With the school summer holidays nearly upon us, many people start to think about moving home. Having family around a lot more can highlight how your current place isn’t quite working for you. You might need more space when all the kids are at home, a bigger garden for when the grandkids are at yours, or somewhere quieter when the neighbours’ kids are all home.
If you want to be moved and settled in by the next big school holiday, which is Christmas, you need to be getting on the market now. There are national delays happening in the legal sector that deals with housing. Often called conveyancers, or solicitors, these are the people that deal with all the paperwork after you’ve made or accepted an offer before the key handover, known as ‘completion’.
In 2019, the time between offer and handover was 100 days. Even that is over 3 months, just for the legal part of the transaction to take place. This has now increased by a third. Add to that the time it takes to get your property ready to go on the market, perfect the marketing, show people around, and negotiate an offer, and you can see why you need to get on with it now to be settled by Christmas.
Let’s have a brief look at what’s been happening over the last month in the local Warrington property market.
There are currently 275 properties available for sale in Warrington. This is 78 more than last month. Of these 275, 81 were new to the market in the last two weeks. The average price of properties in Warrington is £285,183 with the median price at £220,000.
Most of the properties available are in the £100,000 to £200,000 bracket with 91 currently on the market. There is just 1 property available, priced at over £1 million. In May, properties in the £500,000 to £1,000,000 bracket were selling the fastest, only on the market for an average of 33 days. They are still the fastest but the length of time has extended to 49 days. This month, properties priced between £300,000 and £400,000 are the second-fastest movers, only on the market for 51 days.
Properties priced at £100,000 and under, are now taking 356 days to sell. This is similar to one-bedroom properties with a median price of £90,000 as they are currently sitting on the market for an average of 326 days. This has gone down from 350 days last month.
This is another example of how selling property can take longer than people often imagine. If you’re looking to upsize from your first home, or are an investor looking to change their portfolio, please bear this in mind when planning.
Let’s take a look at the annual figures now. Properties around Warrington had an overall average asking price of £245,315 over the last year. Despite the media claiming house prices are falling, this figure demonstrates a 12% increase from the same time last year.
Overall, sold prices in Warrington over the last year were 6% down on the previous year and 8% up on the 2019 peak of £229,819. This doesn’t represent a crash, simply the market correcting itself, as we mentioned last month in our report. The craziness of the last couple of years is starting to settle, which is a positive thing as supply and demand should level out, with prices calming too.
The majority of sales in Warrington during the last year were semi-detached properties, selling for an average price of £242,595. Terraced properties sold for an average of £180,274, with detached properties fetching £402,967.
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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