75% Drop in Warrington Council Houses in the Last 40 years

• In 1981, 28.6% of properties in Warrington (and the Warrington Borough as a whole) were council houses. Today, that figure stands at 7.2%, a proportional drop of 75%.
• Why has the number of council houses dropped so much in those 40 years?
• How has that changed the dynamics of the Warrington property market in those 40 years?

The ability of local authorities to build council houses came into law in July 1919 with the 1919 Housing and Town Planning Act. It was one of the most important pieces of domestic legislature passed after WW1 and was the first time in the UK that a nationally public funded system of providing homes was made for the masses. It was paid for mostly by central government and provided by local authorities (councils) and public utility societies (which in later years became today’s housing associations).

Between 1919 and 1979, 6.94 million council houses were built.

Just over 1 million council houses were built between 1920 and 1939, whilst 5,804,150 council houses were built between 1946 and 1979. This is compared to 4,533,440 private homes and 260,910 housing association properties in the same time frame (’46 to ’79).

So, between 1946 and 1979, the council house was the dominate force of British housing. But that all changed in 1979!

Many people believe it was Margaret Thatcher who was the architect of allowing the sitting tenant of a council house to buy their home. Interestingly, council house tenants have been able to buy their council house from as early as the mid-1930s, albeit with little or no discount. Also, as late as 1977, the Labour Housing Minster published a Green Paper extolling the virtues of homeownership and council tenants being able to buy their home at a discount.

But after the General Election of 1979, the new Tory government drafted the Housing Act 1980, which gave the Right to Buy, which became law in the autumn of 1980. Then things really took off!

This new law established a right for most council tenants who had been in their home for three years or more to a discount. The discount started at 33% and increased by 1% for each extra year, up to a maximum of 50%. If the tenant sold the house within the first five years of ownership, a prorated repayment of their discount was required.

Between 1980 and 1989, 970,558 council houses

nationally were sold at a discount.

Yet the issue was, when a council house was sold, it took that house out of the council’s portfolio for future generations. From the start, there were limitations on local authorities’ use of monies from the council house sales as most of it had to be given to central government in London, meaning only 390,560 new council houses were built between 1980 and 1989. Looking at the numbers locally …

In 1981, there were 16,746 council houses

in Warrington today it’s 6,147.

No wonder the country has a housing crisis ... yet as my regular readers know - the devil is in the detail … and that devil is the humble housing association.

The Tory General Election Manifesto in 1979 had proposed the rights for both council house and housing association tenants to buy their own house under the Right to Buy scheme. The Conservatives argued housing associations, who obtained government funding, should be subject to the same Right to Buy proposals as councils. The Government won the vote in the Commons, yet lost the vote in the Lords, meaning housing association tenants could not buy their homes at a large discount.

At the time, there were only 400,000 housing association properties in the country, so the Government were not that worried. But the significance of housing associations developed in the 1980s and beyond as they were allowed to borrow money from the private sector.

Between 1949 and 1979, the average number of housing association properties built annually was 8,524. Since 1979 to today, it has been 25,062 per year (and 31,606 per year in the 2010s).

Also, the Government encouraged councils to transfer their remaining council houses to housing association schemes from 1986. The advantage to these ‘stock transfers’ was the Government allowed housing associations to access private funding to improve their existing properties and buy new ones (good news for existing tenants complaining that the local authority never upgraded their homes).

Moreover, the Tory Government liked stock transfers, as it allowed them to dismantle council housing from the inside. Interestingly, Labour expanded the ‘Stock Transfer’ process in 1997 and further reduced the eligibility for council tenants’ Right to Buy, meaning the number of council tenants exercising their Right to Buy declined considerably.

Meaning today, even though the provision of council housing has dropped like the proverbial stone …

the number of housing association properties in Warrington has 

increased from 744 in 1981 to 7,171.

So, how has this changed the dynamic of the Warrington property market in the last 40 years?

Would it surprise you to learn that the number of people who own their Warrington home today is very similar to what it was 20 years ago before the property boom started? It’s just that even though we’ve had a large drop in the number of council houses and an increase in the number of housing association properties, the number of people owning their home has remained relatively the same (in some areas of Warrington this has actually increased), the significant issue is the growth of the private rented sector in Warrington.

It's almost as if people who used to rent from the council now rent

from a private landlord.

The question is, is it right for private individuals to make money from tenants who rent from them as opposed to the local authority? Or are private landlords providing better types, choices and quality of accommodation for these tenants, albeit at a higher rental rate than if they rented a council house?

I really do believe if it wasn’t for the growth of the buy-to-let landlord, which began in the early 2000s, we would have an even bigger housing crisis on our hands than the one we have currently.

Both local and central government have had their hands tied behind their backs since 2008 with a lack of funding, and it’s the humble private landlord who has stepped up and supplied in excess of 2.3million additional rental properties since 2001, housing nearly 5,520,000 Brits. These landlords have saved the day since the big council house sell off in the 1980s!

What are your thoughts on this matter?

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
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Only 1 in 9 Warrington Properties are Bungalows, Despite an Ageing Population.

The bungalow is a building that has represented a more leisurely, gentler way of life since the early 1900’s. Bungalows have been sold as an aspiration for those about to retire, saving them the annoyance of having to climb stairs. With an ageing population, one would think they would be building more bungalows, yet nothing could be further from the truth. In fact, this could be one of the main issues that is holding back many mature homeowners moving home, thus creating a bottleneck in the Warrington property market for the younger families who are being held back and unable to move into the larger homes they so need to grow their families.

So, before I answer that question, let me share this fascinating fact about bungalows. The word ‘bungalow’ originated in India, not the UK. The name is derived from the Hindi word ‘baṅglā’ or the Gujarati word ‘baṅglo’, both of which seem to refer to a home occupied by a Bengali person. The colonial English started to use it for themselves in the late 1600s to describe the same sort of basic lodgings that sailors and staff of the invading East India Company used.

Anyway, back to the here and now in Warrington.

There are 2,269 Bungalows in Warrington.

When you consider there are 20,060 properties in Warrington, that means only 11.31% of property in Warrington are bungalows.

To give you an idea of the age demographic of Warrington homeowners, there are 6,399 Warrington homeowners aged 65 years old (and over) and 7,917 Warrington homeowners aged between 50 and 64 years of age.

You can see demand for bungalows is only expected to grow. Yet new homes builders are having to deal with soaring land prices, meaning to get a profit from the site they are under pressure to build more vertically than horizontally as with bungalows (as bungalows take up so much more land).

The last available data is from 2018 and only 1.6% new builds in the UK were bungalows, interesting when it was just over 7% in the middle of the 1990s. As British people are living longer, those existing Warrington bungalow homeowners will be living in them longer, thus creating even more of a bottleneck in the Warrington property market.

So, what is the answer?

