not all Warrington homeowners are doing so, partially because they (wrongly) believe they will be made homeless if they find a buyer and can’t find another property to buy (remember, you are not legally committed to moving until exchange of contracts).

A big issue will be finding a suitable Warrington home. We very much have a chicken and egg scenario. Some homeowners are waiting for the right property to come onto the market before they put their home on the market. This will probably mean that the Warrington property will sell even before the photographs have been taken of your home.

Yet, many Warrington homeowners are worried if they put their house on the market and it sells, they won’t be able to find another suitable home and thus be homeless.

Classic chicken and egg – so what do you do first?

There is another way of doing this. It's a technique estate agents used to use before the internet, and it's called 'chain building'. Many Warrington homeowners are contacting me to move home yet don't want to be made homeless. What we do is slowly build a group of people in a chain over many months. It requires a lot of patience to build a chain downwards and upwards around you.

There is no cost to this and no legal commitment to go through. It can take six, even twelve months to build a chain of people who are prepared to wait for the chain to form.

Yet, everyone normally gets their next 'forever home'
by playing this long game.

Because if you don’t play the long game, build relationships with Warrington Estate Agents (who can build these chains) and only rely on waiting for properties to appear on Rightmove, Boomin, OnTheMarket or Zoopla, you will be sorely disappointed.

According to national research from Denton House Research, 7 out of 8 people who viewed a house through an estate agent in 2021 were not on the mailing list of that agent before they viewed it.

That means all these Warrington properties built on a chain builder (as above) will sell, yet won't appear on Rightmove or Zoopla, meaning you will miss out.

You must get yourself on the mailing list of our estate agency (and other agents if they do this chain building) so you don’t miss out on your next forever home in Warrington.

If you would like a chat about anything mentioned in this article, feel free to drop me a message or call me.

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 18 February 2022

6 Tips to Help you Find the Best Lettings Agent in Warrington


So, you’ve got a property to rent out in the Warrington area?

Perhaps you’ve bought it specifically to rent out, or maybe you have inherited it and want to make it pay its way. Whatever your reasons, you’ve decided to employ the services of a local Warrington lettings agent to help you!

But how do you choose the right lettings agent?

We work with a lot of landlords in the Warrington area and we know that they need support from lettings agents just like us to help them become even more successful.

To help you make the right choice, the Hamlet Homes Warrington team have put our heads together and have come up with six tips for finding the right lettings agent.

(Of course, if you want to just give us a call now, that’s fine too! Our number is 01925 235 338 or you can email us on manoj@hamletwarrington.co.uk

1. What do you Want from your Lettings Agent?

Decide what you actually want from a lettings agent, and then check what services a particular agent actually offers. You might want to do most of the work yourself, with the letting agent simply marketing the property for you or finding a tenant. You may want them to completely manage the tenancy throughout. There are cost implications, and time implications too, but if you don’t know what you want, you won’t be able to choose the most suitable lettings agent in the first place.

Our Advice It sounds simple, but draw up a list of what you think you want a lettings agency to do. Then speak to several different agents.

2. Make Sure the Lettings Agent Knows the Area


It’s of paramount importance that your lettings agent knows the lie of the land. Do they know what type of property rents best in Warrington and do they know what sort of rent you should expect in Warrington? You want your agent to know what they’re talking about so that you benefit.

Our Advice Devise a series of questions that you can ask your shortlist of potential lettings agents. If they are like us, they will know the answers!

3. Is the Lettings Agent up to Speed with latest Legislation?


Being a landlord brings with it a number of legal responsibilities. Your lettings agent should make you aware of these so that everything is done by the book. You will rely on your agent to remind you of important legalities such as gas and electrical certificates so make sure they are fully up to speed on all the current guidelines.

Our Advice See how helpful a potential lettings agent is by asking if they know who to contact for gas safety checks and the electrical inspection condition reports.

4. How Efficient is the Lettings Agent?


A great lettings agent will not only find you a good tenant, but they’ll be highly communicative and go through all the paperwork with you too. They’ll make sure that the right financial checks take place, and, if needed, the right to rent checks too. They will also sort out the contractual information like the shorthold tenancy agreement and the all-important tenancy deposit.

