What Not To Do When You Are Staging Your Home

Home staging is the process of preparing your home to be viewed by a potential buyer. The idea is that you are setting the stage so that people coming to view your home see it in its best light. It is not meant to be used to hide problems with your home, but rather to highlight the strengths of it.

There are a few big mistakes that people make when staging their homes. We have rounded up our top three staging don’t dos.

Worn out or outdated kitchens and bathrooms
Kitchens and bathrooms can quite literally make or break a sale. You may be trying to avoid renovating these rooms before you move because of the cost but potential buyers will also be wary of the cost of having to do up these rooms. Broken cabinets, tired paint and outdated appliances or bathroom suites can all ring alarm bells for potential buyers. They may even make them worry about what else in the property has been left uncared for. No amount of carefully placed plants or stylishly arranged pans can hide these faults so it is a good idea to tend to these before putting your property on the market.

Damaged Flooring
Rugs are great for pulling together the decor in a room or designating areas in a multi-functional room. They are, however, no good for hiding problems with the flooring. Most flooring issues can be felt under foot when walked over and using a rug to hide them can appear deceitful which will not impress a potential buyer.

Replacing your carpets may be an expense that you do not want to consider when placing your property on the market and rugs can, to an extent, help to make an ageing carpet look better but realistically they will not be able to completely cover up a tired or dirty carpet. If you really can’t afford to replace your carpets, having them steam cleaned can make a real difference.

Unwanted odours
No matter how immaculate or how well staged your home is, if it smells bad then that will be enough to put most people off. Lingering smells such as pet odour cigarette smoke or any other unpleasant odours are best dealt with before you start having viewings. Believe me, no amount of plug-ins or scented candles can truly cover up lurking smells and in fact can lead to a concoction of scents that is truly offensive to the senses. Choosing to have furniture, carpets and rugs professionally cleaned can be a very worthwhile investment if you are looking to achieve the best price possible.

When preparing to put your property on the market it is important that you look at it with critical eyes so as to identify any areas that need a bit of sprucing up or that could be enhanced with a little bit of staging. We know how hard it is to view your own home through impartial eyes so we are always happy to come out and give you our professional and tactful opinion.

If you are thinking of putting your home in Warrington on the market please do give us a call on 01925 235 338 and we will be delighted to assist you.

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 articles of the Warrington Property Blog.

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

Spare Room? 5 Ways to Make it Work for You

If you’re fortunate enough to have a spare room in your home then there are lots of ways you can make full use of it, without letting it go to waste.

Unfortunately, spare rooms often become dumping grounds for all those items that haven’t found their place yet, or which don’t get used anymore but you can’t bear to let go of either.

If this sounds familiar, then clear it out and consider these five ways to make your spare room work for you.

1. Convert it into a Home Office

With more of us now working from home, turning your spare room into a home office could be just what you need, and it doesn’t have to cost a fortune.

All you really need is a basic desk or worktop that can be easily fixed to the wall and an office chair. That’s it. Of course, you can add filing cabinets, bookcases, shelves and anything else that springs to mind, but a work surface and a chair will be adequate to get you started.

The beauty of it is, it’s your space to personalise exactly how you want, and it’s far better for your posture than being curled up on the sofa with your laptop. It’s also a great way of separating your home and work life, with the dining room table going back to being the space where you eat, and the office being exclusively for work.

Thinking longer term, demand for properties with a home office has increased dramatically recently, so an office space could make your home more attractive to buyers if you plan to sell in the future.

2. Home Gym

This is probably the most expensive option on the list, but it’s also the most beneficial healthwise, and you’ll save money on gym membership over the long term.

You can start small and build up your equipment. Purchase a mat, a step, some dumbbells or kettlebells, resistance bands and a bench to start with, before moving onto bigger and more expensive equipment such as a treadmill, spin bike or rowing machine if there’s sufficient space.

If you use it regularly you’ll not only become physically fitter, but your mental wellbeing will improve too.

Having a gym inside your home will also help you avoid making excuses to exercise and ensure you start working on those fitness goals you’ve been putting off!

3. Rent it Out

If you’re looking for some extra income then renting out the spare room is the perfect solution.

There are numerous ways to do this and understandably many people are quite sceptical, so if the idea of having a stranger living in your home is too daunting then you could rent it out to a friend or relative for a few months first.

On the other hand, if the idea of a stranger staying doesn’t bother you then a lodger will give you a guaranteed monthly income. You could also advertise the room on a website like Airbnb and have different guests using it for shorter stays.

