The Warrington housing market, like many others, has experienced a notable shift in 2023.
The percentage of home sales agreed and moved (completed) compared to those withdrawn from the market unsold has decreased relative to 2022.
Looking at independent data for the Warrington area (WA1 to WA5) …
𝗜𝗻𝟮𝟬𝟮𝟮, 𝟳𝟯.𝟴% 𝗼𝗳𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝗶𝗲𝘀𝘁𝗵𝗮𝘁𝗹𝗲𝗳𝘁𝘁𝗵𝗲𝗯𝗼𝗼𝗸𝘀𝗼𝗳𝗪𝗮𝗿𝗿𝗶𝗻𝗴𝘁𝗼𝗻𝗲𝘀𝘁𝗮𝘁𝗲𝗮𝗴𝗲𝗻𝘁𝘀𝗮𝗴𝗿𝗲𝗲𝗱𝗮𝘀𝗮𝗹𝗲, 𝗲𝘅𝗰𝗵𝗮𝗻𝗴𝗲𝗱𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝘀, 𝗮𝗻𝗱𝘁𝗵𝗲𝗼𝘄𝗻𝗲𝗿𝘀𝗺𝗼𝘃𝗲𝗱𝗵𝗼𝗺𝗲
(3,556 Warrington area properties exchanged and completed vs 1,260 properties that withdrew from the agent’s books, unsold).
𝗜𝗻𝟮𝟬𝟮𝟯, 𝟱𝟴.𝟰% 𝗼𝗳𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝗶𝗲𝘀𝘁𝗵𝗮𝘁𝗵𝗮𝘃𝗲𝗹𝗲𝗳𝘁𝘁𝗵𝗲𝗯𝗼𝗼𝗸𝘀𝗼𝗳𝗪𝗮𝗿𝗿𝗶𝗻𝗴𝘁𝗼𝗻𝗲𝘀𝘁𝗮𝘁𝗲𝗮𝗴𝗲𝗻𝘁𝘀𝗮𝗴𝗿𝗲𝗲𝗱𝗮𝘀𝗮𝗹𝗲, 𝗲𝘅𝗰𝗵𝗮𝗻𝗴𝗲𝗱𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝘀, 𝗮𝗻𝗱𝘁𝗵𝗲𝗼𝘄𝗻𝗲𝗿𝘀𝗺𝗼𝘃𝗲𝗱𝗵𝗼𝗺𝗲
(2,516 Warrington area properties exchanged and completed vs 1,792 properties that withdrew from the agent’s books, unsold up to the 20th December 2023), meaning there has been a …
𝟮𝟬.𝟴% 𝗽𝗿𝗼𝗽𝗼𝗿𝘁𝗶𝗼𝗻𝗮𝗹 𝗿𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗶𝗻 𝘁𝗵𝗲 𝘀𝗮𝗹𝗲𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗼𝗳𝗪𝗮𝗿𝗿𝗶𝗻𝗴𝘁𝗼𝗻 𝗵𝗼𝗺𝗲𝘀 𝗯𝗲𝘁𝘄𝗲𝗲𝗻 𝟮𝟬𝟮𝟮 𝗮𝗻𝗱 𝟮𝟬𝟮𝟯
It’s interesting to compare that with the North West regional and national stats for both years.
In the North West, 68.58% of properties were exchanged, completed, and moved in 2022, compared to 55.28% in 2023, a drop of 19.4%. Nationally, 65.55% of properties were exchanged, completed and moved in 2022 compared to 52.39% in 2023, a decline of 20.1%.
This could raise concerns among Warrington homeowners and potential sellers. As a seasoned estate agent in Warrington, I have observed these trends closely and offer insights into this phenomenon and strategies to enhance your home’s saleability in 2024.
𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴𝘁𝗵𝗲𝗗𝗶𝗽𝗶𝗻𝗦𝗮𝗹𝗲𝗮𝗯𝗶𝗹𝗶𝘁𝘆𝗶𝗻𝗪𝗮𝗿𝗿𝗶𝗻𝗴𝘁𝗼𝗻
Economic Influences: much like the rest of the UK, Warrington has been subject to financial pressures such as inflation and Bank of England interest rate increases. These factors have affected buyer affordability, leading to a more cautious approach to home purchasing.
Market Saturation and Buyer’s Market: 2023 saw a surge in Warrington properties on the market. This increase changed the Warrington property market from a strong seller’s market to a balanced market or even a buyer’s market in some parts of Warrington throughout 2023, where the availability of choices led to a more selective purchasing behaviour.
Changing Buyer Preferences: In Warrington, buyer preferences have evolved. There’s a growing demand for properties that offer flexible living spaces, energy efficiency, and modern amenities, which not all available homes meet.
Local Economic and Social Factors: Warrington’s local economic and social developments, such as job market shifts and community developments, have also played a role in influencing the housing market dynamics.
𝗦𝗶𝘅𝗧𝗶𝗽𝘀𝘁𝗼𝗠𝗮𝘅𝗶𝗺𝗶𝘀𝗶𝗻𝗴𝗬𝗼𝘂𝗿𝗪𝗮𝗿𝗿𝗶𝗻𝗴𝘁𝗼𝗻𝗛𝗼𝗺𝗲‘𝘀𝗦𝗮𝗹𝗲𝗮𝗯𝗶𝗹𝗶𝘁𝘆𝗶𝗻𝟮𝟬𝟮𝟰
Warrington properties are still selling, yet not at the rate they were in 2021 and 2022.
Just under 12 out of 20 Warrington people in 2023 have sold and moved (i.e., the 58.4% figure mentioned above). If you want to avoid being in the 8 out of 20 Warrington people who were unable to sell and move this year, there are some things that you can do to stack the cards in your favour.
To start with, the saleability levels in Warrington in 2023 are very similar to the saleability rates between 2014 and 2019.
- Strategic Pricing: Understanding the Warrington market is critical. Homes priced correctly from the outset are more likely to attract serious buyers. This requires a deep understanding of the local market trends, something a knowledgeable estate agent can provide.
- Tailoring to Buyer Preferences: Align your Warrington home with current trends. This could mean investing in creating flexible work-from-home spaces, upgrading energy systems, or modernising key areas like kitchens and bathrooms. However, before you start spending tens of thousands of pounds on this, please do pick up the phone so I can give you the best advice for the type of property you own in Warrington. I have lost count of the number of times I’ve seen a Warrington homeowner spend money on the wrong things without advice, only to find the money they spent did nothing for the value of their home nor made it more saleable.
- Effective Marketing: Utilise a comprehensive marketing strategy that includes high-quality photography, possibly virtual tours, and leveraging online social media and portals. As experts in the Warrington property market, we can target the correct demographic and present your home in its best light.
- Preparing for Viewings: First impressions matter. Ensure your Warrington home is well-presented, clean, and decluttered. We can offer personalised advice on the presentation of your home to appeal to potential buyers.
- Flexibility and Negotiation: Be prepared for negotiation and show flexibility in terms of viewing times and conditions of sale. This approach can make your property more appealing compared to others on the market.
- Capitalising on Local Knowledge: Warrington’s unique charm and amenities should be highlighted. As a local market expert in the town, I can help showcase these aspects effectively to potential buyers.
The decrease in the saleability rate in Warrington reflects broader economic trends and evolving buyer preferences. However, with the right approach and strategies, selling your home in 2024 can be a realistic and successful endeavour.
By understanding the Warrington market, pricing strategically, aligning with buyer preferences, and utilising effective marketing and presentation techniques, you can significantly enhance your chances of a successful sale.
As a Warrington property market expert, I offer more than just transactional advice; I provide insights into what makes our local Warrington market tick. By partnering with a knowledgeable estate agent, you can confidently navigate these challenging times and maximise your chances of a successful home sale in 2024.