Our Advice Choose a lettings agent who knows their stuff, but one who can communicate well with you too so that you understand the processes involved with being a landlord.

5. What do their Reviews Say?


You don’t have to leave the sofa for this one! There are a number of review websites and social media platforms where people can leave reviews. Have a look and see what people are saying about particular lettings agents in Warrington.

Our Advice Most reviews are genuine, but just be mindful that on social media some reviews should be taken with a pinch of salt. Use your judgement well.

6. Draw up a Final Shortlist

So you’ve done your homework and you know what you want from a lettings agent. You know what sort of rent you want or need to achieve, you know what sort of level of service you need, and you’ve read the reviews.

The next thing to do is draw up a shortlist of two or three lettings agents and contact them. Ask questions and see how they respond to you.

You’ll get a gut feel as to whether or not you want to work with them. We’re a great believer in dealing with people you can trust and comfortably do business with.

Our Advice Choosing the right lettings agent for you and your property is important; it has to work well for you.

Getting the right team on board is a surefire way to success. We’ve been helping landlords in Warrington for many years, and we will be delighted to have an initial chat with you about your requirements. Call us on 01925 235 338 or email us 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

Monday 14 February 2022

1,908 Warrington Landlords Could Be Hit With £14k Bills and Red Tape in Tory 'Levelling Up' Plans


  • Some Warrington landlords face bills of between £11,000 to £14,000 as Michael Gove, the Housing Minister, declared an attack on poor quality private rental homes.
  • 1,908 Warrington rental properties will require upgrading. The Government announced in their ‘Levelling Up’ White Paper last week they plan to introduce a new minimum standard for private rental properties.
  • Also, the White Paper wants every landlord in Warrington (8,189 of you) to go on a Landlord Register and proposes the removal of Section 21 no-fault evictions. This could make it more difficult for you to get possession of your Warrington rental property.
  • Are these proposed changes another nail in the buy-to-let coffin for Warrington landlords?
On the face of it, yes, it could be seen as another attack on the humble Warrington landlord, having to spend money on their properties and get tangled up with red tape on a register and then having no-fault evictions removed.

Yet, as always, the devil is in the detail ...

This ‘Levelling Up Bill’ is a White Paper. White Papers are policy documents created by the existing Government that set out their future proposals for legislation. Many White Papers don’t even make it to the House of Commons to be debated on, and even then, it needs to be voted on by both Houses of Parliament before becoming law. Any changes are at least two or three years away, and that’s assuming that it gets debated and subsequently approved.

Many have said the White Paper is supposed to lay out how to sort the challenge of rebalancing the UK economy that is suffering from the highest level of regional inequality than any G8 country. This is a gargantuan challenge …

yet the Levelling Up White Paper reads very much like a shopping list of 
great ideas without the means to pay for it.

One of the 12 points in the White Paper was focusing on housing, with a plan to introduce a new minimum standard for rental properties, a landlord register and the removal of no-fault evictions (as an aside, there was also a mention of a possible reintroduction of Home Information Packs - remember those from 2009!).

So, what does this mean for the landlords of the 8,189
private rental properties in Warrington?

Sub Standard Rental Properties

The proposed changes will mean rental homes in the private sector will have to meet two specific standards that the existing 12,230 social housing homes in Warrington currently need to meet.

The first being called the ‘Decent Homes Standard’ (DHS) and the second, the Housing, Health and Safety Rating System (HHSRS) evaluation.

Looking at data from the Government, there are 1,908 private rental properties in Warrington that are considered substandard under these two measures and each one would cost between £11,000 and £14,000 to bring up to the prescribed standard. That means ...

the estimated total cost to improve the 1,908 Warrington properties, that 
are considered substandard, could be as high as £26,712,518.

All of that would have to come out of the pockets of Warrington landlords!

Yet both systems of standards (DHS & HHSRS) have been slated by many (even by the Government itself).