The downside of doing this is that you won’t know how much you’ll earn each month, as some months could be very quiet, but if you live in a town or city with lots of attractions and events happening regularly, then this could be the most lucrative option.

If you choose to rent out your spare room the Government’s Rent a Room Scheme allows you to earn up to £7,500 per year tax-free.

4. Make it Multi-Functional

There’s no reason why your spare room needs to have one sole purpose. Why not combine ideas to get maximum use out of it?

For example, you could have a home office with a sofa-bed and a TV in it. This way you’ll have a workspace combined with a snug or second living room, and a place for visitors to stay.

Or you could have an office, with a bar and a dartboard in it for after hours! There are countless possibilities and you can be as creative as you like, so let your imagination run wild.

5. Walk-in Wardrobe

Admit it, we’ve all watched one of those celebrity TV shows at some point and thought how cool it would be to have a room filled with all our clothes!

Well fortunately you don’t need to be a millionaire with a mansion to have this yourself, just a spare room and of course, a lot of clothes and shoes to fill it with.

When it comes to cost, you don’t need to fork out hundreds of pounds on new wardrobes and cupboards. Just some clothes rails and a few shelves will do the trick if you plan it well.

What will you use your spare room for?

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

Has the Warrington Property Market Peaked?

Should you buy now or wait for the bargains?

• Many commentators believe we have seen the peak of the Warrington property market.
• So, should savvy bargain hunters wait for Warrington house prices to fall?
• Or could postponing your house buying for any anticipated Warrington house price drop be a costly mistake?

Over the last two years, the Warrington property market has been a rollercoaster ride of hyperactive demand together with the new sport of getting your offer accepted when you compete with 30 other bidders.

Yet there are clouds on the horizon that the

Warrington property market could be at its peak.

Bank of England interest rates have increased four times in the last few months to try and combat inflation. Meanwhile many Warrington households are finding it tough to counter the most significant drop in real incomes in a single year since records began in the mid-1950s, all at the same time as gas, heating oil and electricity prices are predicted to rise again in the autumn.

Hence why some economists are predicting house price drops in the coming 18 to 24 months of 3% to 5%.

So, surely this is not the best time to buy a Warrington property – and surely savvy buyers should wait for Warrington house values to fall?

Is it realistic to see double-digit national house price growth? 

Certainly not.

The question is how far the Warrington property market will slow and whether the slowing will drop into modest falls.

Let me look at household income first.

At best, the outlook is gloomy as real household disposable income is set to drop by 2.4% in 2022/23, the largest drop since records began in 1956. This is despite the £17.6 billion of financial support for British households revealed in Rishi Sunak’s Spring 2022 Statement with the National Insurance thresholds, energy bill support package and duty cut on petrol. Without these changes announced by the Chancellor, real household disposable income would have fallen by an additional 1% in 2022/23.

Second, as interest rates increase, mortgage rates will increase in line, increasing mortgage costs, so surely that will curtail demand, meaning Warrington house prices will drop, and buyers should wait to catch a bargain?

Finally, with inflation on the rise, the real value of people’s savings will decrease quicker, and the value of their deposits will diminish, meaning Warrington prices will surely drop, and people should wait to buy?

Surely the Warrington property market has peaked and

buyers should wait for the bargains?

Well, I don't think so, and these are the reasons why I say that.

I believe, subject to no significant shocks in the world economy, Warrington house price growth will be very slow in the next 18/24 months and go into low single digits (even the odd month dipping ever so slightly into the red), but not the 16% to 19% annual drop we saw in 2008/9.

Let me look at real household income. Every economist predicts 

growth in real household income in 2023/24 by around 1%.

If the two years are combined, the predicted effect on real household income in the next two years (2022/23/24) is a net loss of 1.4%, whilst in the credit crunch years 2010/11/12, the net loss was 2.7%.

I was looking at the increase in mortgage rates. 79% of owner-occupiers have fixed their mortgage costs and had their affordability stress-tested to Bank of England interest rates of 3% to 4% under the Mortgage Market Review rule changes in 2014. I believe the most significant impact of increasing interest rates will be at the point of taking on a new mortgage by first-time buyers (as opposed to servicing or the porting of an existing mortgage from one house to the next house).

The four successive Bank of England base rate rises, inflation and the rising cost of living are likely to bring more cautiousness over summer and autumn when it comes to people buying a property. Yet, there is still a massive imbalance of demand for property over the number of properties for sale to quench that demand.

