As we leave the Spring market behind and step into the Summer market, a brief look at what’s been happening over the last month in the property market shows some encouraging signs.
There are currently 197 properties available for sale in Warrington. Of these 197, 47 were new to the market in the last two weeks. The average price of properties in Warrington is £246,541 with the median price at £200,000.
Most of the properties available are in the £100,000 to £200,000 bracket. There are also 2 properties available that are priced at over £1 million. Properties in the £500,000 to £1,000,000 bracket sell the fastest, only on the market for an average of 33 days. Properties in the £200,000 to £300,000 bracket also sell fast, only being on the market for 46 days.
Properties priced at £100,000 and under, take the longest to sell at 323 days. This is similar to one-bedroom properties that have a median price of £90,000 and remain on the market for 350 days. This is important to bear in mind if you’re thinking of upsizing or selling an investment property. The timescales involved may be longer than you had first imagined.
Looking at the annual figures shows just how strong, and indeed unusual, the Warrington property market has been.
Properties around Warrington had an overall average price of £252,534 over the last year.
The majority of sales around Warrington during the last year were semi-detached properties, selling for an average price of £236,814. Detached properties sold for an average of £386,016, with terraced properties fetching £174,310.
Overall, sold prices around Warrington over the last year were 4% up on the previous year and 17% up on the 2019 peak of £214,923.
Checking the most recent land registry figures is interesting, albeit a couple of months behind as it refers only to completed sales. In March 2021, 40 detached Warrington homes were sold compared to only 4 last March. Semi-detached homes show a similar change from 54 to 19. Terraced properties sold 78 last year and only 16 this year.
This reduction is not a sign of a crash or anything so dramatic. It is merely a slowing and, hopefully, a sign of the market starting to correct itself. This should mean that demand and supply are more balanced and prices settle once again.
If you’re looking for further information about the Warrington property market, please feel free to contact us. If you’re thinking of selling or buying, letting or renting a Warrington property, please don’t hesitate to get in touch. You can call 01925 235 338 or email staff@hamletwarrington.co.uk.
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