As a seasoned estate agent serving the Warrington community, I’ve always prided myself on offering transparent, informed advice to local homeowners. Today, I’d like to provide a balanced perspective on the current housing market trends and what they could mean for those contemplating selling their Warrington homes.
The housing market is an ever-evolving landscape, and recent forecasts present a mixed bag of predictions that Warrington homeowners should consider before placing their ‘For Sale’ signs in their front gardens. According to the latest data, while the property market shows signs of recovery, it may be prudent for some sellers to exercise patience.
๐๐๐ฟ๐ฟ๐ฒ๐ป๐๐๐ฟ๐ถ๐๐ถ๐๐ต๐ ๐ฎ๐ฟ๐ธ๐ฒ๐๐๐๐ป๐ฎ๐บ๐ถ๐ฐ๐
As of the beginning of 2024, the UK property market has shown resilience against predicted downturns. Contrary to forecasts of declining house prices in early 2023, the British market experienced a modest rise. This unexpected stability can be attributed to several critical factors, including effective mortgage affordability stress testing since 2014, lender policies supporting households, and the robustness of the employment sector, all of which have cushioned the property market from significant drops.
Despite predictions of an 8-15% fall in house prices at the start of 2023, data from sources like Halifax indicated a national increase of 1.7% in 2023. This trend challenges the conventional scare scenarios often associated with market volatility.
As we look towards 2024, the market is expected to stabilise further. Some projections indicate a possible decrease in national house prices of 2% to 4%, yet others suggest a slight increase over the next 12 months. These numbers represent a market that, while not booming, is maintaining a steady pulse. Furthermore, with Bank of England interest rates potentially drifting to around 3.75% to 4% by the end of 2024 (subject to inflation), the climate is ripe for strategic decision-making.
๐ช๐ฎ๐ฟ๐ฟ๐ถ๐ป๐ด๐๐ผ๐ป‘๐๐ฃ๐ผ๐๐ถ๐๐ถ๐ผ๐ป
In Warrington, the local housing market mirrors this national trend. The town’s rich history, excellent transport links, schools, and community spirit make it a continued area of interest for buyers. However, the anticipated continued market stability suggests that homeowners might benefit from waiting unless there’s a need to sell.
That said, life’s milestones โ marriages, births, deaths, and career moves โ continue to drive the need for housing transitions. Warrington’s market, known for its resilience, is no exception. As such, homeowners looking to sell due to life changes will find an audience in Warrington’s steady, albeit slower, marketplace (compared to the manic years of 2020/21/22).
๐๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฐ๐๐ฝ๐ฝ๐ฟ๐ผ๐ฎ๐ฐ๐ต๐๐ผ๐ฆ๐ฒ๐น๐น๐ถ๐ป๐ด๐ฌ๐ผ๐๐ฟ๐ช๐ฎ๐ฟ๐ฟ๐ถ๐ป๐ด๐๐ผ๐ป๐๐ผ๐บ๐ฒ
For those in Warrington considering a sale, it’s crucial to understand the current market’s nuances. Interest rates, while stabilising, still impact the average mortgage rates, affecting buyers’ purchasing power. This could influence the pricing strategy for your Warrington home.
Most of the property sales in Warrington during the last 12 months were semi-detached properties, selling for an average price of ยฃ240,400. Terraced properties sold for an average of ยฃ174,700, with detached properties fetching ยฃ425,800.
However, what a property sells for, in most instances, is almost irrelevant because if yours goes up, the one you want to buy goes up (and vice versa). The most important thing is your chances of selling and moving home.
๐๐ป๐ฎ๐ฌ๐ฎ๐ฎ, ๐๐ผ๐๐ฟ๐ฐ๐ต๐ฎ๐ป๐ฐ๐ฒ๐ผ๐ณ๐๐ฒ๐น๐น๐ถ๐ป๐ด๐๐ผ๐๐ฟ๐ช๐ฎ๐ฟ๐ฟ๐ถ๐ป๐ด๐๐ผ๐ป๐ต๐ผ๐บ๐ฒ๐๐ฎ๐๐ณ๐ฏ.๐ฎ%, ๐๐ต๐ถ๐น๐๐๐ถ๐ป๐ฎ๐ฌ๐ฎ๐ฏ, ๐ถ๐๐ต๐ฎ๐ฑ๐ฑ๐ฟ๐ผ๐ฝ๐ฝ๐ฒ๐ฑ๐๐ผ๐ฑ๐ด.๐ณ%
It is interesting to compare it with the national picture of 65.38% in 2022 and 52.85% in 2023.