Well with building land in Warrington at a shortage, maybe new homes builders should be forced under planning rules to reserve ground floor apartments to be set aside for older people to encourage them to move out of larger houses. I would challenge the long-held point of view that building more bungalows in Warrington is the pre-eminent way to urge growing numbers of mature ‘last-time buyers’ to move out of their under-occupied Warrington homes and free up their large homes (where their children have flown the nest) for younger Warrington families to grow.

With the new Planning Regulations due to be in place in a couple of years, local authorities could require builders to set aside a share of homes for mature residents, as they are already obligated to subsidise local community facilities or low-cost social housing in return for obtaining their planning permission to build in the first place.

Another option would be to convert all those empty shops in our town and city centres up and down the country into residential use. There is no need for planning permission to change offices to residential property and the Government are considering the same for shops (although I have heard of some horror stories of those office to residential developments making rabbit hutches look spacious) – so again, it comes down to the planning laws and making them fit for purpose.

There are no doubt consequences of not designing our housing stock for the 21st Century and beyond for older people.

The population of Warrington is set to grow

by 8,832 to 55,317 by 2040.

As the UK population gets older in the coming decades, as life expectancy is set to grow from 81 years 2 months to 83 years 3 months by 2040, I fully appreciate the need for more Warrington homes to be built for families, yet one must ask if the planning authorities are focusing too much on new housing for the younger generation, when they in fact should be encouraging new homes builders to develop larger, ground floor two-bedroom homes and decent accessible transport links.

These are my thoughts, what are yours the good people of 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.

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
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£415,755 – ‘Wood’ You Pay That for a Warrington Semi-Detached House?

The value of an average Warrington semi-detached house has increased in value by £25,906 in the last 12 months, an increase in value of 13.21%.

Yet the costs of building a Warrington home have shot up even more in the last 12 months, meaning the price of Warrington new homes and any building works you do to your Warrington home in the coming months and years could be a lot higher.

The British house building profession is experiencing a building materials supply problem. Everything from cement to bricks, timber and roof tiles, plastic guttering, copper wire and pipe to insulation, even kitchen sinks have become scarce – and when people can find them, they are costly.

For example, looking at the timber industry, three-quarters of the UK's building timber comes from abroad, so lockdowns around Europe put a restraint on the timber processing industries of Sweden, Lithuania and Latvia throughout 2020. In addition, building material supply chains were interrupted due to the lockdowns imposed by their governments, resulting in many sawmills in those countries restricting shift work to comply with their country’s social distancing rules. Some mills even stopped all work for eight weeks last year, meaning they were incapable of cutting, milling or treating timber, causing their existing stocks of building wood to run dry.

Yet, whilst we were all in lockdown, everyone started doing DIY projects, so the public demand for building timber in the UK remained high, giving little opportunity for UK sawmills (let alone North-eastern Europe) to catch up and restock to the levels previously held before the pandemic.

Building timber costs 112% more than a year ago, steel RSJ’s are a lot more expensive because iron ore has gone up 120.1% whilst aluminium is up 56.8%, and copper is up 59.7%.

All the blame cannot be laid at the feet of the virus and lockdown. The ‘B’ word caused issues with supply at the start of the year. Building materials are a worldwide supply chain issue; this Spring’s Suez boat crisis, when many boats were diverted around Africa (as the length of time the blockage was going to last was unknown) exacerbated the problem. All this has combined to make the cost of sending a 40ft container from China to Tilbury Docks £7,576 today, compared to £1,195 just before the crisis. Also, supplies of sand and cement are particularly low with massive demand from the large £98bn High Speed 2 (HS2) rail project. All this combined is affecting many building projects, big and small, across the UK.

If an average Warrington semi-detached house had risen by the price of building timber in the last 12

months, today it would be worth £415,755, not the current £222,017.

RSJ (steel joists) take twenty weeks to arrive, compared with the typical five weeks, whilst plasterboard is being rationed with weeks of delays for the ‘good stuff’ and MDF wood, usually takes seven days to arrive; now it takes over a month. Roof battens need to be ordered a month in advance, whilst pre-lockdown they were commonly held in stock by every building merchant.

Demand for building materials has increased so quickly because many British homeowners are driving the explosion. Those people in safe jobs with little opportunity to spend money on foreign holidays and fancy restaurants decided to invest in their property and gardens. According to the Bank of England, this craving for home improvement has particularly exploded since the mature generation started to be double jabbed (their savings accounts have increased by £180bn during the pandemic).

As I have explained in previous articles, these increases in the price of raw material will fuel inflation, possibly affecting interest rates upward. An increase in interest rates will make a material difference to the value of Warrington property. To what extent? Please read my previous articles on the Warrington property market.

Please do share your stories of issues with builders and building materials over the last 15 months in the comments. I appreciate any stories you can provide to help others 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.

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
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7 Exclusive Tips for First Time Home Owners in Warrington

It’s great news that you have become a first-time homeowner and have got the keys to your new place, but it’s likely you may be unsure of a few things. After all, buying a home was never top of the school curriculum, was it?

So, we at Hamlet Homes Warrington have used our experience and knowledge to put together seven tips for first-time homeowners.

Tip Number One

Rest! We know this sounds a bit daft, but you’ve gone through the process of buying your first home and it may well all have been a bit stressful. So, give yourself a break. Time to think about how amazing it is that you have the keys and you’re now a homeowner. By doing this, you’ll give yourself time to think and to plan things like decorating.

Tip Number Two

Get to know everything. Seriously, you’re in a new house but do you know how to turn the heating on? Do you know where the stopcock is and what it actually does?

You will also want to make sure you have the best broadband connection, what day is bin day and where your water, gas and electricity meters are located!

All too often, we see people get in a muddle a little down the line not because they have done anything wrong, but because they are not sure what’s what. Take time to find things out!

Tip Number Three

Lock it up, code it right. You’ve moved to a home that you can call your own. Now is the time to change the locks and the security code for the alarm. Yes, this can seem a little negative when you’re still in the champagne-quaffing stage of being a new homeowner, but safety first!

You may not know who has a key or who used to pop by now and then or look after the property when the previous householders were out – so who might still have access?

Tip Number Four

Clean it up! Do a deep clean throughout your new home. That includes skirting boards, behind radiators, door frames and behind appliances! Once you’ve done this, it will instantly feel more like your home, and you can be reassured that everything is dirt free. Obviously, before you do this, get the kettle out and the teabags!

Tip Number Five

Home in on security. Security must be a priority, even if you live in a nice leafy area. These days many people choose to have video camera doorbells and CCTV cameras high on a wall. It’s amazing what you can do with your phones now, and soon you could be checking parcel deliveries at the touch of a button.

Ask in local Facebook groups or ask friends and colleagues for recommendations as there are different systems out there that could be useful.

Tip Number Six

Community is the buzzword at the moment, and by that we simply mean the people who live near you – your neighbours! It’s good to be sociable but think of the added benefits. Neighbours will know the local playgroups, the best pubs and restaurants, trusted traders, garages, and convenience shops, so it’s advantageous to get to know the people around you.