The potency of the job market and the ongoing mismatch between the supply of properties (mentioned in last week’s article on the Warrington property market) on the market and demand for those properties will support property values.

Finally, the by-product of increasing inflation is that it makes buy-to-let more attractive. If there is a reduction in first-time buyers, this will be counterweighted by more landlords buying again, supporting the current level of Warrington properties.

But what if Warrington house prices do drop significantly?

So let’s assume that Warrington house prices do fall, irrespective of the reasons above, it will not inevitably help Warrington buyers.

If we have a house price crash, people tend to find their careers are at risk, and their salaries don’t rise as much. The younger generation (i.e. first-time buyers age range) often gets hit the toughest by recessions.

If first-time buyers wait until 2024 to buy and Warrington property values drop by 10%, that will prove more expensive.

In the last 2008/09 crash, lenders weren't offering 5% deposit mortgages. The lowest deposit mortgage that first-time buyers could get was with a 10% deposit and even then, they were hard to come by.

When writing this article, first-time buyers can obtain a 5% deposit mortgage for a fixed rate of 2.66% for five years.

The typical first-time buyer terraced house in Warrington

sells for £162,000.

So, if they were to buy now, on this mortgage deal, the first-time buyer would have to stump up a £8,100 deposit and their mortgage payments would be £563.47 per month.

Yet, let’s say property values in Warrington do drop by 10% in the next 18 months, the terraced house would now be worth £145,800, so a significant saving. Or is it?

Everyone believes interest rates will rise further, so let’s assume they go to 3% by the autumn of 2023. That means the mortgage rate for a 10% deposit mortgage will be in the early 5%’s, so let me assume 5.29% (because the banks tend to increase the gap between the base rate and the mortgage rate in recessions to allow for the extra risk).

The monthly mortgage payment on the 5.29% mortgage would be £686.72 per month, and you would need to double your deposit to £14,580.

So even if Warrington's house prices did drop by 10%, the first-time 

buyer would be £1,480 worse off a year in mortgage payments 

and would have to find double the deposit.

...and then there is the other cost of waiting.

You have two years’ worth of rent to pay. The average rent for a Warrington property
is £862 per month.

If you waited a couple of years for Warrington house prices to drop 

by 10%, you would spend £20,688 in rent.

Choosing to buy a Warrington property makes even more economic sense if it is a long-term choice, as homeowners can ride out any house price drops.

Homeowners who plan to stay in a property can generally rely on getting their money back within six to ten years whilst not paying any rent.

Will Warrington prices go up, or will they go down?

Remember, George Osbourne said house prices would drop by 18% in May 2016 if we voted to leave the EU, whilst many economists said they would drop by 5% to 10% when Covid hit in March 2020.

And we all know what happened.

If you think you will be better off owning your own Warrington home rather than renting one, don't bother to wait for the suggested house price drop that may never happen.

These are my thoughts, what are yours? Let me know 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
Hamlet Homes Estate Agents Warrington Twitter Page

7 Ways to Deal with Noisy Neighbours in Warrington

Everyone should be able to enjoy peace and tranquility in their own home, but if you’re unfortunate enough to have a noisy neighbour disturbing you, then you don’t have to put up with it. Here are a few ways in which to tackle the issue.

1. Talk to Your Neighbour

It’s surprising how often a quiet word with your neighbour can quickly nip any issues in the bud.

Many people aren’t always aware of how much noise they’re making or how it affects people around them. When challenged on their behaviour, rather than becoming defensive or aggressive, they’re often mortified and apologetic, so a quick chat at the front door can be surprisingly effective.

Just ensure you choose your moment though. If it’s the middle of the night and there’s music blaring, you’re unlikely to be knocking on their door with a clear head. Wait until the following morning and have a quiet word with them in a calm, polite manner.

Being aggressive or threatening will only make the situation worse, so take a few deep breaths, think about what you’re going to say, and have a quiet chat with them at an appropriate time.

2. Keep a Noise Diary

If noise issues are persistent, then it’s worth keeping a diary of the times and dates of when it’s happening.

If the situation escalates and you find yourself having to contact a third party, then it’s likely that at some point you’ll be asked for details, so keeping a diary or even a sound recording will help your case if the disturbances continue.

3. Contact Their Landlord

If your neighbour is renting their property, then there will be a landlord who is ultimately responsible for the property, and the chances are they’ll be horrified to find out their tenants are causing problems.

It may be the council, a housing association or a private landlord, but regardless of who it is, there will be a clause in their contract which prohibits them from causing a nuisance to neighbours.