The DHS criteria for the standard are as follows:
  1. It must meet the current statutory minimum standard for housing
  2. It must be in a reasonable state of repair
  3. It must have reasonably modern facilities and services
  4. It must provide a reasonable degree of thermal comfort
Note how the word ‘reasonable’ is used in three of the four points of the DHS. Reasonable is an arbitrary and a very much subjective point of view. It screams loopholes and get out clauses to me.

Looking at the HHSRS, the Government announced just before the pandemic in June 2019 that the HHSRS would be revamped after it was found to be ‘complicated and inefficient to use’.

Putting aside how one measures the standards, it is a simple fact that there are many Warrington rental properties that are substandard. I believe it right the Government have an ambition to halve the number of sub-standard private rentals by 2030. However, would it surprise you that …

in 2006, 46.7% of private rented homes in the UK were classed as 
substandard and today that has reduced, without any legislation, to 
23.3%. One must ask if new legislation is now required?


Also, if you recall in an article I wrote recently (drop me line if you would like me to send it to you), Warrington landlords will be faced with bringing their properties up to an energy rating (EPC) of C between 2026 and 2028 in legislation already announced.

Most of the works to meet that EPC rating requirement will be the same works to meet this new DHS and HHSRS. Also, in that article, I discussed how the Government have suggested that certain allowances will be made for landlords on rental properties that can’t be improved.

So, I think Warrington landlords should sit tight and let the Government shine more light on this in the coming months before any knee jerk reactions are made.

Landlord Register

To be honest, there are several city/borough registers around the UK for landlords. Experience has shown they seem to add an extra level of bureaucracy and red tape. The register would be for every Warrington buy-to-let landlord and rogue landlords would be struck off whilst allowing tenants new redress rights. Another reason to employ the services of a letting agent to sort!

End of No-fault Evictions


Again, I spoke about this a few weeks ago with the proposed removal of Section 21 to evict a tenant (again, if you want a copy, drop me a line). If you recall, I stated that no-fault evictions were removed in Scotland over four years ago and the apocalyptic suggestions it would kill the rental market for Scottish landlords was not forthcoming. Now of course, the Scots strengthened the other grounds to evict a tenant. If the Government strengthen the Section 8 legislation, again, I cannot see this being an issue south of the border. Again, time will tell once the Government put more meat on the bones of the White Paper.

Conclusion

Many of the announcements made in the Levelling Up White Paper are re-hashed proposed legislation that has been on the books for the last couple of years.

This White Paper is not another nail in the coffin of
buy-to-let in Warrington.

Yet, many commentators have cautioned that more landlords with substandard homes will sell up because of these proposed changes, warning the sell up would add to the private rental sector's shortage of homes, thus pushing up rents.

If that was true, that would increase rental returns on Warrington buy-to-let and attract more Warrington landlords into the sector, wouldn’t it?

But if you don’t agree other Warrington landlords will buy these rental properties that other landlords are selling, who will buy their Warrington properties from them? It will be Warrington renters, who are now able to buy because the price has come down, meaning equilibrium should return to the market.

This is all theoretical and there are shortages/gluts in specific locations. Let us not forget it was 12/18 months ago that rents were dropped by double digit percentage points in the space of a couple of months in the big cities. Those rent drops weren’t anything to do with landlords buying up City Centre rental properties, but demand plummeted with 20 something tenants moving back in with their parents during the first lockdown and the months that followed. Yet, now rents have bounced back to pre-pandemic levels (and more) with the return of tenants to the cities.

In a nutshell, if Warrington landlords do end up selling in their droves (which they won’t), yet if they do, those Warrington properties will still exist.

Few of them will be left empty because most of them will be bought by other Warrington landlords as they will be attracted to the sector as inflation takes hold whilst others will be bought by first-time buyers.

What goes around, comes around. So, let’s see what happens in the coming months. In the meantime, if you’re a Warrington landlord and you want to discuss anything in this article, please either drop me a line or send me an email.

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 11 February 2022

Do Home Improvements Add Value?


Well, the answer to this question is ….. maybe!