Tip Number Seven

This might seem dull perhaps, but make sure you sort your paperwork and filing out. You may well have lots of paperwork from your move, whether that’s directly related to the house, or associated documents like insurance or utilities paperwork. It may seem like a chore when all you want to do is enjoy your new place, but it will pay off in the long run.

When you’ve bought your first home, you want to get on and enjoy it, of course you do, but think long term!

First time buyer but not found your perfect home yet? We are always happy to help. 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

New House Vs Old House? Here’s How to Choose!

Out with the old and in with the new? Or, out with the old and in with the old?

Moving house can be wonderful but how do you choose where you will be living next?

Do you go for the period property with the character and quirks in need of a little love and attention, or do you opt for the new house with the ensuite, the study space and the double garage?

Choosing your next home in Warrington is a big decision. It’s a huge investment and so it must be right.

At Hamlet Homes Warrington we’ve seen our fair share of old and new, so let’s look at what you should be considering when choosing.

What do you really want?

We speak with people all the time who know exactly what it is they want! However, equally, many don’t. So, what do you want from a new-to-you property?

• Do you want a ready-to-live-in house?
• Would you rather have a property where you know you will need to do some work?

Write the pros and cons of new and old and have a good ponder on the type of house you want.

Do you have the skills?

You may have decided that you want a doer-upper. You know the type. External walls need rendering, a rewire is required, new bathroom suite, the kitchen needs replacing…

But do you have the skills to do the work?

If you do, then great.

Do you have the time?

If you do, then greater still.

If you don’t, then this should steer you away from a house that needs work unless you have the budget to pay for professionals. If you’re going to bodge it, will it really become the home of your dreams? Unlikely! So, think carefully before taking on too much.

Is money no object, or are your finances tight?

Budgets play a huge part in any project, whether it’s a house you are renovating, or a new property that needs carpeting or decorating to your taste.

If you want to renovate, have you worked out all that you need to do, whether that’s materials or labour costs? And what about a contingency fund? What you don’t want to do is have a list of things to do and then forget important aspects which mean the budget is smashed through the roof.

You can of course renovate on a budget, but if you have not fully costed everything, you may be in for a shock.

New can mean brand new!

A new home is so easy to move into. You can practically unpack, add furniture and be having a cuppa within an hour or two!

If it is brand new, then there should be warranties on white goods or on the building itself, giving you peace of mind so brand new can be an ideal option if your skills are limited, your budget tight, and, to be honest, you don’t want to renovate a property.

Is an older property better?

Many older houses are perceived to have been better built than newer ones. It’s true, they might have more substantial building materials used in the construction process, have intricate tiled patterns, more spacious rooms, larger gardens, or handmade bricks.

But… newer homes will have up-to-date environmental standards, materials sourced from environmentally conscious suppliers, have better insulation, and have electric and plumbing systems that are unlikely to require replacing.

There are always going to be pros and cons to any house you buy, whether it’s an old one or a new one.

Right now, we don’t know what your requirements are, so come and talk to us and we’ll be able to help you make the right choice. In Warrington we’re lucky that we have old and new properties coming to market, so we could have the ideal house for you.

What do you prefer, old or new?

Call us on 01925 235 338 or email manoj@hamletwarrington.co.uk and let us know what you’re looking for.

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

Buying a home in Warrington: Budgeting for Fees

Out of all the purchases you make in your life, your home is likely to be the most expensive, but it’s not just the price of the property you need to take into account. When you purchase your new home in Warrington, you’ll have fees and other costs associated with the move to take into consideration. Make sure you budget well so that you don’t end up with a nasty surprise!

If you are looking to buy a home in Warrington, do make sure you take into account all the associated fees with your purchase. To help you, we’ve created this handy guide to the most common fees.

Stamp duty

Currently, stamp duty is payable when you buy a home that costs over £125,001, although if you’re a first-time buyer, you won’t pay stamp duty on the first £300k. The rate of stamp duty increases as a percentage depending on how expensive your home is, so if it’s under £250k it’s 2%, and if it’s under £925k it’s 5%. There are also higher rates payable for people with second or buy to let homes. Stamp duty needs to be paid to the HMRC within 14 days of completing the process of buying a home, and your solicitor will usually deal with this, so make sure you’ve budgeted for it.

Surveyors fees

When you buy a house, a survey is essential, as it ensures you don’t buy a place that’s full of problems. In some cases, your mortgage lender will require you to instruct a survey, which could be a basic survey costing £250, through to a structural survey which can cost from £500 to £1,300 depending on the condition of the property.

Solicitors fees

Whilst you can attempt to do your own conveyancing, it’s one of those things that isn’t recommended as it’s very tedious, involves a lot of legal terms, and if something goes wrong, you have very little comeback. Therefore, you should budget for conveyancing fees, which can vary from hundreds to a few thousand pounds depending on whether you are buying and selling or one or the other.

Mortgage costs

There are a number of costs you need to budget for when it comes to your mortgage.

• Deposit: This is usually the most costly part of moving. You’ll need to put down a deposit of between 5% and 20% of the property price. If you’re already a homeowner, then the deposit is usually paid out of the equity in your current home.
• Valuation fee. Some lenders will charge you a valuation fee so they can work out how much they’re willing to lend and some banks will waive this fee.
• Transfer fee: Many mortgage providers add a fee of around £40-50 to transfer the money to your solicitor for the property purchase.
• Arrangement fees: These are the fees charged to set up a mortgage, and they can range from a few hundred to a few thousand pounds. In some cases, you can find mortgages with no arrangement fee, and some lenders will give you the option to add the fee to the overall cost of the mortgage. Keep in mind that if you add the fees to your mortgage, you’re likely to pay more due to interest on the combined figure.

It’s definitely worth shopping around when it comes to mortgages, and considering using a broker, as fees can vary and you’ll want to secure the best deal.

Removal costs

It’s worth getting some quotes and choosing not just the cheapest removal company, but the one that has the best reputation and offers best value for money. Some removal firms offer extras such as boxes and packing, which can be helpful when you’re busy dealing with all the other paperwork and stress!

Some people choose to hire a van and do the move themselves, but anyone who has done this will no doubt tell you it’s not always ideal. On the day of completion, you’ll be busy dealing with solicitor calls and trying to get the keys to your new home, so you won’t want to have the responsibility of loading up the van and unloading at the other end! Leave it to the professionals.

Repairs and decorating

Even if your new home appears perfect, when you move in, there are bound to be a few things that might need to be fixed and of course you’ll probably want to redecorate, so it’s a good idea to budget for this.

Moving home can come with a lot of fees, not to mention paperwork, but once you’re comfortably settled in your new home in Warrington, you’ll realise that it was worth all of the stress.

For a wide range of properties for sale in Warrington, contact our friendly and professional team of experts at Hamlet Homes Warrington on 01925 235 338 and speak with us today about your next home.

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

The Benefits of Owning a Buy to Let Property

Owning a buy to let in Warrington and renting out your property can be very rewarding. It can be a way of having a regular income coming in, together with actually owning something that should increase in value over time.