If you’ve spoken to your neighbours directly and the appeals have fallen on deaf ears, then a firm word from their landlord may be just the incentive they need to quieten down.

4. Contact the Local Council

If you’ve spoken to your neighbour directly and had no joy, and you’ve had no luck getting hold of their landlord if they’re tenants, then the next step is to contact the local council.

Councils have an obligation to investigate any reported nuisances, and they can issue your neighbour with an abatement notice, which will effectively mean they have to keep the noise down or face a fine of up to £5,000.

In the first instance though, the council are likely to suggest mediation. This is where you and your neighbours will sit down and discuss the issue while a neutral third party sits in on the discussion and acts as a mediator.

You may also consider arranging mediation yourself before contacting the council. Providing your neighbour agrees to this, then it’s definitely worth trying first, as any complaint you make to the council is kept on record, which could make your property harder to sell in future.

5. Contact the Police

If it’s just a noise complaint, then the police are unlikely to intervene. However, if your neighbour has become aggressive or violent or is harassing you, you should contact the police.

They can take much firmer action than your local council and bring criminal charges against your neighbour if necessary.

6. Take Legal Action Against Them

If the noise issues are persistent, then as a last resort, you can consider taking legal action against your neighbour.

You should contact a solicitor who specialises in disputes with neighbours to seek their advice and find out the costs and the process involved.

Your solicitor may initially send a letter to your neighbour, with the aim being that potential court action will be enough to stop them from continuing with their noisy behaviour.

If that fails, then taking them to court is the next step. Taking court action should be a last resort once you’ve exhausted all other avenues, and you should be aware that the costs can be extremely high.

7. Move Away

It sounds extreme and no one should be forced to leave their home, so this is far from being an ideal solution. However, if you’ve been battling your neighbours for months and the council haven’t been able to help, then it may be best for your health to consider a move.

Disputes with neighbours can cause huge amounts of stress and health problems, and even though a move may be your last resort, it could be the best thing for you.

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

Warrington Property Market to Crash in 2022?

• According to some newspapers and pundits, the property market boom could soon be over with the increasing interest rates and inflation.
• In this article, I share the 3 fundamental economic reasons why things are different to the last property market crash.
• The insider’s way to find out if there will be a property crash.
• … and 4 reasons why buy-to-let landlords are coming back into the Warrington rental market to protect their wealth and hedge against inflation.

With inflation and the cost-of-living crisis, some say this could cause property values to drop by between 10% and 20% in the next 12 to 18 months.

There can be no doubt that the current Warrington property market is very interesting.

At the time of writing, there are only 186 properties for sale in Warrington (the long-term 15-year average is between 750 and 770), meaning house prices have gone up considerably.

According to the Land Registry …

Warrington property prices have increased by 14%

(or £30,100) in the last 12 months.

So, as Robert Kiyosaki says, ‘the best way to predict the future is to look to the past’. I need to look at what caused the last property crash in 2008 and how that compares to today.

1. Increase in Interest Rates

One reason mentioned as a possible cause of a crash is the rise in the Bank of England interest rates, affecting homeowners' mortgages.

Higher mortgage rates mean homeowners will have to pay a lot more on their mortgage payments, leaving less for other household essentials. In 2007 (and the 1989 property crash), many Warrington people put their houses up for sale to downsize to try and reduce their mortgage payments.

Yet the newspapers fail to mention that 79% of British people with a 

mortgage have it on a fixed interest rate (at an average mortgage rate of 2.03%).

Also, just under 19 out of 20 (93.2%) of all UK house purchases in 2021 fixed their mortgage rate.

So, in the short to medium-term (two to five years), most homeowners won't see a rise in mortgage payments for many years. Also, 27.8% of all UK house purchases were 100% cash (i.e. no mortgage).

Of the 932,577 house purchases registered since February 2021

in the UK, 259,205 were bought without a mortgage.

Yet some people say this will be a problem when all these homeowners come off their fixed rate. The mortgage lending rules changed in 2014, and every person taking out a mortgage would have been assessed at application as to whether they could afford their mortgage payments at mortgage rates of 5% to 6% rates, not the 2% to 3% they may well be paying now.

No pundit says the Bank of England interest rates will go above 2% with a worst-case scenario of 3%. If the Bank of England did raise interest rates to 3%, homeowners would only be paying 4.5% to 5.5% on their mortgages and thus well within the stress test range made at the time of their mortgage application.

This means the probability of a mass sell-off of Warrington properties or Warrington repossessions because of interest rate rises (both of which cause house prices to drop) is much lower.

