Inflation, interest rates, house prices down, house prices up … the newspapers are full of column inches on Brit’s second favourite topic – the property market (the first being the weather obviously!).
Those of you that read my articles on the Warrington property market know I like to look further afield to compare the Warrington market with the regional and national markets. The one thing that is immediately apparent is that the UK does not have one property market.
House prices are up in one region of the UK, yet down in another. It is a hotchpotch patchwork (almost like a fly’s eye) of lots of small property markets all performing in different ways.
… and that made me think …
𝗜𝘀𝘁𝗵𝗲𝗿𝗲𝗷𝘂𝘀𝘁𝗼𝗻𝗲𝗪𝗮𝗿𝗿𝗶𝗻𝗴𝘁𝗼𝗻𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆𝗺𝗮𝗿𝗸𝗲𝘁𝗼𝗿𝗺𝗮𝗻𝘆?
So, I decided to dive into the dynamics of the Warrington housing market, to see if it operates as a singular entity or if the diverse price ranges significantly influence a property’s saleability.
This curiosity stems from the observation that properties, much like a spectrum, range from modestly priced to premium priced. Such variations in pricing could potentially carve out distinct segments within the market, each with its own trends and buyer behaviours. I decided the best way was to split the Warrington property market into four equal sized distinct price ranges, each representing a unique slice of the market.
𝗜𝗺𝗮𝗴𝗶𝗻𝗲𝘁𝗵𝗲𝗲𝗻𝘁𝗶𝗿𝗲𝗿𝗮𝗻𝗴𝗲𝗼𝗳𝗵𝗼𝘂𝘀𝗲𝗽𝗿𝗶𝗰𝗲𝘀𝗮𝘀𝗮𝗳𝗼𝘂𝗿–𝗹𝗮𝘆𝗲𝗿𝗰𝗮𝗸𝗲.
The lowest quartile forms the base layer, representing the most affordable 25% of homes – these are typically the most accessible for first-time buyers and buy-to-let landlords. Next up is the lower middle quartile, the second layer, encompassing properties priced between the 25th and 50th percentiles. These homes offer a step up in features, style or location while remaining within a moderate price range.
Ascending further, the middle upper quartile, the third layer, includes homes priced between the 50th and 75th percentiles, appealing to buyers looking for more amenities or premium locations. At the top sits the upper quartile, the cream of the crop, representing the most expensive 25% of properties in Warrington. These homes are often luxurious, boasting high-end features and coveted locations, and are sought after by those who desire the best the market has to offer.
By segmenting properties into these quartiles, we gain insight into their saleability and can tailor strategies to target buyers effectively within each segment.
These are the quartile/house price bands for Warrington:
- Lowest Quartile – (0 to 25% quartile in terms of value) – Up to £200,000
- Lower Middle Quartile – (25% to 50% quartile in terms of value) – £200,000 to £290,000
- Middle Upper Quartile – (50% to 75% quartile in terms of value) – £290,000 to £425,000
- Upper Quartile – (highest 25% quartile in terms of value) – £425,000 upwards
So, having split the Warrington property market approximately into four equal sizes, the results in terms of what price band has sold (subject to contract or stc) the most is quite enlightening –
| Warrington | Available | Sold STC | % Sold |
| up to £200,000 | 319 | 362 | 53.2% |
| £200,000 to £290,000 | 317 | 249 | 44.0% |
| £290,000 to £425,000 | 329 | 200 | 37.8% |
| £425,000 upwards | 322 | 151 | 31.9% |
The statistics across various price ranges present an interesting pattern. For properties priced up to £200,000, there are 319 available, with 362 already sold subject to contract (STC), representing a 53.2% sale rate.
In the next price band, £200,000 to £290,000, there are 317 properties available, with 249 sold STC, accounting for a 44.0% sale rate.
The £290,000 to £425,000 range shows 329 properties on the market, of which 200 have been sold STC, indicating a 37.8% sale rate.
Lastly, for properties priced at £425,000 and upwards, there are 322 available, with 151 sold STC, resulting in a sale rate of 31.9%.
The best performing price ranges/quartiles in the Warrington area are the lower quartile and lower middle quartile markets, with the upper quartile (the top 25%) range finding things tougher.
𝗜𝗻𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝗻𝗴𝘁𝗵𝗲𝗪𝗮𝗿𝗿𝗶𝗻𝗴𝘁𝗼𝗻𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆𝗺𝗮𝗿𝗸𝗲𝘁, 𝗶𝘁‘𝘀𝗰𝗹𝗲𝗮𝗿𝘁𝗵𝗮𝘁𝘁𝗵𝗲𝗱𝘆𝗻𝗮𝗺𝗶𝗰𝘀𝗮𝗿𝗲𝗺𝘂𝗹𝘁𝗶𝗳𝗮𝗰𝗲𝘁𝗲𝗱𝗮𝗻𝗱𝗰𝗮𝗻𝗻𝗼𝘁𝗯𝗲𝗻𝗲𝗮𝘁𝗹𝘆𝗰𝗮𝘁𝗲𝗴𝗼𝗿𝗶𝘀𝗲𝗱𝘂𝗻𝗱𝗲𝗿𝗮𝘀𝗶𝗻𝗴𝗹𝗲𝘂𝗺𝗯𝗿𝗲𝗹𝗹𝗮.
The market’s behaviour is akin to a kaleidoscope, with each turn revealing a different pattern based on the price segment. This diversity in performance across various price bands/quartiles is indicative of a market that caters to a wide spectrum of buyer preferences and financial capacities.
The most illuminating insight from this investigation is the relative success of different price quartiles.
The lower and lower middle quartiles, encompassing homes up to £290,000, have shown remarkable resilience, with a high percentage of properties going under contract.
𝗧𝗵𝗶𝘀𝘁𝗿𝗲𝗻𝗱𝗹𝗶𝗸𝗲𝗹𝘆𝗿𝗲𝗳𝗹𝗲𝗰𝘁𝘀𝗮𝗿𝗼𝗯𝘂𝘀𝘁𝗱𝗲𝗺𝗮𝗻𝗱𝗳𝗿𝗼𝗺𝗳𝗶𝗿𝘀𝘁–𝘁𝗶𝗺𝗲𝗯𝘂𝘆𝗲𝗿𝘀𝗮𝗻𝗱𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀𝗶𝗻𝗺𝗼𝗱𝗲𝗿𝗮𝘁𝗲𝗹𝘆𝗽𝗿𝗶𝗰𝗲𝗱𝗪𝗮𝗿𝗿𝗶𝗻𝗴𝘁𝗼𝗻𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝗶𝗲𝘀.
In contrast, the upper quartile, representing the most expensive homes, faces a more challenging landscape. With a lower percentage of homes sold, this segment could be experiencing a slowdown, possibly due to its limited buyer pool or the broader economic factors affecting higher-end property investments and underlines the need for realistic pricing.
This disparity in market performance underscores the importance of understanding Warrington’s property landscape through a segmented approach.
By recognising the unique characteristics and demand drivers within each quartile, estate agents, buyers, and sellers can make more informed decisions.
As a Warrington estate agent, this insight into the local market’s nuances not only enhances our ability to advise clients but also reinforces our commitment to providing tailored solutions that resonate with the diverse needs of the Warrington community.