If you are considering renting out a property, there are many things you need to make sure you get right, such as rental income, statutory obligations (e.g. gas and electric certificates), and of course having the right tenants in-situ.

What are the benefits of a Buy To Let?

You’ll have the option of a Buy to Let mortgage

Unless you can fund your property purchase with cash, the chances are that you will need a buy to let mortgage. For landlords, this is the most popular way of acquiring property, which in itself can benefit you in a number of ways including:

• Interest only payments
• Longer mortgage terms
• Mortgage payments can be offset against tax
• Less strict regulatory processes

The good news is that there are a number of products and lenders out there to choose from, and you should be able to get a good deal from a lender.

If you have a larger than average deposit to put down, for example around 35 to 40 per cent, then the deals get even better.

Consumer website which.co.uk has some very useful information on mortgage deals worth looking at, and of course as your local estate agent we are happy to help and put you in touch with a recommended mortgage adviser who will assist you with lending criteria and affordability.

You’ll get potential high returns on your money

When you own a rental property, you should benefit in two ways, financially speaking. Firstly, you’ll have a monthly income stream coming in. If you’ve done your sums right and have a rental income that produces a good yield, then this is good news.

Secondly, you should see your property price go upwards over the years. Despite everything, property is still seen as a sound investment. We know for example that as soon as a rental property in Warrington is marketed, then we get a huge number of enquiries.

Top Tip Do your homework. If you need help making sure everything adds up, talk to us and we’ll do our best to help you.

You’ll diversify the risks

It’s fair to say that the economy has taken a battering over recent months. High street shops and large businesses have come a cropper because of lockdowns and uncertainties over investment going forward. Where previously you may have been certain of your other investments, perhaps now there’s an added element of risk.

If you have a few pounds stashed away in various projects or investments and are worried what the future might hold, property in Warrington is still seen as a sound investment with good returns. Again though, you must do the maths and look at interest and repayments and make sure the rental income covers not only fixed costs, but also maintenance and the other expenses associated with rental properties.

Top Tip Seek the advice of a trusted lettings and property expert to find out which areas will present the best opportunity for rental incomes.

You can help friends and family

We’ve seen a trend recently of people investing in buy to let properties as a way of helping friends and family out, while at the same time building up a property portfolio.

It’s an interesting concept and will not be for everyone but if you know someone going to college or university, it could be a way of generating useful cashflow.

Top Tip There are rules and regulations that tenants and landlords have to abide by whether your tenant is someone known to you or not! It’s probably even more important to get it right if you rent to friends or family as you won’t want conflict in the future.

These are just some of the benefits to owning a buy to let property. There are many things to think about, so if you would like some expert help, do give us a call and we’ll talk you through it. 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
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Your Great-Great Warrington Grandfather Would Only Have Paid £289 10s 0d for his Warrington Home in 1871

Would it surprise you even more when I said the ratio of house prices to wages are still lower today when compared to 1871? Yes, you read that correctly, as a proportion of average wages British house prices are 17.6% proportionally cheaper today than they were in 1871.

I wish to talk about the last 150 years of the British property market and later in the article, the Warrington property market. I will also touch on why before the 1900s, buying a home in Warrington was considerably more expensive than today and why that changed.

So, let’s look at some interesting stats to get us started:

• In 1871, each house was occupied by an average of 5.33 people (i.e. for every 100 houses, 533 people lived in them), whilst today that stands at 2.39 people per house
• In 1871, there were 4.5 million properties in the UK, whilst today that stands at 27.9 million
• In 1871, the weekly average wage was 13s 8½d (68p) and today £585.50
• In 1871, only 20% of people owned their own home, whilst today its stands at 65%

I stated in the first part of the article it was more expensive to buy in the latter parts of the 19th Century than today. It may only be of historical interest, but back in 1871, the ratio of average house prices to average wages was 10.5 to 1 (i.e. the average house was worth ten and half times the average person’s wage), whilst today it stands at 8.8 to 1.

Interestingly, for the next 45 years, that ratio went on a downward trend relative to wages and only stopped falling after WW1, where the average house was worth only 2.2 times the average wage. This made houses more affordable and set the foundations for the homeowning passion we Brits have today.

So why did this happen, what can we learn from it and what does it mean for Warrington homeowners and Warrington landlords?

There are three significant drivers that made property a lot more affordable between 1871 and 1911: the Victorians built more property, made them smaller and people's wages rose significantly.

• In the 40 years between 1871 and 1911, the number of properties in the UK rose from 4.5 million to 8.9 million. To give you some perspective, there were 18 million properties in the UK in 1981. If the UK had grown by the same rate between 1981 and today that was experienced between 1871 and 1911, there would be 35.6 million households in the UK (and not the 27.9 million mentioned above).
• In 1871, the average plot size of a property was 0.23 acres, yet by 1911, that was down to 0.06 acres (or a plot of 72ft by 40ft). This came about from building smaller types of property (i.e. a change away from larger Georgian detached houses towards the infamous rows of Victorian terraces), and a downshift in the average size of houses within each category.
• The average value of property dropped by 26% between 1871 and 1911, whilst wages rose by 85% over the same time frame.

So, by 1911, the average Warrington property had dropped in value from £290 in 1871 to £215.

N.B. – you might have noticed I wrote £290 in a slightly different way in the title of the article. Up to 1971, a pound was split not into 100 pence but 240 pence. There were 12 pence in a shilling and 20 shillings (or 240 pence) in a pound. It was expressed in the form £sd and spoken as "pounds, shillings and pence". I dropped that into the title as it’s the 50th anniversary this year of when the UK decimalised its currency (younger readers – do google the story – it’s a fascinating topic).

So back to the property market, and at the end of WW1, four in five people still rented, virtually all from private landlords. Politicians were concerned about the poor living standards of people’s homes, and this led to the ‘homes fit for heroes’ 1919 Housing Act which delivered subsidies for local councils to build council houses. The average value of a Warrington property in 1922 was £338.

The 1930s - By 1930, the average value of a Warrington property stood at £427. With the country building a third of a million houses per annum, interest rates fixed at 2% and hardly any planning regulations, supply of property was outstripping demand, so the average Warrington home dropped ever so slightly in value to £394 by 1938.

The 1940s - With the bombing of many towns and cities and housebuilding being stopped because of the war, this created a perfect storm to increase house prices after the war. By 1947, the average Warrington home had risen in value to £1,320 because just as food was rationed during and after the war, so were building materials. Builders could spend no more than £350 on building materials for a new home (and that lasted until 1954).

The 1950s - The '50s were all about building council houses – a quarter of a million of them each year. By 1959, the average Warrington home had risen steadily to £1,831.

The 1960s - This decade saw even more houses being built in the UK, with an average of a third of a million houses a year being built. Warrington is full of 1960’s council houses and now even more owner-occupied housing, meaning by the end of the decade Britain had as many homeowners as renters. The average Warrington house had risen in value to £3,358 by 1969.