2. House Price/Salary Ratio

Another reason being bandied about by some people for another house price crash is the ratio of average house prices compared to average wages.

The higher the ratio, the less affordable property is. In 2000, the UK average house price to average salary ratio was 5.30 (i.e. the average UK house was 5.3 times more than the average UK salary). At its peak just before the last property crash in 2008, the ratio reached 8.64.

The ratio now is 8.85, so some commentators are beginning to think we’re in line for another house price crash. However, I must disagree with them because mortgage rates are much lower today than in 2007. For example …

The average 5-year fixed-rate mortgage in 2007 was 6.19%

(just before the property crash), yet today it’s only 1.79%.

So, whilst the house price/salary ratio is the same as the last property crash in 2008, mortgages today are proportionally 71.1% cheaper.

3. Banks Reckless Lending

Another reason for a property crash in 2008 was the reckless lending practices in the run-up to that crash.

The first example of reckless lending was self-certified mortgages. A self-certified mortgage is when the lender doesn’t require proof of income.

In 2007, 24.6% of new mortgages were self-certified mortgages.

So, when the economy got a little sticky in 2008, the people that didn’t have the income they said they had to pay for their mortgages (because they were self-certified) promptly put their properties on the market.

The banks' second aspect of reckless lending was how much they lent buyers to buy their homes. Today, banks want first-time buyers to have at least a 10% deposit and ideally more. There are 95% mortgages available now (meaning the first-time buyer only requires a 5% deposit), yet they are pretty challenging to obtain.

Back in 2005/6/7, Northern Rock was allowing first-time buyers to borrow 125% of the value of their home. Yes, first-time buyers got 25% cashback on their mortgage!
In 2007, 9.5% of all mortgages were 95%, and 6.1% of mortgages were 100% to 125%.

Meaning that nearly 1 in 6 mortgages (15.6%) taken out in 2007

had a 95% to 125% mortgage.

When the value of a property goes below what is owed on the mortgage, this is called negative equity. A lot of Warrington homeowners with negative equity (or who were getting close to negative equity) in 2008 panicked because of the Credit Crunch and put their houses up for sale.

To give you an idea of what happened last year (2021) regarding mortgage lending, only 2.4% of mortgages were 95%, and 0.2% of mortgages were 100%. This is because the mortgage lending rules were tightened in 2014.

So why did Warrington house prices drop in 2008?

Well, in a nutshell, a lot more Warrington properties came onto the market at the same time in 2008, flooding the Warrington property market with properties to sell.

Meanwhile, mortgages became a lot harder to obtain (because it was the Credit Crunch), so we had reduced demand for Warrington property.

Prices drop when we have an oversupply and reduced demand for something. Warrington property prices fell by between 16% and 19% (depending on the property type) between January 2008 and May 2008.

So, what were the numbers of properties for sale in Warrington during the last housing market crash?

There were 990 properties for sale on the market in Warrington in the 

summer of 2007 (just before the crash), whilst a year later, when the 

Credit Crunch hit, that had jumped to 1,820.

This vast jump in supply and the reduction in demand caused Warrington house prices to drop in 2008.

Compared with today, there are only 186 properties for sale in Warrington, whilst the long-term 15-year average is between 750 and 770 properties for sale.

So, what is going to happen to the Warrington property market?

The Warrington house price explosion since we came out of Lockdown 1 has been caused by a shortage of Warrington homes for sale (as mentioned above) and increased demand from buyers (the opposite of 2008).

However, there are early signs the discrepancy of supply and demand for Warrington properties is starting to ease, yet this takes a while before it has any effect on the property market, so it will be some time before it takes effect.

This will mean buyer demand will ease off whilst the number of properties to buy (i.e. supply) increases. This should gradually bring the Warrington property market back in line with long-term levels, rather than the housing market crash.

My advice is to keep an eye on the number of properties for sale in Warrington at any one time and only start to worry if it goes beyond the long-term average mentioned above.

But before I go, I need to chat about what inflation and the cost of living will do to the Warrington property market.

How will inflation and cost of living affect the

Warrington Property Market?

There is no doubt that cost-of-living increases will have a dampening effect on buyer demand. If people have less money, they won’t be able to afford such high mortgages. This will slow Warrington house price growth, especially with Warrington first-time buyers.

Yet, the reduction in first-time buyers is being balanced out by an increase in buy-to-let landlord's buying, especially at the lower end of the market.