Some might, and some are unlikely to. Some may add to the value, but some may be valuable in other ways. So, here, we at Hamlet Homes Warrington take a look at whether all home improvements are equal.

We have bags of experience in property in and around Warrington, so if you need some expert advice on exactly what could add value to your home, just get in touch. Call us on 01925 235 338 or email us at manoj@hamletwarrington.co.uk.

What classes as a home improvement?

To start with, what exactly constitutes a home improvement? This is an interesting one. A new central heating system is undoubtedly an improvement, but chances are that a new system is being installed because the old one isn’t up to the job.

So, yes, it is a home improvement, but it’s not the same as, for example, building a conservatory.

Get a bit lofty

Many people are looking for a home that gives them space. Perhaps a growing family needs a couple of extra bedrooms, or a room is needed to use as a space in which to partake in a hobby or to work.

There’s no doubt that in the right area, the number of bedrooms can help increase the price of your property. You could go up into the loft, making good use of a void, or you might decide to have an extension built.

The thing to consider here though is why you are having the improvement done and what it costs. If it costs you £25,000 to have your loft converted, and it will only add an extra £10,000 to the property, does it make sense? Perhaps not if you’re doing it to sell your home, but it will if you intend on staying there and need the space.

Kitchen improvements

They say that the kitchen is the heart of a home. A tatty, tired-looking kitchen with units from the 1970s may well put people off. If you have a brand new, sparkling kitchen, then you can certainly up the value of your home.

If you don’t want to go the whole way to getting a new kitchen, have you thought about putting new handles on cupboards, painting doors, installing a new worktop? There are alternatives.

Drive up the value

You may be tempted to create space by adding a bedroom, office or playroom by converting the garage. But, put the brakes on and have a think. If you need to, fine. But, think about those who may buy your house when you sell. Are they likely to need a garage? So will you be driving up the value or making your property harder to sell?

By changing the use of the garage, you may be devaluing the price and attractiveness of your home – particularly if you’re in a busy town or city centre where parking is at a premium.

Decorating and landscaping

You’ve chosen some lovely wallpaper. And while you were at the DIY store, you picked up some ideas about landscaping the garden too. But, wait a minute. If you’re decorating or landscaping, you’re probably doing it to your tastes. That’s fair enough, but if a potential buyer comes along and really doesn’t like what you’ve done, you may not be getting any future value out of it – although landscaping may make your home more attractive and so easier to sell.

It’s about the value of kerb appeal!

What’s the added value?

It’s difficult to put a value on home improvements as they vary so much. A bathroom in one house may add £10,000 to a property, but a bathroom at another house that doesn’t match the same quality finish, may add just a couple of thousand. A decent loft conversion could add up to £30,000 to a property, but the profit depends on exactly how much it cost you in the first place.

As you can see from a brief look online, a lot of “value” is based on estimates.

Based on our experience and knowledge of the local property market in Warrington, we can tell you what your property is worth now, and what it might be worth with a few home improvements.

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 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

Thursday 3 February 2022

19,782 Warrington OAP Homeowners Could be Forced to Sell Their Homes as Their Energy Bills Rise


  • Will Warrington OAP homeowners be forced to sell their home as their gas & electric bills are set to double in 2022?
  • What can the 19,782 Warrington OAP homeowners do to mitigate this?
  • What are their options if they do need to sell? And what will that mean for the Warrington property market as a whole?
The wholesale gas price has tripled in 2021. Even if you aren’t on gas at home, half the UK’s electricity comes from burning gas so, this affects everyone. Even though domestic bills have been protected from the majority of this with the Government’s price cap, energy bills will rise by at least 50% in April. This means the average energy bill will rise by £60 per month in the spring, thus producing a potential cost of living crisis.

Why have gas and electric bills increased so much?

The cost of gas (and indirectly electricity) rose during 2021 due to a number of reasons, and the troubles are worldwide rather than exclusively affecting the UK.

To start with, the winter of 2020 was very cold in Central Europe, which increased demand for gas and used up many European countries’ stored gas supplies, whilst demand for gas also swelled in China and the Far East. On the supply side, many European countries rely on Russia for its gas, yet Russia’s supply of gas was lower than expected.

