The Best Thing Landlords Can Do

The rising cost of living is squeezing everyone’s budgets, which means it is more important than ever for landlords to do everything they can to try to ensure that they help their tenants manage their energy use and reduce their bills. Doing so will not only benefit their tenants but may also help them avoid rental voids, as their tenants will be less likely to be left unable to pay the rent.

Landlords of privately rented properties will also be required to make sure their rental properties have an EPC rating of at least C in order to continue taking on new tenants under the regulations, which are expected to become law in England and Wales in 2025.

How can landlords both help their tenants to reduce their bills and improve the EPC ratings of their properties?

Smart meters

These allow tenants to have visibility of their energy usage in real time so that they know exactly how much they are spending each day.

Smart thermostats

These allow tenants to have more control over how they use their heating every day. Some smart thermostats will even turn the heating off when they identify that a property is empty and then turn it back on when the tenants return, thus saving tenants from paying to heat an empty home. Research has indicated they can help reduce heating bills by between 12 and 23%.

Eco features

Many boilers have an ‘eco mode’ which stops water from being preheated. This means that it takes a little longer for hot water to come out of the tap, but it does save money.

LED bulbs

Before renting out their property, landlords should make sure to replace all of the bulbs with LED ones. If they already have a tenant then they should make sure that they know that they could save an average of £40 every year just by using LED bulbs.

Radiator thermostats

These allow tenants to choose to boost the heat in the room that they are in rather than having to heat the whole property all the time, which will help to reduce their bills.

Insulate

Twenty-five per cent of heat loss is through the roof, so landlords should make sure that the loft is well insulated. Doing so will also have a positive effect on the property’s EPC rating.

Double-glazed windows

Properties with double-glazed windows lose, on average, just 10% of their heat through their windows. According to research, single-glazed windows are responsible for up to 70% of a property's heat loss! Investing in double-glazing can have a large effect both on a tenant’s bills and the EPC rating of the property.

Insulate the hot water cylinder

Check the thickness if you already have a jacket that fits over your tank. If it isn't at least 80mm thick, think about getting a new one. Increasing the insulation from 25mm to 80mm thick can save up to £70 per year.

We have seen a definite increase in the importance of EPC ratings to tenants who are wary of renting properties that cost a fortune to heat. If you are looking to rent out your property and would like some advice on how to make your property more energy efficient please give us a call on 01925 235 338 and we will be happy to advise you.

Don't forget to visit the links below to view back dated deals and Warrington Property News.

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Warrington Property Market Report March 2023

Encouraged by the slow but steady return of warmer weather, homebuyers and sellers are coming out of hibernation, and the local property market is getting increasingly busy. It is something that estate agents fondly refer to as The Spring Rush!

Homebuyers who wish to be settled in their new homes in time for Summer know that they are now in a race against the clock to find a property and give themselves enough time for the purchase to be completed.

Let’s have a brief look at what’s been happening over the last month in the local Warrington property market.

There are currently 458 properties available for sale in Warrington. This is a 6% increase in the number of available properties since December when there were 430 available. Last month, there were 447 and the month before there were 445.

Of the 458 properties that are currently available, 82 came to the market in the last two weeks. That is 17 more than were put on the market in February. In January, there were 73 properties that were new to the market; in December there were 33; in November, there were 48; and in October, there were 71. This is good news for buyers and shows that the market has changed from a sellers' market to a buyers' market. Buyers now have more choice and feel less rushed into making a decision.

The average price of properties in Warrington is £269,292. This is an increase of 3% since last month, when the average house price was £261,154. The median price is £235,000.

Most of the properties available are in the £100,000 to £200,000 bracket, with 161 currently on the market. This is down from 182 last month. In January there were 192, in December there were 191, and in November there were 170 available.

There are 37 properties available in the £500,000 to £1 million bracket and they are spending on average 124 days on the market.

Properties in the £300,000 - £400,000 bracket remain the fastest movers, reducing the amount of time they spend on the market from 87 days in February to 64 days in March. In January, they spent an average of 61 days on the market. In December, they spent on average 80 days on the market. In November, properties in the £100,000 to £200,000 bracket were the fastest movers; they were on the market for 92 days.

They are closely followed by properties in the £400,000 to £500,000 bracket, which are now taking on average 92 days to sell, down 5 days since last month. This is a decrease of 111% since November, when they were spending on average 194 days on the market.

One-bedroom properties had a median price of £95,000 in January and December, up from £90,500 in November. In February and March the median price of a one-bedroom property in Warrington was £90,000 with an average price of £96,476. They are currently sitting on the market for an average of 281 days, down from 290 days in February. In January they sat on the market for an average of 297 days; in December, 288 days; and in November, 289.

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 your portfolio, please bear this in mind when planning.

Three-bedroom properties were the fastest movers in Warrington in March, spending an average of only 89 days on the market. They currently have an average price of £246,071 and a median price of £240,000.

Let’s take a look at the annual figures now.

The majority of sales in Warrington during the last year were semi-detached properties, selling for an average price of £249,947. Terraced properties sold for an average of £181,028, with detached properties fetching £420,874.

Overall, sold prices in Warrington over the last year were 4% up on the previous year and 11% up on the 2020 peak of £230,796.

This shows the high levels of activity in the local Warrington property market, which are likely to increase or, at the very least, remain strong as we head towards summer. There is a lot of demand and plenty of people looking to move around Warrington.

If you’re thinking of selling your property, feel free to contact us. If you’re thinking of 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.

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
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7 Things You Shouldn't Do When Buying Your First Property

The process of purchasing your first home can be both thrilling and intimidating. But many would-be homeowners are unaware of the things that could derail their home purchase.

Here are the top seven things that you shouldn't do if you are buying your first property.

1. Under-estimating expenses

You must factor in moving expenses, survey fees, and conveyancing costs, in addition to the purchase price of your property. Remember that you will also need to pay council tax and insurance for the building and its contents when you move in.

2. Ignoring your credit score

Lenders use your credit score, which serves as your financial resume, to determine whether you can make your repayment commitments. Check your credit score before you apply for a mortgage and fix any mistakes to make it less likely that your application will be turned down.

3. Choosing an unsuitable solicitor

Verify that your solicitor is on the mortgage lender's list of approved solicitors to prevent having to switch later. Take advice from the estate agent about which solicitor to choose if you’re giving the option. They deal with one another all day, every day, so are able to guide you.

4. Not being on the electoral roll

The electoral roll is one of the simplest ways for lenders to confirm your identity. Your application may take longer to process, and your credit score may be impacted if you are not registered.

5. Not getting an Agreement in Principle (AIP)

The housing market is competitive. Instead of waiting for you, sellers may choose to accept an offer from someone who already has an Agreement in Principle.

6. Accumulating a lot of debt

Taking on new debt could affect your credit and make it more difficult for you to have your mortgage approved.

7. Changing careers

Avoid switching jobs in the middle of the property-buying process. It may give the impression that your employment is unstable, which weakens your application to lenders.

If you are looking to buy your first home, please give us a call on 01925 235 338 or send us an email to staff@hamletwarrington.co.uk so you will be one of the first to hear about our newest properties.

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