This, in turn, will stabilise the middle to upper Warrington property market. This means the values of such properties (mainly Warrington owner-occupiers) will see greater stability and a buyer for their home, should they wish to take the next step on the property ladder.

So why are more Warrington landlords looking to extend their

buy-to-let portfolios, even in these economic circumstances?

I see new and existing buy-to-let Warrington landlords come back into the market to add rental properties to their portfolios. As the competition with first-time buyers is not so great, they’re not being outbid as much.

Yet, more importantly, residential property is a good hedge against inflation.

Firstly, in the medium term, property values tend to keep up with inflation.

Secondly, inflation benefits both landlords and existing homeowners, with the effect of inflation on mortgage debt. As Warrington house prices rise over time, it reduces the loan to value percentage of your mortgage debt and increases your equity. When the landlord/homeowner comes to re-mortgage in the future, they will receive a lower interest rate.

Thirdly, as the equity in your Warrington property increases, your fixed-rate mortgage payments stay the same.

Finally, inflation also helps Warrington buy-to-let landlords. This is because rents tend to increase with inflation. So as rents go up, your fixed-rate buy-to-let mortgage payments stay the same, creating the prospect of more significant profit from your buy-to-let investment.

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

7 Safety Checks You Should Make When You Move Into Your New Home in Warrington

So you’ve moved home, you have the keys, you’re in, and the kettle and mugs have been unpacked. Sure, you’ve got boxes here, there and everywhere, but at least you’ve finally moved and are happy!

It’s time to start a new chapter in the house of your dreams. But, you don’t want the dream to turn sour, so we suggest that after making a cup of tea and getting settled in, you should do some standard safety checks.

Why? Because you need to ensure your home is safe and isn’t going to cause you any issues.

So, what should you be checking? Well, we’ve put together a list of seven safety checks you should make when you move into your new home.

1. Check the Windows and Doors

First things first, safety and security go hand in hand. Walk around your property and look at the windows and doors, noting whether they have safety catches on them or security locks. If they haven’t, put it on your urgent “to do” list. With your external doors, many new occupiers choose to change the locks as you never know where a spare key has gone in the past.

Top Tip: Write a list and work through it methodically – it’ll save you time in the long run!

2. Check the Water and Electrics

Now, this really is something you should do as soon as possible. Even if your property is brand-spanking-new, you need to know it is as safe as houses.

• Look for the stop cock
• Note where the fuse box is

Should you need to take action in an emergency, you should know where important things are located. You should also look at the plug sockets and wiring to make sure all is correct.

Top Tip: If any work needs doing, you may need to get a more competent, professional tradesperson to help you – particularly with the electrics.

3. Check the Appliances

Your new home may have appliances already in-situ. A washing machine, for example, or an oven. It saves you time and expense, of course, but you should check them over to ensure they are safe to use.

Top Tip: When you’re looking around a potential new home, you should always ask to see the appliances working if they are included.

4. Look Around the Garden

Look at those roses there, and that lovely fence, oh and that old tree in the corner. But wait. Is your new garden actually safe?

• Are your little ones going to be able to toddle through the gate?
• Will they know the dangers of the small pond?
• Is that old tree safe, or should you get someone in to assess it and lop a few rotten branches off if necessary?
• Are there gaps in hedges where your dog could escape?

Top Tip: Do a complete audit of the garden. It’s better to spend an hour checking everything than spending a lot longer having to deal with an emergency.

5. Is the House Childproof?

We don’t need to explain why child safety should be paramount. You should walk around the house to ensure everything is in place to help keep your children safe. This includes safety catches on cupboards, padlocks on areas where things like cleaning products are stored, locks on front and back doors and side gates and stairgates.

Top Tip: Little people are curious and will stick their fingers in everything! Most hardware stores carry home safety packs that include plug socket covers and cupboard catches. Keep a spare set so you are always prepared.

6. Check the Smoke Alarms

Safety is a priority, and alarms alert you to danger. Make sure there are working batteries in the smoke alarms and in the carbon monoxide alarm. If it is a wired-in smoke alarm, test it. Make sure your family know what they are for, what they sound like and what they should do if they hear them.

Top Tip: Test all your alarms monthly without fail.

7. Plan an Emergency Escape Route

You’ve done all the safety checks but, what happens if something goes wrong and you need to get out of your property? You should plan how you and your family will escape from the house in an emergency. You need to think about routes and who is responsible for whom, and where to meet up when you’re outside.

Top Tip: Having a plan can save you time, and in an emergency, time is of the essence. Make sure the whole family knows the plan and practice it if you need to.