When will gas and electric prices rise?

The Government have an energy price cap which is the maximum amount your gas and electricity supplier can charge you. The energy price cap is set by Ofgem every six months, and the next review is this February. Any increases could only be introduced from the 1st of April 2022.

The existing energy price cap is £1,277 (for an average UK home), which was set in the summer of 2021 (and that was a 12% rise on the previous cap). Analysts believe without Government intervention, the February increase will be around 50% on that, meaning the cap will increase to just over £2,000 per annum.

That means there will be a lot of Warrington people that cannot afford the increase in energy prices.

Some have suggested the Government should remove VAT from gas and electricity bills for a year, yet that would only save them around £100 a year – but it’s still £100!

Warrington OAP’s will be one of the hardest hit by these gas and 
electricity hikes

For those pensioners who reached state pension age after 2016, their state pension will rise in April by £5.55 per week or £288.60 a year. Considering their energy bills will rise by at least £720 a year, together with the underlying inflation for goods and services rising at 5.4% on top, this will mean many OAP homeowners will have to make a difficult choice.

So, what is the scale of the problem in Warrington?

1 in 6.73 people in Warrington is an OAP

Of the 163,873 population of Warrington, 24,366 of them are 65 years or older, and of those, 19,782 own their own home.

However, as I have discussed several times in the Warrington Property Blog, many of those older Warrington homeowners are still in their original family homes even though their children have flown the nest.

They are living in large 3- and 4-bedroom homes with lots of rooms that require heating, even though they are not being used. To give you an idea of the difference of costs:
  • The average Warrington one/two-bedroom home’s energy bills will rise from £795 per year to £1,435 per year.
  • The average Warrington three-bedroom home’s energy bills will rise from £1,163 per year to £2,104 per year.
  • The average Warrington four-bedroom home’s energy bills will rise from £1,638 per year to £2,936 per year.
Therefore, I predict there will be an uplift in the number of mature homeowners in Warrington moving forward their downsizing plans throughout 2022/3 as they look to reduce their outgoings. The downsizing will also reduce other outgoings like their council tax and building insurance premiums.

Of course, many mature homeowners will make other choices. This could be a great time to look at other forms of heating like ground source heating and solar panels to reduce one’s dependence on energy from the National Grid.

You could ask a local Energy Assessor to perform an energy audit on your home by tasking them for an Energy Performance Certificate. If you need to know the name of a decent Warrington Energy Assessor, drop me a line or pick up the phone.

So, if downsizing is an option, what will that mean for you and the local Warrington 
property market?

A big issue will be finding a suitable home to move to. We very much have a chicken and egg scenario now as waiting for the right property to come on to the market, before you put your home on the market, will probably mean that your ideal property will sell even before the photographs have been taken of your home.

Yet, many Warrington homeowners are worried if they put their house on the market and it sells, they won’t be able to find another suitable home and thus be homeless? Classic chicken and egg – so what do you do first?

There is a third way of doing this ... good old fashioned ‘chain building’. I have many mature Warrington homeowners that are contacting me to move home, yet don’t want to be made homeless. What we do is slowly build a group of people in a chain over many months. It requires a lot of patience to build a chain downwards and upwards around you.

There is no cost to this and no legal commitment to go through. It can take six, even twelve months to build a chain of people who are prepared to wait for the chain to form ... yet by playing the long game, everyone gets their next ‘forever home’.

The long-term advantage to everyone else is that a new supply of larger homes will be put onto the market in Warrington. Yet, if you are going to rely on waiting for these properties to appear on Rightmove or Zoopla, you will be sorely disappointed.

According to national research from Denton House Research, 7 out of 8 people who viewed a house through an estate agent in 2021 were not on the mailing list of that agent before they viewed it. That means all these properties built on a chain builder (as above), will be sold, won’t appear on Rightmove or Zoopla, meaning you will miss out.

You have to get yourself on the mailing list of our estate agency (and other agents if they do this chain building) so you don’t miss out on your next forever home in Warrington.

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.

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