The 1970s - We experienced the first boom and bust housing bubble in the early 1970s with house prices rising by over 30% a year in the early years of the decade (so the current 10% a year is child's play!) but prices dropped in 1974. They recovered quickly in the following years, not because of increased demand but due to hyperinflation, making the average Warrington house price rise to £17,078 by 1980.

The 1980s - This was the decade of council tenants being able to buy their own homes, although not many people know it was an idea from Labour. They decided against the idea, but it was seized upon by the Tories, who made it the cornerstone of their 1979 election manifesto. The property market helped improve the economy, and by 1988, Warrington property values increased to £35,721 (only to drop by 32% a couple of years later).

The 1990s - The housing market crash of the early 1990s was painful for all, exacerbated by mortgage interest rates being raised to 15% on Black Wednesday (16 September 1992) and left there for 12 months. Unemployment went from 1.5m to 3m for the second time in ten years, and many of those homeowners who had taken out large mortgages in the late 1980’s housing boom could no longer afford the repayments because of the high interest rates, meaning repossessions went through the roof. The crash also made builders nervous, and they only built 150,000 houses on average a year in this decade. Yet, by the mid-1990s, things started to improve. So much so, the average Warrington home was worth £66,962 by the turn of the millennium.

The 2000s - The decade of cheap mortgages and the rise of Buy-to-Let, together with a severe drop in the number of new homes being built, contributed to the UK’s third big housing bubble since WW2. The average Warrington house price more than doubled to £179,320 by 2008, before the Credit Crunch brought the boom to an end, and a year later (2009), the average Warrington property had dropped to £159,272.

The 2010s - The property market started to come back to life in the early 2010s with property values steadily rising throughout the decade, yet builders were only building around 135,000 new homes a year. It also might surprise you that by 2015/6, the number of homeowners was starting to rise quite significantly, meaning today, as we enter the 2020's decade, the average value of a Warrington property now stands at £231,425.

So, now we are back to 2021.

Yes, your Great-Great-Grandfather might have been able to buy their Warrington house for a shade under £290 in 1871. Taking inflation into account since 1871, that same Warrington house today would be £34,872.39, yet if his wages had increased by inflation at the same rate, the average wage today would be £81.91 per week, not the current £585.50 per week.

I appreciate there are plenty of other factors involved with this topic, such as the cost of renting, raising a deposit, changing lifestyles and the biggest point, the cost of borrowing money on a mortgage.

All this begs the question, what does the future hold for the Warrington property market?

It's obvious since the mid-1980s, house prices have sustained a period of impressive growth (even withstanding a couple of property crashes). The Bank of England has gone on record to say that much of the rise in average house values, comparative to wages, between 1985 and now can be seen because of a sustained, dramatic, and consistently unexpected decline in real interest rates and additionally concludes that: ‘An unexpected and persistent increase in the medium-term real interest rates will generate a fall in real house prices.’

Cheap mortgages and a lack of building have created this situation. So as long as interest rates don’t go back to their long-term average of the 5% to 7% range or the Government decides to increase building new homes to half a million a year (from the current 240,000 per year) ... things will carry on as they are in the medium to long-term.

These are my thoughts. I would love to hear any stories of your family buying property in the late 19th Century or early 20th Century and what they paid for it, together with the affordability of Warrington property and the future of it.

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
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How to Make Your Warrington Garden Summer Ready

Whether you are a green fingered fanatic and can’t wait to pull on your gardening gloves and get stuck in, or if you consider the maintenance of your outside space as just another household task that you need to tick off a list, you can’t deny that the imminent arrival of summer is the perfect time to update and refresh your garden.

From the planting of spring flowering bulbs to sprucing up your winter-weathered garden furniture, keep reading to find out how you can make your garden summer ready in six simple steps.

1. Get underway with weeding

Possibly the most boring and time consuming of all the garden maintenance tasks is weeding, but unfortunately it is a crucial step in getting your garden summer ready.

Start by removing any weeds that have accumulated in your flower-beds and then look to remove any dead plants from around your garden.

You can also tidy up your borders using a strimmer or an edging tool.

2. Tend to your lawn

After a long winter without a trim, your lawn is no doubt in need of a good mowing. It is always best to mow your lawn when it is dry, and you should also leave the grass clippings where they fall as this will provide the soil with moisture and nutrients, resulting in a healthier lawn.

Now is also the ideal time to aerate your lawn. This can be done either by hand with a fork, or with an aerating machine.

3. Fix up your fence

Fences can take quite a battering over the winter months and nothing can make your garden look as neglected and uncared for as a faded wooden fence. Therefore, it is vitally important that you repaint and treat your fence to ensure it looks its best once the sun starts shining again.

If you have painted your fence previously, you should first strip off this colour before you start the re-painting and treating process.

The colour of your fence is completely dependent on your personal preference although it should be noted that darker stains can make your garden appear smaller. If in doubt, try and choose a shade that will complement the plants and flowers in your garden, as well as any garden furniture that you may have.

4. Set up a scrubbing station

Depending on the items you have in your garden, you may have a fair amount of cleaning on your hands. From a rusty BBQ, to grubby outdoor seating, to debris littered decking; essential cleaning will definitely be on your list of tasks for ensuring your garden is summer ready.

To remove rust from your BBQ, simply mix one cup of baking soda with a little bit of vinegar, apply to the affected area, leave for half an hour and then scrub away with soapy water and a sponge.

Outdoor tables and chairs can also be revived with just a bucket of warm soapy water and a bit of elbow grease.

5. Sow your seeds

Whether you favour flowers or prefer growing a selection of edible plants, now is the perfect time to start deciding what you want to grow and where. Once you have established your preferred plants, you should start ordering your summer flowering bulbs and seeds.

Now is also a good time to hunt down and eliminate any hibernating garden pests that may attack and destroy your precious plants and produce once they awake from their slumber.

You can either use a shop bought pesticide, or you can make your own soap spray that will effectively eliminate any pests. Simply mix one tablespoon of dishwashing soap with one gallon of water and spray directly onto the insects.

6. Install a water butt

Keeping your garden looking fresh and vibrant requires a lot of watering, especially over the warm summer months. Using water from your tap can send your utility bills spiralling if you have a water meter fitted, so instead, install your own water butt.

There are a wide variety of sizes and styles to choose from including slimline options if you do not have much space and second-hand butts available on eBay if you are keen to save money and do your bit for the environment.

Other water saving tips for your garden include:

• Using a watering can instead of a hose pipe
• Watering your plants when the temperature is at its coolest, either first thing in the morning or later in the evening
• Not overwatering your plants
• Not worrying if your lawn becomes scorched, it will recover quickly once the rain returns

If you are getting your property market ready and planning on moving to or within the Warrington area soon, why not telephone us on 01925 235 338 or call in. We’ll be happy to advise you on our available properties in the area.