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

Warrington Rental Homes Nightmare

• Warrington needs 645 additional private rented properties per year to keep up with current and future demand from Warrington tenants.
• Yet over the last 5 years, Warrington has lost 556 private rented homes.
• What are the 5 reasons the supply of private rental properties in Warrington are falling? What does this mean for tenants and landlords in Warrington?

There has been a rise in demand for rental properties and an 8.9% fall in the number of Warrington private rented properties, which has caused Warrington rents to rise by 10.4% in the last year, a new all-time high.

The National Residential Landlords Association asked the respected economics think tank Capital Economics, to carry out research on the UK rental market. It found that if the current trends in the property market in terms of growth of the population, Brits living longer, the lack of new homes building, the reduction in social housing (aka council housing), then demand for homes in the private rented sector needs to increase by 227,000 homes per year.

So, based on those numbers, Warrington needs to have an additional 645 private rented properties per year.

The problem is the number of private rented properties in Warrington has reduced from 10,425 in 2017 to 9,869 in 2021, a net loss of 556.

So, why has supply of private rented homes in Warrington reduced?

Section 24 Income Tax

Section 24 was introduced in 2017 to level the playing field on the taxation of property between homeowners and landlords. Section 24 stops landlords from offsetting their buy-to-let mortgage costs against the profits from their rental property. Interestingly, no other kind of UK business is affected by the Section 24 taxation. In other words, whatever other form of business you might be in, be it butcher, baker or candlestick maker, every other business can offset their finance costs against their profits, except buy-to-let.

The issue caused by Section 24 Tax is that some landlords ended up paying more income tax than they really made in profit after paying their buy-to-let mortgages. Meaning on the back of rising Warrington house prices in the last five years, some Warrington landlords have sold their buy-to-let investments.

3% More Stamp Duty for Landlords

When someone buys a property, they normally must pay a tax to the Government for the privilege. This tax is called Stamp Duty. Yet landlords must pay an additional 3% stamp duty supplement on top of that when they purchase a Warrington buy-to-let property. Evidence suggests some Warrington landlords have decided to hold off or scale back buying additional buy-to-let properties for their portfolio because of the thousands of extra pounds that landlords have to pay to buy the rental property.

Holiday and AirBnb Lets

Some Warrington landlords are converting their long-term rental properties into short-term furnished holiday and AirBnB properties. Whilst the hassle, stress and service levels are much higher, these types of properties do tend to make more money and aren’t as heavily taxed as normal lets. When properties convert to short-term lets, it removes another Warrington property out of the general supply chain of long-term rental properties.

Greater Legislation for Rental Properties

With more than 150 pieces of legalisation, and new laws being added each year, the burden on landlords is huge. On the horizon is the Renters Reform Bill which will remove the no fault evictions. Also, all rental properties with an Energy Performance Certificate (EPC) rating of below a ‘C’ will have to be improved (i.e. money spent on them) by the landlord. This could be more than £10,000 per property. Hence, why some Warrington landlords have been selling their rental properties with low EPC ratings in the last 18 months.

Accidental Landlords Selling Up

There are some Warrington landlords who are classed as ‘Accidental Landlords’. In 2008/9, with a slowing property market and house price values dropping in the order of 16% to 19% (depending on the type of property) some Warrington homeowners decided to let their home out as opposed to selling it at a loss. Yet, with the price booms of the last 18 months, many decided to cash in on the higher property prices and sell - again taking another private rental property out of the system.


So, why is demand of private rented homes in Warrington 

increasing, even though more people own their home in 

Warrington than 5 years ago?

Even with better provision of affordable social housing and higher rates of owner occupation in Warrington (rising from 66.52% of homes in Warrington being owner occupied in 2017 to 68.96% in 2021), demand for private rental property continues to outstrip supply.

There are many reasons behind this including:

1. People are living longer, meaning not so many properties are coming back into the mix to be recycled for the younger generation.
2. Net migration to the UK has continued at just over a quarter of a million people a year since 2017, meaning we need an additional 115,000 households to house them alone.
3. For the last two years, one in six of the owners of properties that have been sold have moved into rented accommodation instead of buying on because of the lack of properties to buy.

So, what is the outcome of the imbalance between supply and 

demand on Warrington rental properties?

Quite simply - Warrington rents have rocketed. They are 10.4% higher today than the spring of 2020 … and that’s on the back of rents being 6.9% higher in spring 2020, compared to spring of 2019.