As with all things, itโs a matter of supply and demand, especially supply. This can be measured by the number of properties currently on the market.
๐ข๐ป๐๐ต๐ฒ๐ญ๐๐๐ผ๐ณ๐๐ฎ๐ป๐๐ฎ๐ฟ๐๐ฎ๐ฌ๐ฎ๐ฏ, ๐๐ต๐ฒ๐ฟ๐ฒ๐๐ฒ๐ฟ๐ฒ๐ญ,๐ฏ๐ณ๐ต๐ฝ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ถ๐ฒ๐๐ณ๐ผ๐ฟ๐๐ฎ๐น๐ฒ๐ถ๐ป๐๐ต๐ฒ๐ช๐ฎ๐ฟ๐ฟ๐ถ๐ป๐ด๐๐ผ๐ป๐ฎ๐ฟ๐ฒ๐ฎ. ๐ง๐ต๐ฎ๐๐ต๐ฎ๐ฑ๐ถ๐ป๐ฐ๐ฟ๐ฒ๐ฎ๐๐ฒ๐ฑ๐๐ผ๐ญ,๐ฒ๐ต๐ฌ๐ผ๐ป๐๐ต๐ฒ๐ญ๐๐๐ผ๐ณ๐๐ฎ๐ป๐๐ฎ๐ฟ๐๐ฎ๐ฌ๐ฎ๐ฐ
(Warrington area WA1 to WA5).
Moreover, nearly half of homeowners with fixed-rate mortgages will soon face higher payments upon re-mortgaging, putting added pressure on the market. As your local expert, I can help navigate these complexities to position your Warrington home attractively in the market.
๐ง๐ต๐ฒ๐๐ฎ๐๐ฒ๐ณ๐ผ๐ฟ๐ฃ๐๐๐๐ถ๐ป๐ด๐ฌ๐ผ๐๐ฟ๐ช๐ฎ๐ฟ๐ฟ๐ถ๐ป๐ด๐๐ผ๐ป๐๐ผ๐บ๐ฒ๐ผ๐ป๐๐ต๐ฒ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐
While the market might lean towards waiting, there are strategic reasons to list your home. A well-presented property, priced accurately, stands out in any market. Warrington’s unique appeal can work in favour of sellers with desirable properties.
For those looking to downsize, the current market could be particularly advantageous. The increased costs of borrowing might deter upsizers, but for downsizers, especially those who are mortgage-free, there is a potential for a beneficial sale.
๐ช๐ต๐๐๐ผ๐ป๐๐ถ๐ฑ๐ฒ๐ฟ๐ฎ๐๐ฟ๐ฒ๐ฒ๐ฉ๐ฎ๐น๐๐ฎ๐๐ถ๐ผ๐ป๐ผ๐ณ๐ฌ๐ผ๐๐ฟ๐๐ผ๐บ๐ฒ?
A free valuation serves as a cornerstone for any selling strategy. Even if you are months and months away from considering moving, it provides a realistic picture of what your Warrington property could command in the current climate. And remember, itโs about more than just attaching a price tag to your property; it’s also about understanding your home within the fabric of Warrington’s property market.
๐ช๐ฎ๐ฟ๐ฟ๐ถ๐ป๐ด๐๐ผ๐ป๐ฃ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐๐๐ ๐ฝ๐ฒ๐ฟ๐๐ถ๐๐ฒ๐ง๐ต๐ฎ๐๐ ๐ฎ๐๐๐ฒ๐ฟ๐
In these uncertain times, expertise and knowledge are invaluable. A thorough understanding of the macroeconomic national (and international) climate and the microcosm of Warrington’s property landscape can make all the difference. As your local estate agent, I have the insight and experience to guide you through these decisions.
Whether to sell your home in Warrington in 2024 is not a decision to be taken lightly. The market offers opportunities but must be navigated with care and expertise. For those considering their options, I invite you to reach out for a comprehensive free valuation. Together, we can assess your property’s potential and make an informed decision that aligns with your goals and the market’s realities.
Remember, whether it’s to sell now or later, the key is preparation and partnering with someone who understands the market’s pulse. As a Warrington estate agent committed to your best interests, I am here to offer that partnership and ensure that you do so with confidence and clarity when you decide to sell.