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
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37.1% of Warrington Landlords Could be Fined £5,000 each with New Energy Regs

As the UK has committed to a legally binding target to be carbon neutral by 2050, one of the biggest producers of greenhouse gasses are residential properties. To hit that target, every UK property will need to achieve a minimum grade of C on their Energy Performance Certificate (EPC) by 2035. The issue is two thirds of UK’s homes (around 19 million households) are rated D or below.

To help the country hit its targets, in 2018 and again in 2020, the EPC requirements altered for buy-to-let landlords, meaning they couldn’t rent their property unless it had a minimum energy rating of ‘E’ or above.

And now for homeowners, the Government are considering forcing banks and building societies to publish the average EPC rating for all the homes they lend money on and if the banks and building societies don’t hit the Government EPC targets, they will be fined (meaning those homeowners with low energy efficient properties will have to pay much more for their mortgages).

So, let’s look at these two issues, first regarding Warrington landlords and their EPC’s, so you know what your lawful responsibilities are and what else Warrington landlords can expect in the future.

Since October 2008, all UK rental properties have required an EPC, yet from April 2018, the Minimum Energy Efficiency Standards (MEES) regulations with regards to EPCs have also required all rental properties with new tenancies and renewals to have a minimum EPC rating of ‘E’ or above. However, since April 2020, the MEES regulations have applied to all existing tenancies as well, meaning if your Warrington rental property doesn’t have a valid EPC rating of ‘E’ (or above), it is illegal to let out.

154 rental properties in Warrington are currently let out with a ‘F’ or ‘G’ EPC rating, making them illegal to rent out and each landlord liable for a £5,000 fine – they just don’t know it

The EPC lasts for 10 years and gives an energy rating of between A - very energy efficient to G - very energy inefficient. If you find yourself, as a Warrington landlord, with a rental property that has an EPC rating of below ‘E’, what are your options?

To start with, you have a responsibility by law to carry out the changes suggested in your EPC report to improve the energy rating of your property. The law states that landlords should spend up to a maximum of £3,500 on the energy efficiency improvements set out in the EPC. Yet, if by spending £3,500, that improves your EPC rating but doesn’t mean you reach the ‘E’ rating, whilst you will still be expected to improve the rental property and spend the money, you will be able to apply for a high-cost exemption via the PRS Exemptions Register and still let the property (even though you will have an EPC rating of F or G).

It must be noted that some properties are exempt from the MEES legislation. If your property is listed or protected and the improvements would unacceptably alter it, it is exempt from EPC requirements.
Once your EPC has been registered, it is then valid for ten years. Because the EPC regulations came into force in 2008, there will be some rental properties that had their initial EPC and not had it renewed on its 10th birthday. Now as a Warrington landlord, you do not need to get a new EPC if your EPC reaches its 10th birthday, unless that is, you are starting a new tenancy with new tenants. The issue is…

of 9,549 rental properties in Warrington, 3,546 of them have an EPC that is 10 years or older which has not been renewed

If you are a Warrington landlord, your EPC is 10 years old (or older) and your tenant leaves, you will require a new EPC, because if you don’t, you will be fined £5,000. If all those buy-to-let landlords in our local authority area ignored that law, accumulatively they could be fined £17.7m.

Secondly, what about Warrington homeowners and the mortgage companies?

Under new legislation being considered, homeowners living in poorly insulated and draughty homes (meaning they would have a low EPC rating) could pay more for their mortgages and lose value from their Warrington homes under Government plans to prioritise mortgages on properties with high energy-efficiency ratings.

There are 10,790 properties in Warrington with a rating of ‘E’ or below

The Department of Business (DoB) wants to force mortgage providers to classify the energy ratings of their borrowers’ homes and put the average into a Government league table, which will be presented on the DoB’s website. Mortgage providers will then get time sensitive targets to improve their average EPC scores, punishable by fines, meaning this would increase the mortgage costs for those with low energy efficient homes.

Maybe it’s time you looked at your EPC certificate and find out how you can improve your rating? If you are a Warrington landlord or Warrington homeowner and would like to chat about your legal position or would like a copy of your EPC emailing to you, don’t hesitate to drop me a line and I will be more than happy to discuss your personal circumstances further without obligation.

So, is it right Warrington landlords should have to fork out to improve the energy performance of their rental property, yet they aren’t the ones benefiting? Also, should Warrington homeowners have to have higher mortgage payments in the future because they have a low energy-efficient home?

Let me know your thoughts.

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
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Warrington Buy-to-Let Property Market Going into Crisis?

 

Warrington landlords, sell your property portfolios, your tenants will soon be leaving in droves as they buy their first home with the new 5% deposit mortgages backed by the Government’s new mortgage-guarantee scheme revealed in March’s budget! These 95% mortgages are to be supported by the Treasury, lessening losses for mortgage lenders should the borrower be incapable of repaying and get repossessed, as the Government want Generation Rent to turn into Generation Buy.

This sounds like the death knell for buy-to-let investment in Warrington as many tenants will soon be buying their first home

– or is it?

It’s true that on first impressions it might look like many Warrington first-time buyers will now be leaving their rental properties in their droves with this new low deposit mortgage scheme. However, these potential Warrington first-time buyers are facing four big issues which will inhibit their ability to take advantage of the mortgage scheme, meaning many will continue to rent.

Firstly, the mortgage rate for 95% mortgages has increased. The lowest five-year fixed-rate mortgage with a 5% deposit today (with Barclays) is 3.45%, up from 2019’s best rate of 2.75%. That doesn’t sound a lot, yet it makes a massive difference to the monthly mortgage payments (as you will see below).

Secondly, due to pent-up demand post lockdown and the stamp duty holiday, this has increased demand for Warrington property, placing upward pressure on Warrington property prices which has made it problematic for first-time buyers to get on the Warrington property ladder. This has meant ...

the average price of a Warrington first-time buyer property has risen from £140,061 to £146,189 in the last 12 months …

in turn this means, Warrington first-time buyers have had to save an additional £306.40 for their deposit to keep up with the house price increase. That means …

the monthly payment on a 30-year mortgage for a Warrington first-time buyer has jumped from £543.20 per month in 2019 to £619.76 a month today, an increase of £76.56 per month.

The third issue is demand for Warrington first-time property from buy-to-let landlords is surpassing supply, adding further fuel to the fire of driving up prices. Finally, the fact that most Warrington first-time buyers are of the younger generation and it’s the younger workers that have been most at risk of unemployment or salary cuts during the economic crisis.

You might say things will change in 2022 but would it surprise you that 95% mortgages have been available to first time buyers since the summer of 2010 and were only withdrawn during the first lockdown in 2020?

Since 2010, even with ultra-low interest rates, the number of private rented properties in the UK has grown by 580,000 households from 3.8m households to 4.4m households and will continue to grow, let me explain why.

The notion that buy-to-let property is a strong long-term investment has not altered with the pandemic. Since 1930 with the all the crises we have had with WW2, the Oil Crisis, 3 day week and hyper-inflation in the 1970’s, Warrington property has been a hedge against inflation and in addition, delivers a decent income yield of 6% and upwards. Not bad when compared to the 0.5% with a savings account (if you are lucky).