The severe shortage of housing in the private rented sector is pushing up rents in Warrington as demand continues to grow. Many Warrington people are finding it hard work to find appropriate accommodation at a reasonable rent, and with mounting numbers of tenants predicted to continue, this situation will only get worse unless more houses are built.

My heart goes out to those Warrington tenants struggling with the cost-of-living crisis, only to then be hit by higher rents.

Yet, these higher rents are now enticing new landlords back into the Warrington buy-to-let market because of the higher returns.

With higher inflation, property investment has been seen in the past a safe harbour to invest one’s money in. With the bonus of rising yields (because of the increase in rents) together with the nervousness of the Bank of England to increase interest rates too much because of the issues in Eastern Europe, this could be the start of a second renaissance in the Warrington buy-to-let market.

If you have concerns about the issues in legislation and taxation, then the advantage of employing a letting agent, with the choice of property, what you pay for it and how it’s managed, will go a long way to mitigate them.

If you are considering getting into the Warrington buy-to-let market for the first time or expanding your property portfolio (whether you are a client of mine or not) please do not hesitate to give me a call and we can discuss these matters further.

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

How to Sell Your Warrington Home Fast This Spring

If you’re thinking about selling your home in Warrington this spring and want a quick sale, then here are our tips to help you find a buyer in no time at all.

• Be Flexible on Price

When it comes to selling your property in Warrington, a good estate agent will be able to give you a clear idea of the price range that it falls into.

Ideally you’ll get the full asking price, and if you’re very lucky then you may be offered more if a couple of potential buyers want to compete.

However, if you want a quick sale then you may need to be prepared to accept a little under the asking price. You should be willing to be flexible, especially if the property is looking tired and some of the major components need updating, such as the boiler or windows.

Have an amount in mind that you would be willing to accept but don’t allow yourself to be forced into accepting a low offer if you won’t be happy with the price.

• Find the Right Buyer

While it’s natural to want to achieve the highest possible price for your property, it may be worth sacrificing a small amount to get a sale completed as quickly as possible.

For example, one buyer may offer you the full asking price but be part of a long chain, whereas a first-time buyer may come in with a slightly lower offer but with no chain to consider.

So if you’re looking to sell in a hurry, then it may be worth your while choosing a buyer who’s ready to go quickly, even if it costs you a bit of money in the short-term.

• Give Your Home a Lick of Paint

Buyers will be far more attracted to a property that’s ready to move into immediately, and you don’t need to spend a fortune getting the place ready either. A fresh coat of paint will do the job, even if it’s just a touch up rather than a full paint job.

Go for neutral colours too, such as an off-white or magnolia. Buyers want to imagine themselves living in the property they’re viewing, so giving them a blank canvas will be far more appealing than jungle-themed wallpaper for example!

• Boost Kerb Appeal

Many buyers will make up their mind about a property before they’ve even stepped foot inside.

If you’ve allowed the front garden to become overgrown, or your overflowing wheelie bins are blocking the path then it’s time to get the gardening gloves on and tidy it up.

Add a hanging basket or two, or some pots, and perhaps touch up any paitwork if you want to really make an impression.

• Show off your Home’s Assets

You want to show your property in its best light, so that means highlighting everything that’s good about it.

For example, you may have been using the second bedroom as a dumping ground for all your old coats or magazines, but buyers will want to see how they can use the space as a second bedroom.

So clear all the clutter out of sight, make the bed and let buyers see what it’s meant to be used for.

• Declutter…Everywhere!

This ties in nicely with showing off your property’s assets. Buyers want to see a property that’s well looked after and don’t want to be overwhelmed with clutter when they walk through the door.

So if you have been using the understairs cupboard for junk or piling up paperwork in the sitting room then it’s time for a clearout. And there’s the added bonus of potentially making a few pounds by selling some of your unwanted possessions.

• Fix any Minor Issues

When you’re living in a place it’s easy to overlook a missing lightbulb, a damaged fence or a cracked window.

However, if you’re looking to sell, then these minor issues are all things that buyers could pick up on, and which might put them off making an offer.

Some buyers may see minor issues like these as a sign of potentially bigger issues elsewhere, and it gives them the impression that the house isn’t well maintained generally.

So before you come to sell, just take some time to sort out those odd jobs that you’ve been putting off.

• Clean Your House

You don’t need to get the professionals in or spend all day doing a deep clean, but before any viewings just make sure you’ve whizzed round with the vacuum and a duster, emptied the bins and tidied up.

You’d be amazed how much of a difference it can make to buyers, and it’s further proof that you take pride in your property and maintain it to a good standard.

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