Stepping into the world of the property market is akin to stepping into a rhythm. The beats of buying and selling, supply and demand form the underlying tempo.
Warrington, a town rich in history and character, is no exception. As we venture into the last quarter of 2023, it’s crucial to understand the current property market’s tempo and how it might influence your property decisions.
𝗔𝗥𝗲𝗳𝗿𝗲𝘀𝗵𝗲𝗿𝗼𝗻𝗠𝗮𝗿𝗸𝗲𝘁𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀
For the uninitiated or those who need a memory jog, Warrington’s property dynamics hinge primarily on the proportion of properties tagged as “Sold STC” and “Under Offer” with the total properties on the market, e.g. if there are 40 properties sold stc and 100 properties available/for sale, then 40 as a percentage of 100 is 40%.
This isn’t just a number game; it’s a barometer of market sentiment:
- Extreme Buyers’ Market (0%-20%)
- Buyers’ Market (21%-29%)
- Balanced Market (30%-40%)
- Sellers’ Market (41%-49%)
- Hot Sellers’ Market (50%-59%)
- Extreme Sellers’ Market (60%+)
The weight of these brackets can’t be overstated. They directly impact everything from listing prices to negotiation leverage.
𝗖𝘂𝗿𝗿𝗲𝗻𝘁𝗪𝗮𝗿𝗿𝗶𝗻𝗴𝘁𝗼𝗻𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆𝗠𝗮𝗿𝗸𝗲𝘁𝗦𝗻𝗮𝗽𝘀𝗵𝗼𝘁
To fathom where Warrington’s property market stands now, let’s incorporate our most recent findings:
The statistics have been sourced from the website ‘The Advisory’, which has calculated the market state for many years. I wanted to share them from the summer of 2018 to today so you can see for yourself.
𝗪𝗵𝗮𝘁𝗮𝗿𝗲𝘁𝗵𝗲𝗦𝘁𝗮𝘁𝗶𝘀𝘁𝗶𝗰𝘀𝗳𝗼𝗿𝘁𝗵𝗲𝗪𝗮𝗿𝗿𝗶𝗻𝗴𝘁𝗼𝗻𝗮𝗿𝗲𝗮𝗳𝗼𝗿𝘁𝗵𝗲𝗟𝗮𝘀𝘁𝟱𝗬𝗲𝗮𝗿𝘀?
Looking at each of the Warrington postcode districts, each tells its own story…
| Jun-18 | Jun-19 | Jun-20 | Jun-21 | Jun-22 | Dec-22 | Mar-23 | May-23 | Jun-23 | Jul-23 | Aug-23 | Sep-23 | |
| WA1 | 55% | 42% | 60% | 82% | 82% | 57% | 47% | 45% | 44% | 40% | 39% | 39% |
| WA2 | 54% | 53% | 52% | 81% | 78% | 53% | 46% | 52% | 50% | 52% | 51% | 48% |
| WA3 | 40% | 39% | 32% | 74% | 71% | 52% | 40% | 42% | 46% | 46% | 45% | 46% |
| WA4 | 46% | 43% | 40% | 76% | 72% | 57% | 51% | 52% | 54% | 52% | 46% | 47% |
| WA5 | 49% | 45% | 44% | 84% | 75% | 53% | 42% | 48% | 50% | 50% | 46% | 46% |
Looking at the average of all the Warrington postcode districts combined, in June 2023, we were at 49% in the Warrington area. In July, that dropped to 48%; in August, it dropped to 45%, and as we enter September, it has remained at 45%.
Based on the patterns exhibited in this table, it’s evident that the Warrington area has remained stable as a sellers’ market throughout 2023.
𝗜𝗺𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 & 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀𝗳𝗼𝗿𝗪𝗮𝗿𝗿𝗶𝗻𝗴𝘁𝗼𝗻‘𝘀𝗛𝗼𝗺𝗲𝗼𝘄𝗻𝗲𝗿𝘀
This new data prompts us to take stock and ponder:
For Sellers: Are we transitioning into a market where you must be more strategic, flexible, or patient? Should you brace yourself for longer marketing periods? Realistic pricing is even more vital than ever. Remember, in 2022, 84.0% of Warrington properties that came onto the market had a sale agreed on them. As explained in last week’s article, year to date, that is running at 74.7%.
For Buyers: What challenges and opportunities lie ahead? Some properties will still have bidding wars, yet will you have the luxury of choice and time with others?
Broader Economic Picture: External influences, from inflation and interest rate repercussions to global economic trends, all cast shadows on the local property market. How might these larger forces be influencing Warrington’s property scene?
The Local Pulse: Infrastructure projects, school ratings, transport links, and even Warrington’s cultural events can make certain areas more desirable. Are there upcoming local developments that could be game-changers?
𝗗𝗲𝗹𝘃𝗶𝗻𝗴𝗗𝗲𝗲𝗽𝗲𝗿: 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀𝗮𝗻𝗱𝗧𝗮𝗰𝘁𝗶𝗰𝘀
Given the market’s temperature, here are more granular insights:
Sellers: Innovative marketing—like specialised social media campaigns, virtual/video tours or interactive property listings—could make a difference in a cooling market. Emphasising unique property attributes, whether a south-facing garden or proximity to popular schools, can elevate a listing.
Buyers: Again, there is more than one market (look at the differences between the Warrington postcode districts above). If you are looking for the type of property everyone is looking for, the competition will heat up. Therefore, it is worth having mortgage pre-approvals in place and also being open to widening your search radius. Alternatively, buyers can wield more power in negotiations in a less competitive market, from price to property extras.
Dual Role of Buyer-Seller: A pivotal 81% of sellers also wear the buyer’s hat. This duality presents its challenges and advantages, where a victory on one side might mean a compromise on the other.
𝗙𝗶𝗻𝗮𝗹𝗧𝗵𝗼𝘂𝗴𝗵𝘁𝘀𝗼𝗻𝘁𝗵𝗲𝗪𝗮𝗿𝗿𝗶𝗻𝗴𝘁𝗼𝗻𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆𝗠𝗮𝗿𝗸𝗲𝘁
As we leave 2023 going into 2024, with its twists and turns, the Warrington property market offers both challenges and opportunities for Warrington’s home buyers and sellers. Understanding the market nuances is paramount if you are a Warrington first-time buyer, a seasoned property buy-to-let investor, or someone looking to relocate.
Stay informed, stay adaptable, and remember that, as always, your home-moving journey is as much about the voyage as the destination.
What are your thoughts on Warrington’s evolving property scene? Do you foresee any other trends or shifts? Engage with us—your local insights and experiences enrich this ongoing dialogue.