It is a fact that those landlords that see buy-to-let investment in Warrington as a long-term strategy will win.

It is certainly the case that I am starting to see an exodus of the ‘amateur landlord’, leaving more professional landlords who see ‘landlord-ing’ as a business, not a game. Those long-term Warrington landlords can see through the present predicament as they have a long-term buy-to-let investment mindset.

Many Warrington landlords are intensely aware that demand for high quality private rental properties in Warrington is only going to flourish as a consequence of the pandemic; whilst not forgetting that demand presently exceeds supply. Also, those same Warrington landlords know that a responsible approach to their tenants with regard to condition and repairs is a key to ensuring the rent keeps flowing in with minimal void periods.

Finally, even though Warrington house prices are, on average, on the up, there are still some bargains even in this market. By doing their homework and working with an agent like myself, these savvy Warrington landlords are paying reasonable prices, thus giving them a sturdier rental yield and the ability for future capital growth.

If you are a Warrington landlord, as my clients all know, I am here to help and guide landlords on their long-term investment strategy. I therefore extend this offer to all Warrington landlords, irrespective of whether you manage your property yourself, or use one of my excellent competitor agents in Warrington, I am here to help.

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
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7 Tips for a Smooth House Move With Children

 You’ve been looking at houses, dealing with potential buyers, managing the purchase of your new home in Warrington and selling your old place, and now it’s finally setting in that a big move is coming. Even if you’ve found your dream home in the perfect area, the whole experience can still be stressful, especially when you’re moving home with children.

Uprooting your life might make sense to you, whether it’s for a new career opportunity, to be closer to family, or for a necessary lifestyle change. Your kids, however, may not be as understanding, since everything they know and are comfortable with is about to change. But, the process of moving with children doesn’t need to be a nightmare for the whole family. There are a few tips you can use to help the move go as smoothly as possible.

Tell Your Children As Soon As Possible

Some parenting experts recommend telling your children as soon as you can. It may be difficult to hide for very long anyway, as you’ll most likely have potential buyers popping in and out of your house, and your children will pick up on the fact that something is going on. You don’t want to hide anything from them because that will only add to the stress for all of you, so tell them early to help them feel included. If they’re up for it, you could also involve them and make it more exciting by letting them help choose the new house and plan what they want to take with them. However, some experts recommend only telling them a month before the move, as it gives them enough time to prepare but not too much time so that they ponder on it for too long. Whatever you decide, make sure to keep them informed and feel as though they’re being involved, even if the decision to move was your own.

Allow Them to Get Upset

It may be heartbreaking to watch, but when your children cry or throw tantrums, you need to remember this kind of reaction is normal and to let them be upset. Their entire lives are changing, and the move may be separating them from friends, beloved family members like grandparents, or a childminder they have known their whole lives. Be understanding rather than angry that they aren’t accepting the changes right away. Each child is different and accepts change at their own pace, but it usually takes around six months for kids to get comfortable with their new life in a new place.

Talk About What Will Remain the Same

With so much change happening, the stress can be overwhelming for your kids. Instead of focusing on what’s going to be different, remind them of everything that will stay the same. Their rooms may be different, but all their belongings will be the same. Their school may be different, but all their after-school activities will stay the same. It may still be hard for them to focus on what’s the same, so do your best to remind them as much as you can.

Keep Your Old Routines

Just because you’re in a new place, it doesn’t mean your old routines should change. Remember, you need to keep some aspects of your old life constant for your children to help them adjust, and one great way of doing that is to keep at-home routines going. If you have a family game night, keep that consistent. If they have specific after-school routines, make sure to follow them as best you can, even if some aspects change slightly.

Get Everyone Ready

Don’t let moving day sneak up on you unprepared! Starting the moving process as early as possible will help avoid a last-minute rush to pack and clean and will make your whole family feel prepared. It’s also helpful to make a ‘moving week plan’ with your family, down to the last detail, including what meals you’ll eat and where, who will be travelling in which car, and which belongings they can bring for the car journey. It’s also useful to pack an overnight bag for everyone for both the last night in your old home and the first night in your new one, so you don’t have to worry about immediately unpacking after a long day when you get in.

Have ‘To Do’ Lists

If your kids are old enough to handle simple jobs, create to-do lists for them to help them feel included and get some of the easier tasks off your own list. They can help with packing up their own belongings into colour-coded boxes or help with cleaning. If you have a to-do list, and they have one as well, it will feel like you’re all in this together.

Let Your Children Voice Their Opinions

Giving your kids a say in the entire moving and packing process will help them feel like they have more stability and control over the changes in their environment. Ask them what their opinions are about things like what to pack and how to decorate their new rooms, but also make sure that they feel heard and considered.

But, it’s not enough to just ask – you must also follow through and listen in order to make them feel comfortable and to ensure your move with children is as smooth as possible.

For helpful advice on all aspects of moving home, contact our friendly team at Hamlet Homes Warrington and we will be delighted to help. You can call us on 01925 235 338 or drop into our office.

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
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A Quick Guide to Purchasing a Buy To Let Property in Warrington

 

If you’re considering becoming a landlord, there are many elements to consider and understand before you purchase a property. The process of buying a buy-to-let property differs compared to buying a residential property that you will live in yourself, so it’s good to know what exactly to expect. Of course, it’s a long-term investment that shouldn’t be made in haste, so if you’re reading this, you are probably looking for the right kind of information.

Our team at Hamlet Homes Warrington are experts in buy-to-let advice, so here is our straight forward guide to purchasing a buy-to-let property in Warrington.

What is buy-to-let?

First things first, the basics: buy-to-let is a property that is specifically purchased with the intention to rent it out to tenants. It’s an investment property that can generate a monthly income, as long as the rent being charged is higher than the monthly buy-to-let mortgage payments.

A buy-to-let mortgage is different to a residential mortgage, and if you can’t afford to simply buy the property outright, you will need to apply for one. When applying for a standard mortgage, your income is taken into consideration, whereas with a buy-to-let loan, the lender considers the potential rental income as your primary income source, and considers your personal income as secondary. The interest rates tend to be lower, but they have larger upfront fees, so keep that in mind. Moreover, deposits on buy-to-let mortgages are also typically larger than the deposit needed for a standard mortgage, so expect to put down at least 25% more than you normally would.

What kind of buy-to-let property should you buy?

The right property is important and can include factors such as the location in proximity to amenities and transport, as well as the neighbourhood and the demand in the area. Much like when you’re searching for your own place to live, you should ensure you do adequate research into the area you want your buy-to-let property to be located in.

Consider what kind of tenant you want to target and include that in your research. If you’re trying to rent to families, your best bet is to find a property in the suburbs close to good schools. If you want to rent to students, a property near a university and good but cheap restaurants and nightlife is key. Keep in mind, the type of tenants you have renting from you can affect your mortgage, as many lenders have restrictions on student rentals, for example.

Do you need buy-to-let insurance?

The short answer is yes; you should have buy-to-let insurance (also known as landlord insurance). It gives you coverage for the building and the contents inside and any landlord liabilities.

Building insurance is often required by your mortgage lender in order to secure a loan and will compensate you if your property is destroyed or damaged. This will cover the repairs or rebuilding costs so you don’t have to pay huge expenses out of pocket.

Contents insurance will cover any furniture inside the property. It’s a smart idea to get contents insurance even if your buy-to-let property is unfurnished because you can choose what level of cover you require, and it can protect any curtains, carpets, and other furnishings that essentially come with your property between tenants. If you choose to rent your property unfurnished, your tenants will be responsible for their own contents insurance when they move in.

Landlord liability is mostly your choice, but if you’re renting to students, for example, there may be a minimum level required. This covers you for any injuries or deaths of any tenants or visitors in your property.

Do you need to use a letting agent?

This answer is dependent on the budget you’re working with and the level of involvement you wish to have with your buy-to-let property. If you want to be a very hands-on landlord, you may not want to go through a letting agent or agency, but if you would rather take a more hands-off approach, it is a good idea to enlist the help of a professional, experienced lettings agency.

Letting agents like us will help you carry out credit checks on your potential tenants, help you come up with a letting contract, chase late rental payments for you, help with any maintenance on site that needs to be done, and assist with mandatory safety and efficiency checks for gas and energy.

The fees to work with a letting agent typically include paying an ongoing fee to manage the property which varies, so it’s always best to speak with your chosen letting agent to get a complete idea of costs .

Generally, utilising the services of a letting agent can take a big burden off your shoulders if you are a budding landlord!

For professional advice on purchasing a buy-to-let property in Warrington, contact our expert team at Hamlet Homes Warrington on 01925 235 338 or email 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
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Panic Buying in the Warrington Property Market?

Would it surprise you that there are 81% fewer properties for sale today in Warrington than a decade ago? Property values are much higher than a decade ago and the property market at the moment in Warrington is on fire. In all my years as an agent, I have never seen it like it is at the moment. Many people are saying it’s reminiscent of 1988 when dual-MIRAS relief was abolished by Nigel Lawson, as people are paying top dollar for property because they are buying property like there is no tomorrow.

77.6% of properties on the market in Warrington are sold stc

In a ‘normal property market’, that figure would be between 30% to 40%. There is no rhyme or reason behind it because it’s not as if we are going to run out of property to sell (unlike the panic buying of loo rolls last year in the supermarkets). With such a buoyant Warrington property market, being adept to state what your Warrington property is worth is exceptionally problematic.

This is further exacerbated by the lower-than-average properties on the market at the moment. To give you an idea of the issue …

There are 213 properties for sale in Warrington today, compared to 1,106 a decade ago.

When there aren’t many properties on the market, to gain your instruction some estate agents will value your Warrington property by giving you an over inflated suggestion for the asking price. Why do they do that when the considered wisdom is estate agents only get paid once they sell it?

Well would it surprise you that many (not all) estate agents pay their employees a bonus to put your property on to the market and then pay a further bonus when they get you to reduce the asking price? Some estate agents know the fastest way to get your property to market is to be optimistic on the asking price to secure your property for sale, then work on you to reduce your asking price after it has been sitting on the market for a few months.

Nothing wrong with that you might say, I want to get the most for my Warrington home (and it is indeed the job of the estate agent to get the best price for their client). If I believe it is worth testing the market at a slightly higher asking price, I will suggest that, yet will always explain my thinking and if we have over cooked the asking price, we can swiftly realign it after a couple of weeks.

Yet because many estate agents are disposed to suggest over inflated asking prices to the house seller just to secure their business (i.e. overvaluing) but not manage the property for months and months ... this in turn causes Warrington properties to sit on the market and not sell.

In the best property market for 20 years, 17% of properties for sale in Warrington have been on the market for 6 months or more. Overvaluing is widespread among Warrington estate agents.

Most Warrington homeowners will ask three or four estate agents to value their Warrington home and take the middle figure when they want to sell. Yet, if all (or most) of your Warrington estate agents are over optimistic and they all give you a ‘gilded lily’ price to secure your instruction to sell your home (i.e. overvalue), then that middle figure will be too much. Most Warrington estate agents know they don’t win the business (i.e. secure the listing) if they tell the homeowner what they don’t want to hear.

So, what is the risk of overvaluing?

There is a potential massive cost to putting your Warrington home on the market at too high an asking price. Your estate agent will tell you that your Warrington home is worth a certain figure and then lock you in to a 16-week sole agency agreement (sometimes longer) which you cannot get out of early. If you are getting around two or three viewings a week, and the pictures and marketing material are half decent, then your pricing is about right, meaning in this market you should be sold (subject to contract) within a month to six weeks.

Yet, if your Warrington home has an over optimistic asking price (i.e. it is overpriced), you might only have a handful of viewings in a month and no offers. As the weeks and months go by, your overpriced Warrington home makes similar homes to yours (i.e. your competition) look really good value for money. That’s when you will get the price reduction call from the agent.

How many times have you seen a property that has been on the market a while and you have wondered what’s wrong with that? Also, to add insult to injury, the portals tell you how long a property has been on the market, adding weight to that argument.

The longer your property stays on the market, the desirability of your Warrington home drops.

You will end up selling your Warrington home but only after a handful of price reductions, yet at what cost? Firstly, in those lost months, you would have missed out on many properties that you fell in love with, yet couldn’t buy because your home was languishing on the market with no interest (this is backed up by consumer champion Which, who said that if you have to reduce your asking price by 5% or more, it adds an extra 64 days to the sales process).

Secondly, you will end up selling your Warrington property for less than if you had placed the property on the market at a realistic asking price from day one (again backed up by Which). This is because buyers think there is something wrong with it, so as the homeowner gets fed up, they accept a lower offer to get their property sold.

Finally, because you take less for your property, your choice of the next property to buy will also be curtailed, meaning your dream home move might be more of a nightmare?

The best advice I can give you is to search the portals, make sure you look at properties that are also sold stc (which can normally be found by clicking on the filter section of the search on the portal). Then ask a couple of straight-talking trusted friends to do the same and compare your property to the competition that is both on the market and sold (stc).

Compare their locations, number and size of the rooms and size of plot and ask them where they see your property against those. Carry out the same exercise yourself (of course you will be slightly biased) and take a bellwether from all those figures. Then ask a number of Warrington agents to value your property and if you feel any are being overly optimistic challenge how they get to their figure and get them to qualify their belief in that figure – is their valuation realistically achievable in the market at the time? As we all know markets change and property prices go up and down and ultimately a property is only worth what a buyer will pay for it – this all requires careful consideration.

I can assure you most of the estate agents in Warrington are decent people, who want to do the best for you. All I ask is you do your homework and look at the sale of your Warrington property through the eyes of a cold-blooded buyer.

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